The US Government has seized $5.25 million from six bank accounts at JPMorgan Chase, alleging that the funds are the result of a sophisticated fraud scheme.
The US Justice Department has submitted a complaint alleging that the funds were stolen from a workers union in Massachusetts. The union was deceived into transferring millions of dollars directly to fraudsters.
According to the Department of Justice, the unnamed union received an email in January of last year that purported to be from the union’s investment manager. The correspondence requested that the union transfer $6.4 million to a different bank account, and the email address appeared to be a match.
According to prosecutors, the union’s compliance with the fraudulent request resulted in the rerouting of a portion of the funds to crypto exchanges, the transfer of $5.25 million to JPMorgan Chase accounts, and the transfer of $61,612 to a Texas Bank and Trust account that has also been seized.
According to the Department of Justice, the con artists used “money mules” to quickly transfer the ill-gotten gains to several accounts.
Prosecutors are currently pursuing the permanent forfeiture of all funds that were seized from US bank accounts.
“BEC scam schemes are a real threat to businesses and people across the country. They hurt victims financially and emotionally by using trusted contact methods they use every day.”
The civil forfeiture action that occurred today serves as an illustration that there may be measures that can be implemented to reclaim funds that have been misappropriated when victims report such misconduct to the authorities. We trust that today’s action will contribute to the restoration of stability and justice for those who have been affected by deceit.”
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