![](https://cdn.ibj.com/wp-content/uploads/2024/06/IRS-Internal-Revenue-Service-300x200.jpg)
IRS says ‘vast majority’ of 1M pandemic-era credit claims show risk of being improper
The Employee Retention Credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.
The Employee Retention Credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.
Former insurance broker Brian Simms perpetrated the fraud through his company, Brendanwood Financial Brokerage LLC in Carmel.
Investigators say Tochukwu Nwosisi, who owns used car dealership Indy Rides LLC, served as a money launderer who accepted victim funds into his bank accounts and directed the proceeds to the ringleaders in Nigeria.
Nathaniel Wills of Carmel is accused of stealing nearly $1 million from his former employer, Anderson-based Indiana Flooring and Linoleum Co. Inc.
Brian Metcalf, who served as CEO of Indianapolis-based Tindley Accelerated Schools from July 2019 to December 2022, was charged with nine counts of wire fraud.
Investigators said Leslie Smith engaged in multiple fraud schemes against her employer, relatives, and the government.
In its latest software update, Mastercard is integrating artificial intelligence into its fraud-prediction technology that it expects will be able to see patterns in stolen cards faster and allow banks to replace them before they are used by criminals.
A 35-year-old Carmel man has been sentenced to nearly three years in prison after helping steal more than $2.1 million from a credit union, the U.S. Department of Justice announced Wednesday.
Yolanda Brooks, 52, of Indianapolis was also ordered to serve three years on probation after her prison stay and pay $920,148.51 in restitution.
Indiana native Jonathan Larmore, whose real estate company held numerous shopping centers in central Indiana, was arrested Thursday on fraud charges related to an alleged $77 million scheme to inflate WeWork Inc.’s stock price.
A former employee at a Greenfield repair shop is accused of stealing the funds from the business between 2016 and 2022. Now, she’s been indicted on five counts of wire fraud as a result.
Brian Simms, who operated Brendanwood Financial Brokerage LLC in Carmel, avoided trial by reaching a plea agreement in what prosecutors said was a fraud scheme involving at least 20 victims.
A New York judge imposed the penalty over what he ruled was a years-long scheme to dupe banks and others with financial statements that inflated the former president’s wealth.
Investigators say Tuong Quoc Ho devised and led a complex, international scheme from 2013 to 2020 to defraud multiple victims in the United States and abroad of about $2 million.
The operators of the now-closed schools allegedly inflated the enrollment by thousands of students and accepted more than $44 million in state funding, per a federal indictment from last week.
The bill would reinstate a tax deduction for personal casualty losses that was removed by congressional Republicans in 2017. The deduction covered sudden or unexpected events such as floods, fires, earthquakes—and thefts.
A federal judge in Arizona ordered a freeze on the assets of Jonathan Larmore and his company, ArciTerra, whose holdings include seven Indianapolis-area shopping centers and scores of other properties around the country.
The founder of an Arizona real estate company with scores of retail centers across the country—including seven in the Indianapolis area with a total of nearly 500,000 square feet—is facing federal allegations that he committed a $35 million fraud.
“Using new technology to break the law does not make you a disruptor, it makes you a criminal,” said U.S. Attorney General Merrick Garland, who called the settlement one of the largest corporate penalties in the nation’s history.
Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry hit rock bottom Thursday when a jury convicted him of fraud for stealing at least $10 billion from customers and investors.