Forensic Solutions LLC

Phishing isn’t just a problem. It’s a full-blown epidemic! According to Verizon’s 2023 Data Breach Report, 36% of all U.S. data breaches in 2023 traced back to phishing, and a staggering 71% of companies reported falling victim to these schemes this year alone, according to a study by Proofpoint. Globally, the scale is just as alarming. According to a report by email security company Valimail, around 1.2% of all emails are malicious, which may not sound like a lot until you realize that equates to approximately 3.4 billion phishing emails DAILY. Looking ahead, the potential extortion from phishing attacks and ransomware is projected to impact over 33 million records by the end of 2024. So, how can you dodge this digital bullet? Start by scrutinizing emails and messages. If something smells phishy, it probably is. Never click on unsolicited links or attachments, and double-check the sender's details. Use two-factor authentication whenever possible on all your accounts to add an extra layer of security. Stay sharp and stay skeptical if you want to avoid falling victim to this all too common scheme. . . . #phishing #scams #internet #fraud #email

Last week, we explored the notorious but true tale of the "Prince of Conmen", Emil Savundra. And now, we're back with part 2! During the swinging 60s, Savundra found himself at the heart of the UK's newly thriving motor-insurance industry and decided to form a business called Fire, Auto and Marine Insurance Company (FAM). Promising low rates facilitated by IBM's cutting-edge (for the time) computerization, FAM seemed ready to revolutionize insurance. But in reality, it was a haphazard endeavor at best. Savundra compensated for his lack of success with a flamboyant high-profile facade that included powerboat racing (resulting in a fractured back) and mingling with society's elite. His connections extended to those involved in the Profumo affair, including notorious figures Christine Keeler and Mandy Rice-Davies. Initially, he was overshadowed by the tornado of scandals surrounding him, until Keeler and Rice-Davies mentioned Savundra in their autobiographies. This caught the eye of Private Eye magazine, who began to look deeper into Savundra’s operations. But it was the Sunday Times team who finally revealed FAM's lack of financial backing, which led to allegations of forged securities and inadequate reserves to cover claims. Savundra’s enterprise was nothing more than a house of cards, and when it inevitably collapsed, FAM left about 400,000 motorists uninsured. Around the same time, Savundra’s health deteriorated, leading to a heart attack that prompted him to sell his shares and step back from the company. In response to the downfall of FAM, Savundra fled back to Ceylon, seeking refuge with relatives while the scandal erupted in the UK. Unable to escape the press, he returned to the UK a year later, dependent on opioids for his back pain, and ready to speak publicly about the scandal on national television. Join us next week to read the sensational conclusion to the story of Emil Savundra. . . . #fraud #fraudstory #truestory #truecrime #insurance

These days, staying ahead of fraudsters is more important than ever. Here are 3 unexpected ways you can significantly enhance your financial safety: 𝗖𝗵𝗼𝗼𝘀𝗲 𝗖𝗿𝗲𝗱𝗶𝘁 𝗢𝘃𝗲𝗿 𝗗𝗲𝗯𝗶𝘁: Though it might seem counterintuitive, credit cards offer stronger fraud protection than debit cards. If a fraudster accesses your debit card, they could drain your bank account, leaving you in a financial bind until the matter is resolved. Credit cards, however, come with Zero Liability policies that allow you to dispute fraudulent charges easily and keep your finances intact while the issue is addressed. Stay vigilant, though. Credit card scams are still a risk, so keep an eye on your statements. 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝗣𝗮𝗽𝗲𝗿𝗹𝗲𝘀𝘀 𝗢𝗽𝘁𝗶𝗼𝗻𝘀: Opting for online billing and statements can protect you from identity theft. Physical mail can be stolen, supplying criminals with access to your sensitive information. Switching to digital reduces this risk and helps you keep a tighter grip on your personal data. 𝗦𝗲𝗰𝘂𝗿𝗲 𝗬𝗼𝘂𝗿 𝗖𝗵𝗶𝗹𝗱’𝘀 𝗢𝗻𝗹𝗶𝗻𝗲 𝗣𝗿𝗲𝘀𝗲𝗻𝗰𝗲: Identity thieves often target minors due to their pristine credit histories. Ensure your child’s social media accounts are set to private and educate them on the dangers of sharing too much personal information like full names, birthdays, and school details. This advice extends to online gaming profiles as well, where sharing personal information can also lead to identity theft. They might seem surprising, but with these simple practices, you can boost your defenses against fraud and protect your family’s financial well-being. . . . #fraudprotection #advice #surprising #fraud #protectyourself

