Hyperbole or Fraud? The Question at the Heart of Trump Investigation.

The New York attorney general has cited more than a dozen instances in which she said Donald J. Trump inflated the value of his assets, including his Trump Tower penthouse.

#appraisals-and-valuation-property, #frauds-and-swindling, #james-letitia, #manhattan-nyc, #real-estate-commercial, #real-estate-and-housing-residential, #suits-and-litigation-civil, #tax-evasion, #trump-organization, #trump-tower-manhattan-ny, #trump-donald-j, #trump-donald-j-jr, #trump-eric-f-1984, #trump-ivanka

Rabbi Shot in Synagogue Attack Is Sentenced to Prison in Fraud Schemes

Yisroel Goldstein, who was wounded in the deadly 2019 attack on the Chabad of Poway synagogue, north of San Diego, was sentenced to 14 months in fraud schemes in which, prosecutors say, he received more than $500,000.

#chabad-of-poway-poway-calif-synagogue, #chabad-of-poway-synagogue-shooting-2019, #earnest-john-t, #frauds-and-swindling, #goldstein-yisroel, #jews-and-judaism, #justice-department, #synagogues, #tax-evasion

Trump Fraud Inquiry Won’t Be Resolved When Vance’s Term Ends Next Week

After leading a three-year investigation into the former president, the Manhattan district attorney, Cyrus R. Vance Jr., will hand it to his successor.

#appraisals-and-valuation-property, #banking-and-financial-institutions, #bragg-alvin, #deutsche-bank-ag, #family-business, #federal-taxes-us, #frauds-and-swindling, #james-letitia, #manhattan-nyc, #pomerantz-mark-f, #tax-evasion, #trump-organization, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

She Ran a Bronx Homeless Shelter. Here’s What She Spent Millions On.

A shelter operator admitted using money from the city to cover personal expenses, including shopping sprees at Neiman Marcus and Manolo Blahnik.

#bronx-nyc, #embezzlement, #homeless-persons, #millennium-care, #perry-ethel-denise, #tax-evasion

Fact-Checking Kevin McCarthy’s 8-Hour Speech

The House Republican leader made a number of false or misleading claims about the social spending bill, President Biden, immigration policy and Teslas.

#american-families-plan-2021, #banking-and-financial-institutions, #illegal-immigration, #immigration-and-emigration, #internal-revenue-service, #law-and-legislation, #mccarthy-kevin-1965, #pipelines, #rumors-and-misinformation, #tax-evasion, #united-states-politics-and-government

C.B.O. Finds Biden’s Spending Bill Not Fully Paid For

The White House and Congressional Budget Office are at odds over how much revenue the Internal Revenue Service could recoup from tax cheats.

#american-families-plan-2021, #american-jobs-plan-2021, #congressional-budget-office, #democratic-party, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #tax-evasion, #united-states-politics-and-government

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

The head of the Congressional Budget Office said on Monday that beefed-up tax enforcement would raise far less money than the White House projected.

#biden-joseph-r-jr, #congressional-budget-office, #debt-collection, #federal-budget-us, #federal-taxes-us, #internal-revenue-service, #rettig-charles-p, #tax-evasion, #taxation, #treasury-department, #united-states-politics-and-government

Gene Freidman, ‘Taxi King’ Who Upended His Industry, Dies at 50

He bid up the price of medallions and borrowed against them. When their value plummeted, immigrant cabbies were left deep in debt.

#deaths-obituaries, #frauds-and-swindling, #freidman-evgeny-a, #freidman-gene, #new-york-city, #tax-evasion, #taxi-and-limousine-commission, #taxicabs-and-taxicab-drivers

Tax Evasion and the Republican Party

By enabling resistance to lawful taxation, Republicans are undermining democracy.

#corporate-taxes, #democracy-theory-and-philosophy, #federal-taxes-us, #income-tax, #tax-evasion, #tax-shelters, #taxation

Trump Organization, Already Under Indictment, Faces New Criminal Inquiry

The investigation, by the Westchester County district attorney’s office, increases the legal scrutiny of the former president and his family business.

#district-attorneys, #employee-fringe-benefits, #frauds-and-swindling, #golf, #local-government, #mimi-e-rocah, #ossining-ny, #tax-evasion, #trump-national-golf-club-westchester-ny, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen, #westchester-county-ny

Al Capone’s Possessions Sell for More Than $3 Million at Auction

More than 170 items once belonging to the infamous mob boss were sold at an auction in California last week, including his “favorite” pistol. It went for more than $1 million.

