Two Fintech Companies Fueled Extensive PPP Loan Fraud, House Report Finds
Posted inBlue Acorn PPP LLC Coronavirus Aid, Relief, and Economic Security Act (2020) Federal Aid (US) Frauds and Swindling House of Representatives Law and Legislation Small Business Administration Stimulus (Economic) United States Politics and Government Wompy (Oto Analytics Inc)

Two Fintech Companies Fueled Extensive PPP Loan Fraud, House Report Finds

Executives at Womply and Blueacorn, which facilitated millions of Paycheck Protection Program loans, flouted rules and themselves collected improper loans, investigators said.
Sam Bankman-Fried Interview: Read the Transcript
Posted inBanking and Financial Institutions Bankman-Fried, Sam Bankruptcies Bitcoin (Currency) Bitfinex Committee on Foreign Investment in the United States (CFIUS) Compensation for Damages (Law) Credit and Debt Frauds and Swindling Futures and Options Trading High Net Worth Individuals HK FTX Trading Ltd (Futures Exchange) New York Times News and News Media Ponzi and Pyramid Schemes Regulation and Deregulation of Industry Sorkin, Andrew Ross Stocks and Bonds Suits and Litigation (Civil) United States Venture Capital Virtual Currency

Sam Bankman-Fried Interview: Read the Transcript

In a discussion with Andrew Ross Sorkin of The New York Times, Sam Bankman-Fried blamed “huge management failures” and sloppy accounting for the collapse of the FTX cryptocurrency exchange.
Zelle Fraud Victims Are in Line to Receive Reimbursements
Posted inBank of America Corporation Banking and Financial Institutions Capital One Financial Corporation Frauds and Swindling JPMorgan Chase & Company Mobile Commerce and Payments Personal Finances PNC Financial Services Group Inc Truist US Bancorp Warren, Elizabeth Wells Fargo & Company

Zelle Fraud Victims Are in Line to Receive Reimbursements

A rule change planned for early next year would shift liability for some losses onto the banks, not their customers.