The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme.
A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers.
According to the DOJ, the unnamed union received an email in January of last year that appeared to be from the union’s investment manager. The email address appeared to be a match, with the correspondence requesting the union transfer $6.4 million to a different bank account.
After the union complied with the fraudulent request, prosecutors say some of the money was rerouted to crypto exchanges, $5.25 million was wired to JPMorgan Chase accounts, and $61,612 was sent to a Texas Bank and Trust account that has also been seized.
The DOJ says the scammers recruited individuals known as money mules who rapidly moved the funds between various accounts to conceal their origin.
Prosecutors are now seeking a permanent forfeiture of all funds seized in the US bank accounts.
“BEC fraud schemes present a serious threat to businesses and individuals nationwide, causing significant financial and emotional harm to victims by exploiting trusted communication channels they rely upon every day.
Today’s civil forfeiture action demonstrates that when victims report such misconduct to the authorities there may be steps we can take to recover stolen funds. We hope today’s action helps restore some level of stability and justice for those impacted by fraud.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
