Fraudulent Payments or Money Transfers
As the world has become smaller via electronic transactions, fraud and money laundering have become more of a concern for regulators. The complaint for this securities class action claims that MoneyGram International, Inc. provided false or misleading information to shareholders about its fraud- and money laundering-prevention measures.
The Western Union Company has agreed to forfeit $586 million as part of its agreements with the Department of Justice and Federal Trade Commission for violations of laws such as the Bank Secrecy Act and anti-fraud statutes. Fraudsters contacted victims and claimed to be family members in need of money, or promised them prizes or jobs if they first sent money for expenses.