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How An Amateur Rap Crew Stole Surveillance Tech That Tracks Almost Every American
Cops alleged Da Boss and his co-conspirators had access to the Holy Grail for any Internet-age scam artist: a surveillance technology that police and debt collectors use to track most of the United States’ 325 million inhabitants via their Social Security numbers, license plates, address histories, names and dates of birth… It’s [also used by] private companies carrying out background checks. Private investigators use it to track cheating spouses. But in the wrong hands it can be used to steal the identity of almost anyone in America. And Da Boss and his crew got access to it.
technology  fraud  surveillance  crime  US  example 
yesterday by corrickwales
The last days of Theranos — the financials were as overhyped as the blood tests - MarketWatch
The terms of the loan agreement included the requirement to finally produce audited financial statements, something that had not been attempted since at least 2009...Philippe Poux arrived as chief financial officer in mid-2017 to oversee the financial infrastructure put in place by A&M. Poux told MarketWatch that at that time Theranos still had no budgeting process, no accurate cash-flow forecasting, and no auditable financial statements.
theranos  fraud  accounting 
yesterday by yorksranter
Too smooth: the red flag at Patisserie Valerie which was missed • FT Alphaville
Dan McCrum:
<p>With the benefit of hindsight, however, there is one aspect of the company's figures which looks odd: average sales per store barely changed in five years, even as the number of them doubled. Expansion, the addition of different brands, economic vagaries - through it all a Patisserie Valerie cafe took sales of about £600k a year.

In the year to September 2014, when there were 128 stores on average, each contributed revenues of £598k. Last year, 192 stores contributed an average £596k each.

Here's the progression of sales, to £114m last year:
<img src="" width="100%" />

And here's the average revenue per store, as the group's total number of sites went from 89 to 206:
<img src="" width="100%" />

The metric was remarkably stable, suspiciously so we might now say. Business is rarely that smooth, as weather, the ebb and flow of competition, and even politics (a Brexit effect?) play a role.</p>

This is part of the "Someone is wrong on the internet" series - a series title too wonderful for words. Patisserie Valerie is a chain of retail cake shops (so, as the story says, pretty much zero inventory) which a week ago discovered it has £20m less than it thought.
finance  fraud 
2 days ago by charlesarthur
Sunny on Twitter: "(3/3) Until then, I will not engage with those who seek to debase me, preferring instead to gather hard data to prove beyond ANY doubt I am a real trader with real money and the P/L screenshots I post are an accurate reflection of my re
I WILL provide proof of my actual trading activity in due course... Until then, I will not engage with those who seek to debase me, preferring instead to gather hard data to prove beyond ANY doubt I am a real trader with real money and the P/L screenshots I post are an accurate reflection of my results, which I will post as soon as possible

trading  fraud 
6 days ago by maoxian
SEC tightens the noose on ICO-funded startups • Yahoo Finance
Daniel Roberts:
<p>During the past few months, the Securities and Exchange Commission has significantly widened its crackdown on certain initial coin offerings, putting hundreds of cryptocurrency startups at risk.

The SEC sent out a slew of initial information-seeking subpoenas at the start of 2018. Now the agency has returned to many of those companies, and subpoenaed many more—focusing on those that failed to properly ensure they sold their token exclusively to accredited investors.

The agency is exerting pressure on many of those companies to settle their cases. In response, dozens of companies have quietly agreed to refund investor money and pay a fine. But many startups that have been subpoenaed say they are left in the dark struggling to satisfy the SEC’s demands, and are uncertain of how others are handling it, according to conversations with more than 15 industry sources as part of a joint investigation by Yahoo Finance and Decrypt.

The sources, many of whom are employees of companies that were subpoenaed by the SEC or are attorneys for those companies, requested anonymity, because the SEC restricts them from discussing the matter.</p>

So the chickens are coming home to roost, except they have big teeth and can lock you in jail.
Crypto  ico  fraud 
8 days ago by charlesarthur

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