Secret Service Claims $100 Billion Has Been Stolen In COVID Relief Funds: Report

Written by on December 23, 2021

The COVID aid fraud crime wave has been profitable for scammers trying to reap the benefits of authorities applications, however Uncle Sam has his foot on their necks. We have reported on individuals getting hefty sentences for his or her alleged involvement in Fee Safety Program scams the place officers came upon they used COVID-19 aid loans for private acquire.

The Secret Service is understood for conserving the President of the US protected and out of hurt’s approach, however in addition they observe monetary fraud. In response to CNBC Information, the Secret Service has found that roughly $100 billion in COVID aid funds have been fraudulently acquired. There are reportedly “900 lively investigations associated to pandemic fraud.”

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“I’ve been in regulation enforcement for over 29 years and labored some complicated fraud investigations for 20 plus years, and I’ve by no means seen one thing at this scale,” stated Assistant Particular Agent in Cost Roy Dotson. “There’s little doubt that the applications have been simply accessible on-line. And so, with that, comes the chance for dangerous actors to get into that blend. It was essential to attempt to get these funds out to folks that have been actually hurting, and no fault of anyone.”

“It’s a variety as a result of the pot was so massive,” Dotson stated. “You not solely have your typical transnational organized teams and home organized teams, felony teams, however you could have people that determined to reap the benefits of that. So, there’s many alternative patterns and investigative intelligence that we develop that I can’t actually go into. However we’ve mapped out type of a few of the completely different traits of various teams.”

Dotson additionally overlooks cryptocurrency fraud and a few thieves are instantly transferring funds to their crypto wallets, making it much more tough to trace down and retrieve. 

“I’d say the first problem is the sheer scope of the quantity of fraudulent you realize, loans, or unemployment insurance coverage advantages ever distributed,” he stated. “And the variety of people that obtain these, whether or not they have been a cash mule, or the precise recipient is simply monumental.”


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