Unethical Actions of Russian Energy Companies Are Rattling the Marketplace

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Unethical Actions of Russian Energy Companies Are Rattling the Marketplace

The backbone of the Russian economy is energy exports. The Russian energy sector is an enormous global asset driving economic activity across the world. In 2021, Russian crude and condensate output reached 10.5 million barrels per day, making up 14% of the world’s total supply. In the same year, Russia exported oil worth USD 300 billion, accounting for 11% of the global oil trade. The country exports most of its oil production, with almost all going to Europe (about 80%) and Asia (about 20%).

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From Their Plates to Our Pockets — $250 Million Stolen from Pandemic Food Program

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From Their Plates to Our Pockets — $250 Million Stolen from Pandemic Food Program

The Justice Department charged 47 defendants on September 20th for allegedly defrauding a federal program that provided food for needy children during the pandemic, describing the scheme — totaling nearly $250 million — as the largest uncovered to date. The charges also underscore that criminals have been quick to take advantage of new programs set up by the U.S. government to curb fallout from the COVID-19 pandemic, and they’re exploiting weaknesses in systems designed to quickly distribute funds.

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Crypto Platform “Head Trader” Pleads Guilty in $100 Million Ponzi Scheme 

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Crypto Platform “Head Trader” Pleads Guilty in $100 Million Ponzi Scheme 

The head trader of EmpiresX, a global cryptocurrency platform headquartered in Florida, pleaded guilty on September 8 in an alleged investment fraud that raised around $100 million for the company, according to the U.S. Justice Department. Joshua David Nicholas, 28, admitted to the securities fraud in which he and others at EmpiresX falsely claimed their business’ trading bot, which utilized artificial and human intelligence, mitigated risk and increased the chances of profitability on an investment.

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Audiophiles File Suit: Mobile Fidelity Sound Lab Faces Fraud Allegations 

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Audiophiles File Suit: Mobile Fidelity Sound Lab Faces Fraud Allegations 

Mobile Fidelity Sound Lab (MoFi) is best known by audiophiles and hipsters alike as a record label specializing in the production of reissued vinyl LP records, compact discs and Super Audio CDs that, even in our digital era, remain a popular and sought-after commodity. As anti-fraud professionals know, however, what you see is not always what you get. The same goes for what you hear. On July 14, 2022, Mike Esposito, owner of The ‘In’ Groove record store in Phoenix, Ariz., posted a YouTube video that sent the audiophile world spinning. Citing an unknown but “reliable” source, Mike stated that MoFi has been using digital files in its production of so-called original master tape albums despite marketing the reissues as authentic.

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Former Theranos COO Found Guilty on Federal Fraud Charges

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Former Theranos COO Found Guilty on Federal Fraud Charges

On Thursday, a jury of seven women and five men convicted Ramesh “Sunny” Balwani on 12 counts of federal fraud. Balwani, the former COO of Theranos, reportedly sat expressionless as the verdicts were read in court. Some of the charges Balwani was found guilty of included federal wire fraud and conspiracy to commit federal wire fraud.

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