Financial Crime World

Title: “Dozens Arrested in Atlanta, GA: A Large-scale Money Laundering Operation Thwarted”

Arrest of Twenty-Four Individuals for Fraud and Money Laundering

  • The US Department of Justice announced the arrest of twenty-four individuals for their involvement in an extensive fraud and money laundering operation based in Atlanta, Georgia. (March 13, 2020)
  • The operation led to the seizure of over $30 million in proceeds from various criminal activities, such as computer fraud, romance scams, retirement account fraud, and business email compromise.

Network of Alleged Criminals Operating from Atlanta

  • The operation, dubbed a joint effort between federal agents, exposed a criminal network operating out of Atlanta, targeting victims nationwide.

Uncovered Schemes: Computer Fraud, Romance Scams, Retirement Account Fraud

Computer Fraud

  • Business email compromise frauds were uncovered, in which criminals infiltrated emails of companies and CEOs.
  • They impersonated the targets, requesting and redirecting money transfers, causing extensive losses.

Romance Scams

  • Romance fraud scams targeted vulnerable individuals online.
  • Criminals used the guise of a romantic interest or a business deal to defraud victims.

Retirement Account Fraud

  • Phony investors defrauded unsuspecting retirees out of their life savings, using shell companies and sophisticated methods.

Money Laundering and Funds Disguising

  • Federal agents stated the operation aimed to launder and move illicit funds through multiple transactions and shell companies.
  • The criminals disguised the proceeds of their criminal activities as legitimate funds, allowing them to be reintroduced into the financial system.

Extensive Losses and Ongoing Investigation

  • Since 2016, the operation reportedly caused losses exceeding $30 million.
  • The identities of the suspects and the specifics of their charges were undisclosed.

A Reminder to Stay Vigilant

  • This ongoing investigation is a reminder for all citizens, corporations, and financial institutions to remain vigilant against such criminal activities.