‘We need to eliminate passwords,’ warns fraud expert and ex-con artist

13 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Frank Abagnale, author of “Catch Me If You Can” and “Scam Me If You Can,” explains why we need to stop using passwords.


13 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Frank Abagnale, author of “Catch Me If You Can” and “Scam Me If You Can,” explains why we need to stop using passwords.
‘We need to eliminate passwords,’ warns fraud expert and ex-con artist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-24  Authors: getty images, marco piunti
Keywords: news, cnbc, companies, passwords, site, scam, expert, browser, artist, flash, try, fraud, warns, eliminate, enabled, using, view, stop, need, excon


'We need to eliminate passwords,' warns fraud expert and ex-con artist

13 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

Frank Abagnale, author of “Catch Me If You Can” and “Scam Me If You Can,” explains why we need to stop using passwords.


Company: cnbc, Activity: cnbc, Date: 2019-09-24  Authors: getty images, marco piunti
Keywords: news, cnbc, companies, passwords, site, scam, expert, browser, artist, flash, try, fraud, warns, eliminate, enabled, using, view, stop, need, excon


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AT&T will soon automatically block annoying robocalls

AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The FCC mandated in February that U.S. carriers need to help stop spam calls. T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers. Correction: A previous vers


AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The FCC mandated in February that U.S. carriers need to help stop spam calls. T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers. Correction: A previous vers
AT&T will soon automatically block annoying robocalls Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: todd haselton
Keywords: news, cnbc, companies, att, customers, calls, soon, annoying, scam, users, automatically, suspected, spam, robocalls, turned, unwanted, block


AT&T will soon automatically block annoying robocalls

AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The blocking will first activate for new lines and will then be applied to all existing accounts, the carrier said on Tuesday.

The feature will be on by default but can be turned off by users who don’t want it, per rules set by the Federal Communications Commission that require carriers to let customers opt out.

The FCC mandated in February that U.S. carriers need to help stop spam calls. Hiya, a spam-blocking app, estimates that 25.3 billion unwanted robocalls were received by U.S. wireless customers in the first half of this year alone, even to people who are registered on the Do Not Call list.

AT&T’s service is the first that will be on by default, instead of requiring users to opt in or download a separate app.

T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. Sprint charges a $2.99 fee for Premium Caller ID, and Verizon alerts customers if a call is from a suspected spammer. Google and Apple have worked to add spam blocking into Android and iOS too.

The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers.

Correction: A previous version of this story included an incorrect number of unwanted robocalls.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: todd haselton
Keywords: news, cnbc, companies, att, customers, calls, soon, annoying, scam, users, automatically, suspected, spam, robocalls, turned, unwanted, block


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‘Nigerian prince’ email scams still rake in over $700,000 a year—here’s how to protect yourself

The “Nigerian prince” email scam is perhaps one of the longest-running Internet frauds. Actress Anne Hathaway even joked about it in her monologue on “Saturday Night Live” over a decade ago. Also called “Nigerian letter” scams or “foreign money exchanges,” these typically start with an email from someone overseas who claims to be royalty. “As long as these types of scams keep working, people will continue to use them,” Anja Solum, ADT project manager, tells CNBC Make It. Over the past three year


The “Nigerian prince” email scam is perhaps one of the longest-running Internet frauds. Actress Anne Hathaway even joked about it in her monologue on “Saturday Night Live” over a decade ago. Also called “Nigerian letter” scams or “foreign money exchanges,” these typically start with an email from someone overseas who claims to be royalty. “As long as these types of scams keep working, people will continue to use them,” Anja Solum, ADT project manager, tells CNBC Make It. Over the past three year
‘Nigerian prince’ email scams still rake in over $700,000 a year—here’s how to protect yourself Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: megan leonhardt, -anja solum, adt project manager
Keywords: news, cnbc, companies, rake, prince, email, scams, protect, 700000, money, help, scam, payment, frauds, nigerian, types, adt, yearheres


'Nigerian prince' email scams still rake in over $700,000 a year—here's how to protect yourself

The “Nigerian prince” email scam is perhaps one of the longest-running Internet frauds. Actress Anne Hathaway even joked about it in her monologue on “Saturday Night Live” over a decade ago.

