Four men have been found guilty of participating in a global investment fraud and money laundering scheme that defrauded victims of more than $18 million .
The fraud lasted from 2013 to 2021 and was carried out through “The Brittingham Group,” a company founded by John Nock, 55, of Arkansas. The other three people charged as accomplices are: Brian Brittsan, 67, of California, Kevin Griffith, 67, of Utah, and Alexander Ituma, 57, of Utah.
As is the case with most investment scams, the four suspects promised huge refunds to victims.
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Nock and Brittsan asked victims to send their money to bank accounts controlled by Griffith, Ituma and other fraudsters. The money was then laundered through a “complex web” of global bank accounts, according to the Department of Justice (DoJ).
“The defendants used their financial background to systematically launder money through a web of international bank accounts. This case sends a strong message to those who defraud others for their own personal gain: we will find you, prosecute you, and convict you,” said Deputy Attorney General Nicole Argentieri.
According to the indictment, the scammers promised returns of up to 200% or 300% within 20 to 30 days. In addition, to strengthen the relationship of trust they had developed with the victims, they sent forged letters from financial institutions. In this way, they could allay any concerns about the safety of their money.
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A federal judge in the Western District of Arkansas convicted the four fraudsters of conspiracy to commit wire fraud, wire fraud and conspiracy to laundering . Each defendant faces up to 20 years in prison on each count. Nock was also convicted of money laundering and faces in prison . A sentencing date has not yet been set.
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Investment fraud was the highest-grossing type of cybercrime for criminals in 2022. According to the FBI, scammers managed to steal a total of $3.3 billion from victims. These scams are successful because the perpetrators use clever tactics, such as fake testimonials, news articles, and expert analysis, to convince victims to invest their money. In addition, they promise significant profits, which can easily lure users.
Source: www.infosecurity-magazine.com
