Fraudsters are laundering millions in Covid relief funds through online investment platforms

[Nevilledog]

Link to tweet

https://www.msn.com/en-us/money/markets/fraudsters-are-laundering-millions-in-covid-relief-funds-through-online-investment-platforms/ar-BB1f5rcd?ocid=st

Tech-savvy fraudsters stealing from the government's Covid pandemic relief programs to help businesses have found a convenient way to launder the money: they're opening accounts with at least four online investment platforms, law enforcement officials said.

The digital platforms, investigators said, are easy to dump the money into by setting up accounts with stolen identities. More than $100 million in fraudulent funds passed through investment accounts since Congress passed the CARES Act last March, according to authorities.

Thieves have used Robinhood, TD Ameritrade, E-Trade and Fidelity to launder the money, a law enforcement source said.

The government quickly rolled out the Paycheck Protection Program and the Economic Injury Disaster Loan, or EIDL, program last year to help small businesses. Both programs have been plagued with problems. An inspector general's report issued last October blamed inadequate controls for billions of dollars in potential fraud.

"The thieves are loving this stuff. This has been the financial crime bonanza act of 2021," said Charles Intriago, a money laundering expert and former federal prosecutor.

*snip*

[crickets]

1. Remember how the Orange One's administration balked at oversight?

The Department of Justice has seized or forfeited $626 million in funds as a result of criminal and civil investigations connected to the PPP and EIDL programs, less than 1% of the nearly $84 billion in fraud identified in the programs, according to the House Select Subcommittee on the Coronavirus Crisis.

Well, here we are. Good article, but I'd prefer a little less in-depth reporting about how it was done and much more about people getting caught and charged.