Despite being born into a family of lawyers in Ceylon (now Sri Lanka) during the British Raj, and serving briefly with the Ceylon Engineers, Emil Savundra was denied entry into the Royal Air Force during WW2. We can't help but wonder if this unexplored life path could've potentially prevented him from diving into the murky waters of international fraud, and becoming the "Prince of Conmen". In 1948, at age 24, Savundra launched his first import-export company, one of many that enabled him to execute his shady dealings. During the Korean war, he struck a fraudulent oil deal with the Chinese government. At age 31, he was arrested, convicted of fraud and forged documents, and imprisoned in Belgium after promising to ship 8,000 tons of rice that never existed. He was sentenced to five years, but only served for 2 months. He resurfaced just 4 years later as a representative of American company Camp Bird Ltd, who had mineral interest in Ghana. Savundra then registered Ghana Minerals Corporation (GMC) as a subsidiary of Camp Bird, and reported to the Financial Times that he'd convinced Ghana’s new leaders to transfer all mining rights to GMC. The Ghanaian government denied that Camp Bird had exclusive rights to Ghana's minerals. Camp Bird responded by publishing 2 letters of agreement on ministry letterhead, signed by junior minister S.I. Iddrissu of the Ghanaian Ministry of Information. Sensing that Savundra was involved in bribery at the highest level of government, the London Stock Exchange Committee suspended Camp Bird's shares. Ghana's prime minister dismissed Iddrissu from office and ultimately deported Savundra. Shortly thereafter, Savundra resigned from his position as the director of GMC and Camp Bird withdrew its interest in the country's minerals. After an investigation, Iddrissu alleged that he, along with many high-level officials, accepted a £100,000 bribe to secure the Camp Bird deal, though no hard evidence was ever found. Believe it or not, we have merely scratched the surface of Savundra's cons. Check back next week for part 2! . . . #fraud #con #conman #truecrime #history

41-year-old Kyle Tsui is currently sitting in a U.S. jail, waiting for sentencing after pleading guilty to running a scam through his allergy-testing company. The Allergy Testing Company promised results through hair samples but promptly threw them away upon receiving them, and then returned false results to customers. Tsui made a staggering $5.9 million from this scheme. But it's recently come to light that he was also deeply involved with a Canadian DNA lab, Viaguard Accu-Metrics, which has been caught giving out wrong paternity results. A CBC News exposé revealed that while Tsui was making millions with his allergy test scam, he was also working as a senior manager at Viaguard from around 2014 to 2020, during the time when their unreliable tests were being sold. The investigation also revealed several instances where Viaguard's tests identified the wrong biological fathers or incorrectly excluded the real ones. This revelation obviously came as a shock to many who trusted Viaguard with such sensitive information. Tsui, as a quality manager, was in charge of overseeing sample collection, and directly reported to Viaguard's owner, Harvey Tenenbaum. What's more, Tenenbaum admitted to a CBC producer posing as a potential customer that the lab's prenatal paternity tests were unreliable. This isn't Tsui's first time being accused of controversial activities. He and Tenenbaum were previously reported attempting to recruit victims for class-action lawsuits that never materialized. He's agreed to pay $3.6 million in restitution, with his sentencing scheduled for May. This case has shed light on the troubling practices within certain medical testing industries, and left many to question the reliability of these services. . . . #fraudnews #news #newsworthy #fraud #current

Born into a prominent family in 1888 Boston, Richard Whitney seemed destined for greatness. With a prestigious education from Groton School and Harvard University, he was well-equipped for Wall Street success. In fact, Whitney attempted to stop the Wall Street Crash of 1929 by buying a substantial amount of "blue chip" stocks, which earned him the title "White Knight of Wall Street." Despite his public persona as a successful financier and president of the New York Stock Exchange, Whitney's personal finances were in shambles due to speculative investments gone wrong. Desperate to maintain his luxurious lifestyle and social status, Whitney began borrowing from his wealthy brother George and some of his friends. But, at the end of the day, it wasn't enough for Whitney, and he ultimately turned to embezzlement. He began stealing not only from the New York Stock Exchange Gratuity Fund, but also the New York Yacht Club (where he was treasurer), and even from his own father-in-law's estate. In 1938, 3 years after Whitney retired from his role as president of the NY Stock Exchange, the company's comptroller discovered irrefutable proof of Whitney's crimes, which shocked the public and Wall Street alike. He was arrested and pled guilty to embezzlement charges, which led to a prison sentence of 5 to 10 years in Sing Sing. 6000 people showed up to watch a handcuffed Whitney being escorted onto a train bound for prison. After serving three years and four months, Whitney was paroled and went on to lead a quieter life, managing a dairy farm and later running a textile company. Despite his crimes, his family and friends supported and housed him until his death in 1974. His brother George made restitution for all the money Whitney owed. . . . #fraud #embezzlement #truecrime #crime #crimestory #truestory

It's official! According to the FTC’s 2023 Consumer Sentinel Network Data Book, email has dethroned the telephone as the scammer's method of choice. While phone calls still hit our wallets the hardest on a per-scam basis, email scams are now the most prevalent. But here's the twist: social media scams rake in the most cash overall, amassing a jaw-dropping $1.4 billion in losses last year alone—a HUGE jump from 2022. At $1.86 billion, bank transfers and payments were the highest reported way that scammers got paid. Not far behind was cryptocurrency, with losses tallying up to $1.41 billion. In this digital age, the way you choose to communicate and transact online is more important than ever. Stay alert and stay informed! . . . #scam #fraud #scamalert #facts #fraudfacts #didyouknow

Our hearts are with our legal community and the Prince Law Group team during this tragic time. https://lnkd.in/grZQgscN

Michael "Mickey" Monus was born into a prominent family in Youngstown, Ohio in 1947 and rocketed to fame as the founder of Phar-Mor, a deep-discount drugstore that shook up retail across the U.S. An opportunist with a flair for business, Monus expanded Phar-Mor into a household name, with 200 outlets by 1991. But his success wasn’t limited to just retail. Monus also dipped his toes in professional sports as one of the original owners of the Colorado Rockies baseball team. But, beneath the surface of his success lurked a fraud so massive, it would eventually topple Phar-Mor and tarnish Monus's name. Accusations surfaced in 1992 that Monus had inflated Phar-Mor's profits by huge amounts, leading to one of the largest corporate frauds in U.S. history. Court documents ultimately revealed that Monus had embezzled about $10 million to fund his World Basketball League and maintain his lavish lifestyle. This revelation sent shockwaves through Youngstown, a community already reeling from the collapse of its steel industry. The fallout was immediate. Monus was fired and forced to sell his stake in the Colorado Rockies, while Phar-Mor declared bankruptcy. Monus's court case was anything but cut and dry. The first trial ended in a hung jury amid accusations of jury tampering. But, eventually he was convicted in a second trial on numerous counts, including embezzlement, and sentenced to 19.5 years in federal prison. Monus only ended up serving 10 years after cooperating with the FBI in a case against Richard Goldberg, yet another Youngstown fraudster. Monus' actions went on to reverberate beyond the court case. It was eventually revealed that 1991 quarterback Ray Issac of the Youngstown State Penguins football team had received a substantial amount of money from Monus over the course of his time in college. The NCAA looked into this information, but ultimately dropped their investigation. In 1998, Issac admitted to tampering with a juror in Monus' fraud trial. . . . #fraud #truecrime #fraudstory #baseball #retail #crime

Tax season is a prime time for fraudsters aiming to deceive taxpayers. Drawing from our forensic accounting expertise, here are 3 of the most common tax scam tactics and how to shield yourself: ❗𝗧𝗵𝗿𝗲𝗮𝘁𝗲𝗻𝗶𝗻𝗴 𝗖𝗮𝗹𝗹𝘀: The IRS communicates through mail, not threatening phone calls. Fraudsters often use fear tactics, claiming to be IRS agents and demanding immediate payment. This is a red flag. Verify any claims through official IRS channels. ❗𝗕𝗼𝗴𝘂𝘀 𝗧𝗮𝘅 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀: Scammers often promote schemes to evade taxes or promise unrealistic tax savings. Forensic scrutiny reveals these to be too good to be true. Always seek advice from certified tax professionals or advisors. ❗𝗙𝗿𝗮𝘂𝗱𝘂𝗹𝗲𝗻𝘁 𝗙𝗶𝗹𝗶𝗻𝗴𝘀: Identity theft leading to fraudulent tax return filings is on the rise. Protecting your personal and financial information is crucial. Use complex passwords for online accounts and monitor your credit report regularly for suspicious activities. 𝗣𝗿𝗼 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻: - 𝗦𝗲𝗰𝘂𝗿𝗲 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Never disclose personal information through unsolicited communications. Confirm the legitimacy of any tax-related communication by contacting the IRS directly. - 𝗢𝗻𝗹𝗶𝗻𝗲 𝗙𝗶𝗹𝗶𝗻𝗴 𝗦𝗮𝗳𝗲𝘁𝘆: File your taxes through secure, encrypted connections. Public wi-fi networks are a no-go zone for filing taxes or sharing sensitive information. - 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗩𝗶𝗴𝗶𝗹𝗮𝗻𝗰𝗲: Ensure your tax preparer is reputable. Look for credentials such as a Preparer Tax Identification Number (PTIN) on the IRS Return Preparer Office Directory. By implementing these safeguards, you can protect yourself against tax-related fraud. May your tax season be safe and simple this year! . . . #taxfraud #tax #taxseason #fraud #staysafe #safety #advice