The Federal Reserve today published the FraudClassifier model—a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions Work Group, which was comprised […]
Frauds & Scandals
AMCON Takes Over Assets Of Doggi Group Limited In Asokoro, Katampe Hills Abuja Over N440million Debt
June 18, 2020/AMCON Following the order of Honourable Justice A.I. Chikere of the Federal High Court, Abuja division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over an indebtedness of over N440million. Justice Chikere […]
Insurance Company and Former CFO Charged With Faulty Loss Reserves Disclosures
Defendants to Pay $10.5 Million to Settle SEC Charges June 17, 2020/US SEC The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. […]
