The IARA Legislative and Regulatory Committee shared updates about their activities during Wednesday’s live ARC sessions. Maintaining compliance with federal regulations while keeping a watch for fraudulent activities are daunting tasks — even for the agencies themselves.
Click here to see the session, Latest Developments in Cyber Security and Self-Insured Fleet Disclosures, on-demand *available to registered ARC attendees only
Just recently in the U.S., the Justice Department arrested and charged the top executive at a fintech firm that built tools to curb fraud, outlining a myriad of accusations in connection with — wait for it — defrauding investors of millions. Cherokee Media Group’s Nick Zulovich described the details in this commentary.
From the editor: Fraud-prevention industry becomes victim, too
By Nick Zulovich
CARY, N.C. –
Just like Ponzi schemes haven’t completely ruined the activities and benefits of investing, let’s hope this recent incident of malfeasance in connection with fraud prevention doesn’t submarine the great progress made by a host of experts and fintech firms.
To recap, the incident is what Audrey Strauss called, “the proverbial fox guarding the henhouse.”
Rogas was charged in a complaint in Manhattan federal court with securities fraud, fraud in the offer and sale of securities and wire fraud. Officials alleged that Rogas used fraudulent financial data to obtain more than $123 million in financing for NS8, of which he personally obtained approximately $17.5 million.
“As alleged, Adam Rogas was the proverbial fox guarding the henhouse,” Strauss said in a news release. “While raising over $100 million from investors for his fraud prevention company … read more