#alcatraz-san-francisco, #auctions, #capone-al, #capone-diane, #organized-crime, #sacramento-calif, #tax-evasion

Biden’s Proposal to Empower I.R.S. Rattles Banks and Their Customers

To help fund its new initiatives, the Biden administration wants banks to report more customer information. Account holders aren’t happy.

#banking-and-financial-institutions, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #lobbying-and-lobbyists, #senate, #tax-evasion, #treasury-department, #united-states-politics-and-government

The Pandora Papers Expose Britain’s Role in Money Laundering

Together with its territories overseas, Britain is instrumental in a global game of deceit.

#cayman-islands, #great-britain, #money-laundering, #pandora-papers, #tax-evasion, #tax-shelters, #virgin-islands-great-britain

The Pandora Papers and the Power of Shame

Technology and public opinion are shifting the balance against elites’ use of offshore financial services.

#corruption-institutional, #high-net-worth-individuals, #income-inequality, #panama-papers, #paradise-papers, #tax-evasion, #tax-shelters, #united-states, #whistle-blowers

Democrats Eye Taxing Stock Buybacks and Partnerships

Senate Democrats say a 2 percent tax on the money companies use to buy back stocks and tightened rules around taxing partnerships would raise $270 billion for their $3.5 trillion social policy bill.

#brown-sherrod, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #stock-buybacks, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Hedge Fund’s Insiders Agree to Pay as Much as $7 Billion to I.R.S.

The agreement ends a longstanding tax dispute involving a decade’s worth of transactions at Renaissance Technologies, one of the world’s biggest and best-connected hedge funds.

#executive-compensation, #federal-taxes-us, #hedge-funds, #internal-revenue-service, #mercer-robert-1946, #renaissance-technologies, #simons-james-harris, #tax-evasion

N.Y. Prosecutors Weigh Charges Against Another Trump Executive

Matthew Calamari, the chief operating officer at the Trump Organization, is under scrutiny. His son testified before a grand jury Thursday.

#corporate-taxes, #crime-and-criminals, #district-attorneys, #federal-taxes-us, #immunity-from-prosecution, #matthew-calamari-jr, #matthew-calamari-sr, #mcconney-jeffrey-1955, #tax-evasion, #trump-organization, #trump-donald-j, #vance-cyrus-r-jr, #weisselberg-allen

Michael Avenatti Is Granted a Mistrial in Federal Fraud Case

A U.S. District Court judge found that federal prosecutors had withheld financial data from Mr. Avenatti, the former lawyer for the pornographic film actress Stormy Daniels. He faces a retrial.

#accounting-and-accountants, #avenatti-michael, #california, #clifford-stephanie-1979, #extortion-and-blackmail, #legal-profession, #los-angeles-calif, #prosecutorial-misconduct, #santa-ana-calif, #tax-evasion, #trump-donald-j

Father and Sons Are Charged in $21 Million Lottery Fraud

Ali Jaafar and his sons Mohamed and Yousef cashed in more than 13,000 Massachusetts lottery tickets, prosecutors said, allowing the actual winners to potentially avoid paying taxes or child support.

#federal-taxes-us, #frauds-and-swindling, #gambling, #jaafar-ali, #jaafar-mohamed, #jaafar-yousef, #lotteries, #massachusetts, #money-laundering, #tax-evasion

The Way the Senate Melted Down Over Crypto Is Very Revealing

It almost derailed the bipartisan infrastructure bill’s passage.

#american-jobs-plan-2021, #bitcoin-currency, #blockchain-technology, #ehrsam-fred, #infrastructure-public-works, #law-and-legislation, #portman-rob, #regulation-and-deregulation-of-industry, #senate, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency, #virtual-currency

Tiger Global leads $34M investment into Unit21, a no-code fraud prevention platform

Unit21, a startup that helps businesses monitor fraudulent activities with its no-code software, announced today it has raised $34 million in a Series B round of funding led by Tiger Global Management.

The round values San Francisco-based Unit21 at $300 million and comes nine months after the startup raised a $13 million Series A that included investments from the founders of Plaid, Chime and Shape Security as well as former Venmo COO Michael Vaughan.

ICONIQ Capital and existing backers Gradient Ventures (Google’s AI venture fund), A.Capital and South Park Commons participated in the latest funding event. 

