Fraud Friday: “Inception” Bank Fraud, Cryptocurrency Vanishes, College Admissions Fraud

Greetings from the hazy heat of Summer here in the American Middle West. While it came late after a very wet Spring, it’s finally arrived in all its ridiculously humid glory. Fireflies are cool, though…anyway, one thing that never took a break was fraud, so here we go…


Bank manager hid employee’s fraud to hide his own $500,000 fraud, police say

A senior manager at the Commonwealth Bank, who stole almost half a million dollars, failed to report a member of his team for fraudulently transferring an alleged $64,000 to her personal account, lest his own fraud be discovered, police allege.

Lee Zaragoza, a self-described ‘results driven’ senior manager in the bank’s payment operations unit, is accused of funding a gambling habit by redirecting $463,240 from the bank into his own personal account between 2013 and 2018.” – Sydney Morning Herald

I love it – “results driven.” Yeah, the only result from you being a first-class asshole, Mr. Zaragoza, is that YOU’RE now going to jail, along with your fellow embezzling senior manager. It’s like the movie “Inception,” where everything is a crazily-related M.C. Escher-esque house of mirrors. This kind of situation actually happens more than one might think, particularly in organizations without a strong sense of ethics or a poor or dishonest managerial culture.


Where’d Your Bitcoin Go, Bro?

Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70 percent of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday.” – Reuters

Shocking – shocking, I tell you: A bunch of criminal hackers invent a virtual form of money, and then use their superior technical skills to use that invention as an efficient method for separating the stupid from their cash.

Two years ago, I was getting yelled at online for being skeptical about the Bitcoin Bubble. Anyone who questioned the safety and security of blockchain-based cryptocurrencies was shouted down and branded a Luddite, and those without a blind self-interest in profiting from a bunch of suckers got badgered into silence. Well, the separation of idiots from their funds appears to be continuing apace…


Long before college admissions scandal, universities saw signs of fraud on campus

More than a year before the college admissions scandal investigation began, Georgetown University “discovered irregularities” in the athletic credentials of two tennis recruits, initiated a secret investigation and eventually forced coach Gordon Ernst to resign, court records show. University officials say those two athletic recruits were denied admission.

But none of Ernst’s conduct would become public until he was arrested in March on charges he accepted $2.7 million in bribes between 2012 and 2018. He has pleaded not guilty to racketeering conspiracy.” – LA Times

Once again, I’m surprised that anyone was surprised by this scandal. It’s been clear for several decades to anyone willing to see and hear that these sorts of schemes have been going on for a long time. Well, hopefully someone will have plenty of time on their hands to “get educated” about the issues from inside a correctional institution.

That’s all for now. Have a great weekend, and be on the lookout for some exciting format and layout changes arriving soon!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

A WordPress.com Website.

Up ↑

%d bloggers like this: