Latest news with #LetitiaJames
Finextra
a day ago
- Finextra
US cops bust cryptocurrency scam that used Facebook advertisements and scam websites
Brooklyn District Attorney Eric Gonzalez, together with New York State Attorney General Letitia James and Superintendent of the New York State Department of Financial Services Adrienne Harris, today announced that a multi-agency long-term investigation resulted in the disruption of a fraudulent cryptocurrency investment scam that targeted members of the Russian community in Brooklyn and across the country. 0 Stolen cryptocurrency was sent to domain registrars as payment to create fake cryptocurrency investment domains and to Meta as payment for Facebook advertisements that promoted fraudulent cryptocurrency investment opportunities. After learning of the investigation, Meta shut down more than 700 accounts associated with the 'Black Hat' advertiser promoting the scam. Court orders have led to the seizure of $140,000 worth of cryptocurrency, the freezing of approximately $300,000 worth of cryptocurrency, and the dismantling of a cluster of scam websites and registrar accounts. District Attorney Gonzalez said, 'As crypto scams continue to proliferate, it is crucial for law enforcement agencies to work together in order to stop them. That's what happened in this case, with the fraudulent network being shut down, victims warned to stop investing and some of the stolen money getting recovered. I am grateful for the partnership with the Attorney General's Office and the Department of Financial Services that led to this successful outcome. My office will continue to investigate every reported scam in Brooklyn and to educate residents about how to protect themselves from these dangerous frauds.' 'Hundreds of New York investors thought they were putting their hard-earned money in safe, high-return investments, only to be defrauded out of millions of dollars,' said Attorney General James. 'These scammers targeted Russian speakers on Facebook with enticing ads and my office together with DFS and the Brooklyn District Attorney's office took action to stop these scammers and protect New Yorkers. I urge all New Yorkers to be vigilant of online cryptocurrency investment ads.' New York State Department of Financial Services Superintendent Adrienne Harris said, 'Through partnership and collaboration with the Brooklyn District Attorney and New York Attorney General, hundreds of thousands of dollars were returned to victims and these criminals were held accountable for their deplorable actions. As a preeminent global regulator of cryptocurrency, banks, insurers, and other financial services providers, the Department will continue to work every day to build a more equitable, transparent, and resilient financial system for all New Yorkers.' The investigation began in October 2024 when NYDFS became aware that a fake cryptocurrency investment website was displaying what looked like a BitLicense certificate, purportedly issued by the agency (these certificates are issued to legitimate virtual currency businesses operating in New York to ensure compliance with state laws, consumer protection and transparency). The first site NYDFS identified was and further investigation revealed that the domain name was linked to a large network of related domains and accounts that were part of a scam campaign targeting Russian-speaking residents of Brooklyn and across the state and country. The scammers involved in this scheme lured victims with deceptive social media ads, many in Russian and primarily on Facebook, featuring popular names and personalities. Once victims showed interest in investing, scammers responded and moved the conversation to encrypted private messaging apps like WhatsApp and Telegram. After the victims made an initial investment on the fraudulent platforms, scammers then falsely showed the victims that their investment accounts were increasing in value and encouraged victims to send more money. After making more investments, sometimes totaling hundreds of thousands of dollars, victims were unable to withdraw their funds and were told they needed to pay more in false withdrawal fees or taxes. Eventually, the scammers cut off contact with the victim and pocketed their money. In the course of the investigation, more than 300 victims were identified, and many were personally contacted by Brooklyn District Attorney and New York State Department of Financial Services investigators and alerted to the fraud so that they would stop sending funds to fake investment platforms. It's estimated that the scheme caused over $1 million in losses in Brooklyn alone. To disrupt the scheme and prevent future harm, the DA's Office executed a series of warrants that resulted in the seizure of over 100 domains and 17 registrar accounts; terminated scammers' access to their web-based email, effectively disconnecting their communications with victims; seized $140,000 that was stolen from victims that can now be returned; and was able, with NYDFS, to monitor blockchain activity in real time and warn dozens of victims who had just started engaging with the scammers, preventing the future loss of funds. In addition, DA Gonzalez appeared in Russian media to explain these types of frauds and advise community members on how to protect themselves. The scammers targeted Russian speakers by launching a campaign of advertisements on Facebook which promised high returns on cryptocurrency investments. To avoid revealing their real identity to Facebook and to evade restrictions on misleading and fraudulent advertisement, the scammers paid individuals based in Vietnam for 'Black Hat' advertising services. 'Black Hat' advertising on Facebook refers to deceptive online tactics used to promote services that violate Facebook's advertising policies. The investigation revealed that the scammers used over a million dollars' worth of cryptocurrency stolen from victims to pay 'Black Hat' advertisers for the placement of the deceptive advertisements. The Office of the Attorney General joined the investigation, focusing on the payment of funds to the 'Facebook Black Hat' advertisers. Their investigation revealed that a 'Black Hat' advertiser was converting Bitcoin sent by victims into local Vietnamese currency, which was used to purchase more fraudulent ads on Facebook. The OAG successfully obtained a court order to freeze $300,000 in cryptocurrency accounts linked to the 'Black Hat' advertisers. Residents of New York who want to verify the legitimacy of a cryptocurrency exchange or file a complaint about a cryptocurrency company, product, or service can visit the DFS website, visit or call (800) 342-3736. DFS continues to set the bar for prudential regulation of virtual currency, protecting consumers; preserving markets; and rooting out financial crimes like money laundering and terrorist financing. New Yorkers who have been affected by deceptive conduct in cryptocurrency markets should also report the conduct to OAG by filing an online complaint. Brooklyn residents who believe they've been scammed are encouraged to report to the DA's Office by calling 718-250-2340. Attorney General James also encourages workers in the cryptocurrency industry who may have witnessed misconduct or fraud to file an online whistleblower complaint, which can be done anonymously.
