Tag: scheme
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US Treasury Imposes Sanctions on IRGC-Backed Crypto Insurance Scheme and Iranian Shadow Fleet Vessels
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has executed a comprehensive expansion of its sanctions regime against the Islamic Republic of Iran, specifically targeting a sophisticated maritime revenue network designed to bypass international financial oversight. The latest measures focus on two prominent entities accused of operating a mandatory insurance…
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US Treasury Targets Irans Maritime Revenue Network and IRGC-Backed Cryptocurrency Insurance Scheme for Strait of Hormuz Transit
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a sweeping new round of sanctions aimed at dismantling a sophisticated maritime revenue network orchestrated by the Islamic Revolutionary Guard Corps (IRGC). This latest regulatory action targets several entities and vessels accused of facilitating the illicit sale of Iranian petroleum…
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Accused Crypto Ponzi Mastermind Edward Zimbardi Deported from Fiji, Faces Federal Charges in $165 Million Scheme
Edward Zimbardi, the alleged architect of a sophisticated $165 million cryptocurrency Ponzi scheme known as "The Crypto Program," has been successfully extradited from Fiji and is now back on American soil to face federal charges. The 59-year-old resident of Flowery Branch, Georgia, made his initial appearance in federal court on Monday, August 14, following his…
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US Treasury Sanctions Irans Crypto-Powered Maritime Insurance Scheme and Shadow Fleet to Disrupt IRGC Revenue Streams
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has executed a comprehensive set of sanctions targeting Iran’s maritime revenue infrastructure, focusing specifically on an innovative but illicit insurance scheme backed by the Islamic Revolutionary Guard Corps (IRGC) that utilizes digital assets to bypass international financial regulations. This latest escalation in…
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Bulgarian Man Already Serving Time for Major Crypto Laundering Convicted of Orchestrating New $290,000 Forfeiture Scheme from Federal Prison
A Bulgarian national, Rossen Iossifov, 53, already incarcerated for his pivotal role in one of the United States’ most significant cryptocurrency laundering cases, now faces fresh charges for allegedly orchestrating another sophisticated scheme from within a federal prison. Prosecutors accuse Iossifov of illicitly moving approximately $290,000 in cryptocurrency, funds that a court had previously ordered…
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Italian Authorities Unmask Million-Euro Tax Evasion Scheme Leveraging Bitcoin Ordinals and BRC-20 Tokens
The Italian Guardia di Finanza has successfully dismantled a sophisticated, multi-year financial crime operation that utilized the latest advancements in blockchain technology to conceal over €1 million in undeclared capital gains. In a landmark case that highlights the evolving nature of digital tax evasion, investigators from the Economic and Financial Police Unit of Foggia and…
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FBI Arrests CEO of Iranian Technology Firm in Multi-Million Dollar Sanctions Evasion Scheme Targeting US Military Hardware
The Federal Bureau of Investigation (FBI) executed a high-profile arrest on June 3, taking into custody Jamshid Ghomi, a 63-year-old dual citizen of the United States and Iran, at his opulent residence in the Newport Coast enclave of California. Ghomi, the Chief Executive Officer of Faraz Pardaz Rayaneh Co. Ltd. (FPR), stands accused of orchestrating…
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Google Engineer Charged with Insider Trading and Fraud Over $1.2 Million Polymarket Scheme Using Confidential Search Data
Federal prosecutors in the Southern District of New York have unsealed an indictment against Michele Spagnuolo, a high-level information security engineer at Google, charging him with a sophisticated insider trading scheme involving blockchain-based prediction markets. Spagnuolo stands accused of commodities fraud, wire fraud, and money laundering after allegedly leveraging his access to proprietary, non-public search…
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Italian Authorities Unmask Million-Euro Tax Evasion Scheme Leveraging Bitcoin Ordinals and BRC-20 Tokens
In an era where digital assets are increasingly integrated into the global financial system, the methods used to obfuscate wealth and evade tax obligations have undergone a radical transformation. While tax evasion and the underreporting of income are age-old financial crimes, the advent of blockchain technology has provided bad actors with a sophisticated, albeit ultimately…
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Italian Authorities Uncover €1 Million Bitcoin Ordinals Tax Fraud Scheme, Signaling New Era for Crypto Enforcement
Italian financial investigators have successfully dismantled a sophisticated multi-year tax fraud and unlawful public subsidy scheme, bringing to light the increasing use of Bitcoin Ordinals and BRC-20 tokens for concealing illicit wealth. The landmark case, spearheaded by Italy’s Guardia di Finanza, revealed that a suspect had leveraged the nascent Ordinals protocol to accumulate over €1…
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