Fox News on 3rd August reported that the FBI and the US Attorney for the Southern District of New York have exposed a $4.5 million classic car fraud ring and unsealed an indictment last month.  In total, 25 defendants were charged with conspiracy to commit wire fraud and conspiracy to commit concealment money laundering.  The defendants, mostly of Eastern European descent, are said to have launched the nationwide fraud in November 2016 and the criminal activity continued until July 2018, posting fake classic car ads online, luring buyers, and setting up shell corporations to transfer money out of the US.  Victims responded to ads and once the parties agreed on a final price, the defendants would direct buyers to automotive transportation companies, which were actually the shell corporations ready to receive payment and wait for one of the 25 criminals to withdraw the funds.  Victims never received the car they thought was being delivered.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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