Former Affirm product manager Trisha Kothari and Clarence Chio founded Unit21 in 2018 with the goal of giving risk, compliance and fraud teams a way to fight financial crime via a “secure, integrated, no-code platform.” 

Image Credits: Unit21

The pair say they started Unit21 based on the belief that the existing model of “black box” machine learning used for fraud prevention and detection was flawed. Their idea was to develop an alternative system to provide risk and compliance teams with more control over their operations. Unit21 describes its core technology as a “flag-and-review” toolset designed to give non-technical operators and anti-money laundering (AML) teams the ability to “easily” write complex statistical models and deploy customized workflows without having to involve their engineering teams. Unit21 says it provides this toolset to companies with the aim of helping them mitigate fraud and money laundering risks through Know Your Customer (KYC) verification, transaction monitoring detection and suspicious activity report (SAR) case management. 

Unit21 has built up an impressive customer base of over 50 enterprise clients, including Chime, Intuit, Coinbase, Gusto, Flywire, Wyre and Twitter, among others. The company says it has monitored more than $100 billion in activity via its API and dashboard since its 2018 inception. It also says that it has saved more than 20 million users over $100 million in fraud loss/suspicious activity. The company declined to reveal hard revenue figures, saying only revenue grew by “12x” in 2020 compared to 2019.

“Data is the most important weapon in the fight against fraud and money laundering,” Kothair said. “This funding will support our mission to democratize data and make it more accessible to  operations teams.”

The company will also use its new capital in part toward expanding its engineering, research & development and go-to-market  teams. As of late June, Unit21 had 53 employees, up from 12 at the same time last year. The startup also plans evolve its platform for generalized flag + review use cases beyond financial crimes and fraud. It’s also eyeing expansion in the Asia-Pacific (APAC) and Europe/Middle East (EMEA) markets.

Tiger Global Partner John Curtius said Unit21 is transforming organizations’ ability to “analyze data to its advantage for risk management and compliance.”

The space is a hot one with a number of other fraud-prevention companies raising capital in recent months including Sift, Seon and Feedzai. According to Compliance Week (citing analysis by Fenergo), financial institutions were hit with an estimated $10.4 billion in global fines and penalties related to anti-money laundering (AML), know your customer (KYC), data privacy, and MiFID (Markets in Financial Instruments Directive) regulations in 2020, bringing the total to $46.4 billion for those types of breaches since 2008. The report, spanning up to its release date of Dec. 9, said there has been 198 fines against financial institutions for AML, KYC, data privacy, and MiFID deficiencies, representing a 141% increase since 2019.

#a-capital, #api, #asia-pacific, #chime, #coinbase, #coo, #crime, #europe, #finance, #financial-regulation, #fintech, #flywire, #fraud, #funding, #fundings-exits, #gradient-ventures, #gusto, #iconiq-capital, #intuit, #know-your-customer, #machine-learning, #michael-vaughan, #middle-east, #money, #money-laundering, #no-code-software, #plaid, #product-manager, #recent-funding, #risk-management, #san-francisco, #shape-security, #startups, #tax-evasion, #tc, #terrorism, #tiger-global-management, #twitter, #venmo, #venture-capital

In Case Against Trump’s Company, Echoes of His Father’s Tactics on Taxes

The first criminal prosecution involving the former president’s business hearkens back to Fred Trump’s $16,135 purchase of boilers in the 1990s.

#federal-taxes-us, #income-tax, #inheritance-and-estate-taxes, #new-york-state, #tax-credits-deductions-and-exemptions, #tax-evasion, #trump-organization, #trump-tax-returns, #trump-donald-j, #trump-fred-c, #trump-ivanka, #trump-robert-s-1948, #united-states-politics-and-government, #weisselberg-allen

Trump Organization Indictment: What We Know

Charges against the former president’s company and a top executive, explained.

#corporate-taxes, #frauds-and-swindling, #income-tax, #james-letitia, #manhattan-nyc, #tax-evasion, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

Top Trump Executive Allen Weisselberg Surrenders to Face Charges

The Trump Organization and Mr. Weisselberg have been indicted in connection with a tax investigation and are expected to appear in court later Thursday.

#corporate-taxes, #federal-taxes-us, #income-tax, #manhattan-nyc, #payroll-tax, #tax-evasion, #taxation, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

John McAfee, Software Pioneer Turned Fugitive, Dies in Spanish Prison

Mr. McAfee, who has not been associated with the company that bears his name for more than two decades, was fighting extradition to the United States after his arrest in Spain.