Al Arabiya
2 days ago
- Politics
- Al Arabiya
Federal judge to deny Trump administration's motion to dismiss lawsuit over block on wind projects
A federal judge in Massachusetts said Wednesday he plans to deny a motion by the Trump administration to dismiss a lawsuit over its blocking of wind energy projects, siding with a coalition of state attorneys general. Led by New York Attorney General Letitia James, attorneys general from 17 states and Washington, D.C., are suing in federal court to challenge President Donald Trump's Day One executive order halting leasing and permitting for wind energy projects. Judge William G. Young said during a hearing that he plans to allow the case to proceed against Interior Secretary Doug Burgum but will dismiss the action against Trump and cabinet secretaries other than Burgum named as defendants. He said he thinks states do have standing to sue, which the federal government had argued against. 'The states can proceed with claims that blocking permits for wind energy projects violates the Administrative Procedure Act, which outlines a detailed process for enacting regulations, but not the Constitution,' Young said. Young said his rulings from the bench were tentative and reserved the right to alter them in writing his formal opinion. The coalition of attorneys general sued to ask that a judge declare the executive order unlawful and approve an injunction to stop federal agencies from implementing it. They argued that Trump doesn't have the authority to halt project permitting and doing so jeopardizes the states' economies, energy mix, public health, and climate goals. The government is arguing that the states' claims amount to nothing more than a policy disagreement over preferences for wind versus fossil fuel energy development that is outside the bounds of the federal court's jurisdiction. Department of Justice Attorney Michael Robertson said in court that the wind order paused permitting but didn't halt it while the Interior secretary reviews the environmental impact and that this effort is underway. He said states have not shown that they were harmed by a specific permit not being issued. Turner Smith from the Massachusetts attorney general's office countered that the government has provided no end date and that Trump's order imposes a 'categorical and indefinite halt.' She said states have been harmed and pointed to an offshore wind project for Massachusetts now pushed back by two years because its three outstanding permits are delayed due to the wind order. She said Massachusetts can't meet its targets for procuring offshore wind energy without the SouthCoast wind project. Wind is the US' largest source of renewable energy, providing about ten percent of the electricity generated in the nation, according to the American Clean Power Association. Trump prioritizes fossil fuels and said last week that his administration 'would not approve wind energy projects except in cases of emergency.' The administration had ordered a Norwegian company, Equinor, to halt construction on a fully permitted offshore wind project in New York, though Equinor has been allowed to resume work. The coalition includes Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Washington state, and Washington, D.C.
Washington Post
2 days ago
- Politics
- Washington Post
Federal judge to deny Trump administration's motion to dismiss lawsuit over block on wind projects
A federal judge in Massachusetts said Wednesday he plans to deny a motion by the Trump administration to dismiss a lawsuit over its blocking of wind energy projects, siding with a coalition of state attorneys general. Led by New York Attorney General Letitia James, attorneys general from 17 states and Washington, D.C. are suing in federal court to challenge President Donald Trump's Day One executive order halting leasing and permitting for wind energy projects.
