The United States Attorney’s Office for the Northern District of Ohio (USAO) has filed a civil complaint in forfeiture against 679,981.22 Tether (USDT) cryptocurrency suspected of being fraudulently obtained as part of an investment scam.
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The United States Attorney’s Office for the Northern District of Ohio (USAO) has filed a civil complaint in forfeiture against 8,207,578 Tether (USDT) cryptocurrency, valued at more than $8.2 million. Victims across several states targeted and deceived with text messages.
October 8, 2024, Press Release from the Office of Ohio Attorney General Dave Yost: (WORTHINGTON, Ohio) — A new unit within the Bureau of Criminal Investigation recently recovered $130,000 lost in a cryptocurrency scam in the Columbus area, marking its first victory as a specialized team assigned to help local law enforcement with such cases. Established as an ongoing effort to assist law enforcement and protect Ohioans, AG Yost formed the Electronic Fraud Investigations unit. This unit specializes in cyber financial crimes and provides law enforcement with the necessary tools and tips to recover and prevent financial fraud. In this instance, $130,000 was recovered as part of case in Worthington, a northern suburb of Columbus. The perpetrators of the scam are unknown.
August 21, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – In 2023 alone, Ohioans sent more than $2 trillion through money transmitter services, which has more than doubled from 2018. While traditional services like Western Union and MoneyGram allow individuals to easily send money to family and friends, including overseas, newer online companies like Fintech Digital and crypto exchanges pose a higher risk of fraud. The Ohio Department of Commerce Division of Financial Institutions (DFI) is highlighting how Ohioans can protect themselves – and their money – from potential risks. With the proliferation of online money transmitters for holding and transmitting funds, consumers should be aware of potential scams, especially those involving crypto wallets or online purchases. Fraudsters may set up fake companies or pressure individuals into sending money under false pretenses, such as a family emergency. Unlike online digital payment networks such as Venmo or Zelle, which require extensive user verification, some of these money transmitter services are prime areas for scammers to exploit due to their less stringent account setup processes.
June 27, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – The Ohio Department of Commerce Division of Securities urges Ohioans, particularly the elderly, to be cautious when considering investing in cryptocurrency. With the growing popularity and rapid adoption of digital currencies, all potential investors should always make sure they fully understand the inherent risks and red flags associated with cryptocurrency investments, especially given their popularity with bad actors looking to scam investors out of their money.
June 26, 2024, Press Release from the Office of Ohio Attorney General Dave Yost: (CINCINNATI, Ohio) — Kicking off the annual Elder Abuse Awareness Day Conference, Ohio Attorney General Dave Yost today shared a powerful message of gratitude with the “heroes” in attendance who work tirelessly to protect older Ohioans. The daylong conference – with a theme this year of “Dollars and Sense: Financial Exploitation of Older Adults” – is presented by the Attorney General’s Elder Abuse Commission in partnership with the Ohio Coalition of Adult Protective Services. Yost shared a poignant story about a 73-year-old military veteran who reached out earlier this year to his office’s Elder Justice Unit. The man was ill, his wife was in a nursing home, and he was being exploited by a relative. The Elder Justice Unit, the advocacy group ProSeniors and local law enforcement intervened, and the veteran’s relative is now facing two felony charges of theft.
May 16, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – As investment opportunities become increasingly complex and sophisticated, the risk of Ohioans falling victim to financial scams has never been greater. In recognition of Older Americans Month, which is a group often targeted by fraudsters, and to help all consumers better defend against these threats, the Ohio Department of Commerce’s Division of Securities is highlighting the increased prevalence of investor scams and providing guidance on how individuals can safeguard their finances.