#computer-security, #extradition, #federal-taxes-us, #fugitives, #justice-department, #mcafee-john-1945, #tax-evasion

A Millennial Economist Helps Power a Tax Evasion ‘Brain Trust’

Natasha Sarin, a protégé of Larry Summers, is taking a leading role developing tax policy at the Treasury Department — to some progressive Democrats’ chagrin.

#american-jobs-plan-2021, #biden-joseph-r-jr, #content-type-personal-profile, #federal-taxes-us, #high-net-worth-individuals, #sarin-natasha, #stimulus-economic, #summers-lawrence-h, #tax-evasion, #treasury-department, #united-states, #united-states-economy, #united-states-politics-and-government

Trump Executive Could Face Charges as Soon as This Summer

An investigation into Allen Weisselberg, the Trump Organization’s finance chief, appears to be heading into its final stages as prosecutors increase pressure on him.

#frauds-and-swindling, #manhattan-nyc, #tax-evasion, #taxation, #trump-organization, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

Fat Cats on a Hot Tin Roof

Pay up, Monopoly Men; freeloading isn’t cool. 

#bezos-jeffrey-p, #buffett-warren-e, #income-inequality, #income-tax, #infrastructure-public-works, #tax-evasion, #taxation, #wealth-taxx

How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

Five Former Treasury Secretaries: Fund the IRS

America loses hundreds of billions of dollars to tax evasion every year. We need to give the I.R.S. the tools to combat it.

#federal-taxes-us, #income-tax, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government

Global Tax Deal Reached Among G7 Nations

The Group of 7 nations reached an agreement over a global minimum tax that companies would pay regardless of where they are based.

#coronavirus-2019-ncov, #corporate-taxes, #federal-taxes-us, #group-of-seven, #tax-evasion, #united-states-economy, #yellen-janet-l

Virginia Doctor Gets 59 Years for Unneeded Surgery and Improper Sterilizations

Dr. Javaid Perwaiz’s procedures over nearly a decade caused insurance programs to lose more than $20 million, federal prosecutors said.

#chesapeake-va, #federal-bureau-of-investigation, #frauds-and-swindling, #hospitals, #perwaiz-javaid, #pregnancy-and-childbirth, #tax-evasion

Trump’s ‘Fringe Benefits’ for Employees Are Under Scrutiny

The investigation into the former president has led prosecutors to subpoena records from a New York City private school.

#columbia-grammar-and-preparatory-school, #tax-evasion, #trump-organization, #trump-donald-j, #vance-cyrus-r-jr, #weisselberg-allen

F.E.C. Drops Case Reviewing Trump Hush-Money Payments to Women

The case had examined whether Donald Trump violated election law with a $130,000 payment shortly before the 2016 election to a pornographic-film actress by his personal lawyer, Michael Cohen.

#campaign-finance, #cohen-michael-d-1966, #federal-election-commission, #presidential-election-of-2016, #tax-evasion, #trump-donald-j, #united-states-politics-and-government

Biden’s $4 Trillion Economic Plan, in One Chart

Money directed at families is added to an earlier proposal on infrastructure.

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-budget-us, #federal-taxes-us, #tax-evasion, #united-states-economy

Samsung Family to Pay South Korea’s Largest Inheritance Tax Bill

The Samsung family in South Korea will also donate billions of dollars’ worth of art, including Picasso and Monet.

#art, #corporations, #family-business, #inheritance-and-estate-taxes, #lee-jae-yong-1968, #lee-kun-hee, #samsung-ct-corp, #samsung-electronics-co, #samsung-group, #south-korea, #tax-evasion, #wills-and-estates

Councilman Who Pleaded Guilty to $82,000 Tax Fraud Is Expelled

Chaim Deutsch, a Brooklyn Democrat, was removed for violating his oath of office, officials said.

#city-council-nyc, #city-councils, #deutsch-chaim-1969, #politics-and-government, #tax-evasion

Justice Dept. Asked to Examine Whether Swiss Bank Kept Helping Tax Dodgers

Credit Suisse had admitted to helping American clients evade taxes in 2014 and was fined $2.6 billion, but it avoided even higher fines because of its vow that it had stopped the practice.