Yahoo
2 days ago
- Business
- Yahoo
MoneyGram settles NY AG lawsuit
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. MoneyGram International agreed to pay a $250,000 civil penalty and to submit to a three-year period of compliance monitoring to settle New York Attorney General allegations that it mishandled consumers' remittance transfers, violating federal consumer protection laws. As part of the settlement approved Monday by a federal judge, the AG also cited MoneyGram for failing to investigate errors and complaints. The settlement resolves an April 2022 civil lawsuit filed in federal court in New York City by the state and Consumer Financial Protection Bureau, which withdrew as a plaintiff in April 2025. 'MoneyGram failed to follow the law for years, sometimes leaving its customers in the dark about where their money went,' New York Attorney General Letitia James said Monday in a press release. 'We are pleased to bring full closure to this legacy matter, which dates back years and involved no harm to consumers,' MoneyGram General Counsel Cory Feinberg said in a statement emailed by the company. Dallas-based MoneyGram did not admit nor deny the lawsuit allegations as part of the settlement. New York and the CFPB sued MoneyGram over alleged violations of the Remittance Transfer Rule, which the federal agency implemented in October 2013 for remittance transfers. Such remittances are typically made by people sending funds to family members or friends in another country. In April, U.S. District Judge Katherine Polk Failla granted the bureau's request to withdraw as a plaintiff in the lawsuit, one of several enforcement actions the federal agency abandoned this year under Acting Director Russell Vought as he seeks to reduce the CFPB's mission and staffing. The rule – stemming from the 2010 Consumer Financial Protection Act – required that consumers receive more information about the pricing and timing of their transfers, and offered remedies for transfer errors, along with new recordkeeping mandates. MoneyGram also failed to 'timely make remittance transfers available to recipients or to timely make refunds available to senders' and 'unnecessarily delayed transactions,' according to the complaint. The rule requires money transmitters to investigate consumer complaints about errors and determine within 90 days whether an error has occurred. Since 2015, MoneyGram said it has invested about $800 million to improve its system and processes. MoneyGram says its cross-border payment network handles money transfers in about 200 countries and 450,000 retail locations, processing around $200 billion annually. In June 2023, private equity firm Madison Dearborn Partners completed a $1.8 billion acquisition of MoneyGram. Since his appointment as CEO last year, Anthony Soohoo has been pursuing a digital overhaul of the company that has been in business for 80-plus years. Recommended Reading MoneyGram CEO targets digital remake
Yahoo
2 days ago
- Politics
- Yahoo
Federal judge to deny Trump administration's motion to dismiss lawsuit over block on wind projects
A federal judge in Massachusetts said Wednesday he plans to deny a motion by the Trump administration to dismiss a lawsuit over its blocking of wind energy projects, siding with a coalition of state attorneys general. Led by New York Attorney General Letitia James, attorneys general from 17 states and Washington, D.C. are suing in federal court to challenge President Donald Trump's Day One executive order halting leasing and permitting for wind energy projects. Judge William G. Young said during a hearing that he plans to allow the case to proceed against Interior Secretary Doug Burgum, but will dismiss the action against Trump and cabinet secretaries other than Burgum named as defendants. He said he thinks states do have standing to sue, which the federal government had argued against. The states can proceed with claims that blocking permits for wind energy projects violates the Administrative Procedure Act, which outlines a detailed process for enacting regulations, but not the Constitution, Young said. Young said his rulings from the bench were tentative and reserved the right to alter them in writing his formal opinion. The coalition of attorneys general sued to ask that a judge declare the executive order unlawful and approve an injunction to stop federal agencies from implementing it. They argued that Trump doesn't have the authority to halt project permitting and doing so jeopardizes the states' economies, energy mix, public health and climate goals. The government is arguing that the states' claims amount to nothing more than a policy disagreement over preferences for wind versus fossil fuel energy development that is outside the bounds of the federal court's jurisdiction. Department of Justice Attorney Michael Robertson said in court that the wind order paused permitting, but didn't halt it, while the Interior secretary reviews the environmental impact and that this effort is underway. He said states have not shown that they were harmed by a specific permit not being issued. Turner Smith, from the Massachusetts attorney general's office, countered that the government has provided no end date and that Trump's order imposes a 'categorical and indefinite halt." She said states have been harmed and pointed to a offshore wind project for Massachusetts, now pushed back by two years because its three outstanding permits are delayed due to the wind order. She said Massachusetts can't meet its targets for procuring offshore wind energy without the SouthCoast wind project. Wind is the U.S.' largest source of renewable energy, providing about 10% of the electricity generated in the nation, according to the American Clean Power Association. Trump prioritizes fossil fuels and said last week that his administration would not approve wind energy projects except in cases of emergency. The administration had ordered a Norwegian company, Equinor, to halt construction on a fully permitted offshore wind project in New York, though Equinor has been allowed to resume work. The coalition includes Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Washington state and Washington, D.C. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Jennifer Mcdermott And Alexa St. John, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
