COVID Fraudsters Are Now Targeting Investment Platforms

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COVID Fraudsters Are Now Targeting Investment Platforms
Image source: CNBC Video Screenshot

CNBC’s Senior Washington Correspondent Eamon Javers reports on covid fraudsters that are stealing people’s identities to open up investment accounts with apps like Robinhood to hide the source of their funds. A law enforcement official told CNBC that at least four investment platforms are being targeted by criminals. The digital platforms, investigators said, are easy to dump the money into by setting up accounts with stolen identities and more than $100 million in fraudulent funds passed through investment accounts since Congress passed the CARES Act last March, according to authorities.

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Thieves have used Robinhood, TD Ameritrade, E-Trade and Fidelity to launder the money, a law enforcement source said.

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“The thieves are loving this stuff. This has been the financial crime bonanza act of 2021,” said Charles Intriago, a money laundering expert and former federal prosecutor.

See below for the segment that aired tonight on CNBC’s “The News with Shepard Smith” (M-F, 7PM-8PM ET) and HERE for the digital story with additional details.

Covid Fraudsters Target Investment Platforms

About "The News with Shepard Smith":

The News with Shepard Smith is CNBC’s nightly newscast providing deep, non-partisan coverage and perspective on the day’s most important stories. Featuring on-the-ground reporting from around the globe, The News with Shepard Smith will go beyond the headlines to give its viewers sharp context into the world around them in real-time. The program will be punctuated by compelling images and expert guests – all pulled together by Shepard Smith’s trademark devotion to speed, accuracy and the trust of his audience.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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