#banking-and-financial-institutions, #credit-suisse-group-ag, #federal-taxes-us, #garland-merrick-b, #internal-revenue-service, #justice-department, #senate-committee-on-finance, #switzerland, #tax-evasion, #united-states-politics-and-government, #wyden-ron

Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners

The president’s “American Families Plan,” which he will detail this week, will be offset in part by a tax enforcement effort that administration officials believe will raise $700 billion over a decade.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #tax-evasion, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Councilman Pleads Guilty to $82,000 Tax Fraud. He Has No Plans to Quit.

Chaim Deutsch, a city councilman from Brooklyn, falsely deducted business expenses, according to federal prosecutors.

#city-council-nyc, #deutsch-chaim-1969, #federal-taxes-us, #frauds-and-swindling, #new-york-city, #politics-and-government, #tax-evasion

An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers

The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes.

#accounting-and-accountants, #bristol-myers-squibb-company, #corporate-taxes, #federal-taxes-us, #internal-revenue-service, #legal-profession, #pricewaterhousecoopers, #tax-evasion, #tax-shelters, #whitecase

How to Collect $1.4 Trillion in Unpaid Taxes

Wealthy Americans are concealing large amounts of income from the I.R.S. There is a straightforward corrective.

#federal-taxes-us, #income-inequality, #income-tax, #internal-revenue-service, #tax-evasion

Whistle-Blower Says Credit Suisse Helped Clients Skip Taxes After Promising to Stop

A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government

#boente-dana-j, #cole-james-m, #credit-suisse-group-ag, #dougan-brady-w, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #justice-department, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #whistle-blowers, #wray-christopher-a

How Biden Funds His Next Bill: Shrink the $7.5 Trillion Tax Gap

The I.R.S. is often unable to detect or fight blatant tax cheating by the rich and big businesses. Restoring it is a solution that pays for itself.

#federal-budget-us, #tax-evasion, #united-states-politics-and-government

There’s a Way Biden Can Raise More From the Rich Without Higher Taxes

Increased spending to enforce the existing tax code would pay for itself and then some.

#biden-joseph-r-jr, #income-tax, #internal-revenue-service, #tax-credits-deductions-and-exemptions, #tax-evasion, #tax-shelters, #trump-donald-j

Carnegie Hall Stands By Its Chairman, Despite Tax Violations

Robert F. Smith has acknowledged his involvement in a 15-year scheme to hide more than $200 million in income and evade taxes, but he retains the support of the hall’s board.

#austin-tex, #carnegie-hall, #culture-arts, #historic-buildings-and-sites, #philanthropy, #smith-robert-f-1962, #tax-evasion

Trump Tax Write-Offs Are Ensnared in 2 New York Fraud Investigations

Inquiries into the president and his businesses, one criminal and one civil, are now looking at tax deductions taken on consulting fees. Some of the payments appear to have gone to Ivanka Trump.

#clifford-stephanie-1979, #cohen-michael-d-1966, #income-tax, #internal-revenue-service, #james-letitia, #tax-evasion, #trump-organization, #trump-tax-returns, #trump-donald-j, #trump-donald-j-foundation, #trump-eric-f-1984, #trump-ivanka, #vance-cyrus-r-jr

As Soon as Trump Leaves Office, He Faces Greater Risk of Prosecution

The president is more vulnerable than ever to an investigation into his business practices and taxes.

#federal-taxes-us, #frauds-and-swindling, #income-tax, #james-letitia, #manhattan-nyc, #presidential-election-of-2020, #tax-evasion, #taxation, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr

What Berlusconi Could Teach Trump About Losing

Two icons of disruptive political leadership have much in common … except for acknowledging gracefully when they’ve been voted out.

#berlusconi-silvio, #biden-joseph-r-jr, #brothers-of-italy-italian-political-party, #cheating, #coronavirus-2019-ncov, #europe, #forza-italia, #italy, #league-italian-political-party, #meloni-giorgia-1977, #milan-italy, #morocco, #politics-and-government, #polls-and-public-opinion, #presidential-election-of-2020, #salvini-matteo, #sardinia-italy, #tax-evasion, #trump-tax-returns, #trump-donald-j, #uefa-champions-league-soccer, #voting-and-voters

Tax Officials Investigate Euro Pacific Bank in Puerto Rico

Tax enforcers from five nations are investigating Euro Pacific Bank, which operates in a U.S. territory criticized in the past for its lax financial regulation.

#banking-and-financial-institutions, #corporate-taxes, #euro-pacific-intl-bank-inc, #federal-taxes-us, #money-laundering, #peter-schiff, #puerto-rico, #tax-evasion, #tax-shelters