The DOJ added , “ At [ Shah ’ s ] direction , victims were defrauded over and over again until they had nothing left . She and her co-conspirators persisted in their conduct until the victims ’ bank accounts were empty , their credit cards were at their limits , and there was nothing more to take .” 16
A critical element in the successful outcome of this case was the impressive investigative collaboration between HSI ’ s El Dorado Task Force , the Office of Money Laundering and Transnational Criminal Enterprises Unit and the DOJ . As financial crimes evolve , so will the efforts of LE to bring these nefarious perps to justice .
These case studies perfectly illustrate the successful results that can occur when LE agencies collaborate with each other . A public-private partnership between LE and ACAMS to disseminate information to the public about fraudulent schemes is another example . Such partnerships are vital to ensure success in the continuing fight against financial criminals .
Conclusion
Successful participation in this fight against evolving financial crimes requires an unprecedented degree of global cooperation between governments , LE ( federal , state and local ) and FIs . LE is committed to its efforts , objectives and strategies on an ongoing basis and to maintaining a counterproductive line of effectiveness that transcends all . Inter-agency LE partnerships and public-private partnerships have become some of the greatest tools in the 21st century . While knowing that these partnerships are effective , the good news is that it confirms the key role in identifying new ways to combat financial fraud when multiple parties are involved . By implementing this solution to combat financial crimes , LE and private organizations are taking the first step toward a dynamic approach to fighting fraud and other financial crimes .
Delena D . Spann , U . S . Federal Law Enforcement Agency , Chicago , IL , USA , info @ fraudanalytics . com
1 “ IRS-CI counts down top 10 cases of 2022 ,” Internal Revenue Services , January 3 , 2023 , https :// www . irs . gov / compliance / criminal-investigation / irs-ci-counts-down-top-10-cases-of-2022
2
Ibid .
3
“ Television personalities sentenced to years in federal prison for fraud and tax evasion ,” U . S . Attorney ’ s Office , Northern District of Georgia , November 21 , 2022 , https :// www . justice . gov / usao-ndga / pr / television-personalities-sentenced-years-federal-prison-fraud-and-tax-evasion
4
Ibid .
5
Interesting highlights of this investigation can be found in the following : “ SEC Charges Ozy Media and its CEO Carlos Watson with Widespread Scheme to Defraud Investors ,” U . S . Securities and Exchange Commission , February 23 , 2023 , https :// www . sec . gov / news / press-release / 2023-37
6
“ Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme ,” U . S . Department of Justice , February 23 , 2023 , https :// www . justice . gov / usao-edny / pr / ozy-media-and-its-founder-carlos-watson-indicted-years-long-multi-million-dollar-fraud
7
“ SEC Charges Ozy Media and its CEO Carlos Watson with Widespread Scheme to Defraud Investors ,” U . S . Securities and Exchange Commission , February 23 , 2023 , https :// www . sec . gov / news / press-release / 2023-37
8
Cyrus Farivar , “ Cryptocurrency Scam Victim Who Lost Over $ 1 Million To Get Over $ 100,000 Back , Prosecutor Says ,” Forbes , October 22 , 2022 , https :// www . forbes . com / sites / cyrusfarivar / 2022 / 10 / 22 / cryptocurrency-scam-victim-who-lost-over-1-million-to-get-over-100000-back-prosecutor-says
9
Cyrus Farivar , “ How One Man Lost $ 1 Million To A Crypto ‘ Super Scam ’ Called Pig Butchering ,” Forbes , September 9 , 2022 , https :// www . forbes . com / sites / cyrusfarivar / 2022 / 09 / 09 / pig-butchering-crypto-super-scam /? sh = 19e2e5d5ec8e
10
Cyrus Farivar , “ Cryptocurrency Scam Victim Who Lost Over $ 1 Million To Get Over $ 100,000 Back , Prosecutor Says ,” Forbes , October 22 , 2022 , https :// www . forbes . com / sites / cyrusfarivar / 2022 / 10 / 22 / cryptocurrency-scam-victim-who-lost-over-1-million-to-get-over-100000-back-prosecutor-says
11
Paul Sibenik , “ The Prevalence of Sha Zhu Pan AKA Pig Butchering Scams ,” CipherBlade , May 18 , 2022 , https :// cipherblade . com / blog / the-prevalence-of-sha-zhu-pan-aka-pig-butchering-scams /
12
Ibid .
13
Ibid .
14
“ Cornerstone — HSI and ACAMS Alert : “ Pig Butchering ,” ACAMS . org , April 28 , 2023 , https :// www . acams . org / en / media / document / 35601
15
“ Reality Show Cast Member Jennifer Shah Sentenced To 78 Months In Prison For Running Nationwide Telemarketing Fraud Scheme ,” U . S . Department of Justice , January 6 , 2023 , https :// www . justice . gov / usao-sdny / pr / reality-show-cast-member-jennifer-shah-sentenced-78-monthsprison-running-nationwide
16
Ibid .
ACAMS Today June – August 2023 79