Fraud

Apple

2026-09-06 08:27:11

U.S. court sentences ringleader in fake iPhone warranty fraud that cost Apple more than $16.2 million

A U.S. federal court has handed a 78-month prison sentence to Huang Wenhui, identified by prosecutors as the ringleader of a cross-border fraud scheme that used counterfeit iPhones and iPads with stolen serial numbers to obtain genuine replacement devices from Apple Stores in Southern California. According to the U.S. Attorney’s Office for the Central District of California, the six-person group operated from December 2015 to March 2024 and fraudulently obtained more than 27,645 devices, causing Apple losses of at least $16.2 million. Prosecutors said counterfeit devices were smuggled in from China, then loaded with serial numbers and identifiers belonging to real North American customers whose products were still covered by warranty or AppleCare+. The devices were then presented at Apple retail stores as defective units eligible for replacement. Genuine replacement devices sent out by Apple were collected through dozens of rented UPS Store mailboxes in Southern California and forwarded to overseas accomplices, with many ultimately resold in China. Huang, 41, pleaded guilty in May 2025 and was ordered to pay $16,239,254 in restitution. Co-defendant Song Yang, 39, pleaded guilty in June 2025 to 21 counts of wire and mail fraud, trafficking in counterfeit goods, and conspiracy to commit money laundering. He received a 57-month sentence and was ordered to pay $16,997,415. The case was investigated by Homeland Security Investigations and IRS Criminal Investigation.

1000

SEC

2026-09-01 20:56:25

SEC Charges Bay Area Private Fund Executives with Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) on Tuesday charged Mark D. Hanf, former CEO of Pacific Private Money Group LLC, and Hoai-Nam Chu Phan, former COO of a subsidiary, for allegedly orchestrating a Ponzi scheme. The SEC alleges they raised millions from investors through private funds, falsely claiming the money would be used for real estate loans, but instead used it to pay early investors and for personal expenses. The SEC has filed a lawsuit in federal court seeking permanent injunctions, civil penalties, and disgorgement of ill-gotten gains. The case highlights ongoing regulatory scrutiny of the private fund industry.

820

Hong Kong SFC

2026-08-29 10:40:20

Hong Kong SFC Flags Star Bridge Capital Over Unlicensed Operations; Five Arrested

According to a report by CryptoBriefing, Hong Kong's Securities and Futures Commission (SFC) has placed Star Bridge Capital Group on its official alert list, accusing the firm of carrying out unlicensed securities and futures business in the city. Police said they had received complaints from 54 investors, who said the platform, SBCFX, triggered abnormal forced liquidations in London gold CFD trading on August 19-20, causing losses ranging from about HK$5.92 million to HK$6.63 million. Five suspects, aged 26 to 43, have been arrested and the case is listed as suspected fraud. SBCFX announced on August 24 that it was shutting down its Asia business and told customers to close positions and withdraw funds by early September. The SFC warned that the Australian and South African licenses claimed by the platform carry no legal validity in Hong Kong, and that regulated activities in Hong Kong require an SFC license. It was also reported that some clients had deposited via USDT, which increased the difficulty of tracing the funds.

880

Hong Kong SFC

2026-08-29 06:31:52

Hong Kong SFC Names Star Bridge Capital, SBCFX as Unlicensed Companies

Hong Kong’s Securities and Futures Commission (SFC) has named six entities as unlicensed companies, according to a ChainCatcher alert: Xingqiao Capital (星桥资本), Xingqiao Capital Group (星桥资本集团), SBCFX, Star Bridge Capital Group, Star Bridge Capital Pty Limited and Topical Wealth International Ltd. The SFC said the companies may not carry out regulated activities in Hong Kong or actively promote their services to the Hong Kong public, whether the promotion happens inside or outside Hong Kong. The listing follows an earlier incident in which Xingqiao Capital suffered abnormal forced liquidation in London gold trading; its Hong Kong office was empty after the incident. Some of the funds involved had been deposited through the USDT stablecoin, making the money harder to trace. Hong Kong police have accepted the case and are treating it as fraud for the time being. No arrests have been made so far in connection with the case, according to the same alert.

1030

SEC

2026-08-28 12:43:32

SEC Sues 38 Firms Over Fake Investment Adviser Filings Targeting Retail Investors

The U.S. Securities and Exchange Commission filed charges against 38 entities, accusing them of making materially false statements in Form ADV filings submitted between 2025 and 2026. The companies allegedly tried to pass themselves off as legitimate U.S. investment advisers in order to win retail investors' trust and steer them into investments. According to the SEC, the defendants used fabricated office addresses, supplied invalid phone numbers or numbers connected to unrelated businesses, and filed submissions with highly similar ownership structures and financial data. Some said their private funds had been audited by accounting firms, but those firms could not be located in federal or state public accounting registries. Others posted counterfeit SEC registration certificates on their websites to create an appearance of regulatory oversight. The SEC added that some entities accessed its filing system through overseas IP addresses and refused to provide records that would verify their submissions. The 38 entities' ERA filings have been removed from the SEC website. The regulator says the conduct violated the Investment Advisers Act of 1940 and is seeking permanent injunctions, an order barring the firms from using exempt reporting adviser status to file Form ADV, and civil penalties.

1060

SEC

2026-08-28 04:41:06

US SEC Sues 38 Entities Over Fraudulent Investment Adviser Filings

The US Securities and Exchange Commission (SEC) has sued 38 entities, accusing them of submitting false investment adviser filings and using non-existent auditors and forged certificates to present a veneer of legitimacy to investors. The report comes via Crypto.news.

880

crypto fund

2026-08-25 15:05:20

Block Bits Capital founder convicted in fraud case tied to fake crypto trading bot

Block Bits Capital founder Japheth Dillman has been convicted of defrauding investors, according to a Techub report citing Decrypt. The case centers on claims Dillman made about an "Autotrader" automated trading program, which he allegedly told investors had already been completed and was operating. Prosecutors said those representations were false and were used to obtain nearly $1 million from investors. The matter involves a fake crypto trading bot project that was presented as a functioning product. The report did not provide additional details on sentencing or a timeline beyond the conviction itself.

310

crypto fund

2026-08-25 02:53:14

San Francisco gaming founder Dillman convicted over fraudulent crypto trading fund

Techub News reported that Dillman, a gaming founder from San Francisco, has been convicted for operating a fraudulent cryptocurrency trading fund. The update cited The Block. According to the U.S. Department of Justice, each count of conviction carries a maximum penalty of 20 years in prison and a fine of up to $250,000. The brief did not provide additional case details beyond the conviction and the maximum penalties outlined by the DOJ. The report identifies the case as involving a fraudulent crypto trading fund and names Dillman as the person convicted in connection with its operation.

420