Also called “Nigerian letter” scams or “foreign money exchanges,” these typically start with an email from someone overseas who claims to be royalty. The fraudsters lure you in by offering a share of a huge investment opportunity or a fortune they can’t get out of the country without your help. Then they ask you either for your bank account number so they can transfer the money to you for safekeeping, or for a small advance payment to help cover the expense of transferring the money.

That’s when they either take your payment and disappear, or, worse, drain your bank account.

Americans lost $703,000 last year to these types of frauds, according to a new report by ADT Security Services, using data from the Better Business Bureau’s Scam Tracker. “As long as these types of scams keep working, people will continue to use them,” Anja Solum, ADT project manager, tells CNBC Make It.

Over the past three years, ADT calculated that Nigerian letter-style scams have cost victims an average of $2,133.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: megan leonhardt, -anja solum, adt project manager
Keywords: news, cnbc, companies, rake, prince, email, scams, protect, 700000, money, help, scam, payment, frauds, nigerian, types, adt, yearheres


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New wire fraud scam targets your direct deposit info paycheck

Around two or three times per month, KVC Health Systems, a mid-sized non-profit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of re-routing an employee’s paycheck by direct deposit. The emails look legitimate at first, as though they come from the CEO, CFO or payroll director. “They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. KVC has had a few near-misses, Ny


Around two or three times per month, KVC Health Systems, a mid-sized non-profit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of re-routing an employee’s paycheck by direct deposit. The emails look legitimate at first, as though they come from the CEO, CFO or payroll director. “They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. KVC has had a few near-misses, Ny
New wire fraud scam targets your direct deposit info paycheck Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: kate fazzini
Keywords: news, cnbc, companies, fraud, deposit, paychecks, paycheck, phishing, version, targets, emails, wire, information, stolen, payroll, scam, direct, kvc, info


New wire fraud scam targets your direct deposit info paycheck

Around two or three times per month, KVC Health Systems, a mid-sized non-profit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of re-routing an employee’s paycheck by direct deposit.

The emails look legitimate at first, as though they come from the CEO, CFO or payroll director.

“They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. “Or they start with, ‘Hey, do you have a second?’ and if that target person responds, then they go from there.”

The fake emails defy many existing controls for malicious communications, he said. They are usually well-written, cordial and lack the misspellings, grammar mistakes and exclamation points that would trigger many popular email filters that search for spam or phishing attempts.

The scammer is trying to convince human resources personnel to change the bank account and routing information the employee uses to have paychecks direct-deposited. Once routed to the criminal’s account, the company is on the hook for replacing the stolen funds and the employee faces the inconvenience of a late paycheck. KVC has had a few near-misses, Nyberg said, but has not transferred any paychecks to scammers.

It’s a new version of wire fraud scams that have devastated businesses in recent years, and a more focused version of a series of payroll fraud crimes that the Internal Revenue Service warned late last year were on the rise. The fraud is growing, experts said, because it easily bypasses many existing technical controls, and the small sums stolen are inoffensive enough that they can be folded into the cost of doing business.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: kate fazzini
Keywords: news, cnbc, companies, fraud, deposit, paychecks, paycheck, phishing, version, targets, emails, wire, information, stolen, payroll, scam, direct, kvc, info


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New wire fraud scam targets your direct deposit info paycheck

Around two or three times per month, KVC Health Systems, a midsize nonprofit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of rerouting an employee’s paycheck by direct deposit. The emails look legitimate at first, as though they come from the CEO, CFO or payroll director. “They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. KVC has had a few near misses, Nyberg


Around two or three times per month, KVC Health Systems, a midsize nonprofit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of rerouting an employee’s paycheck by direct deposit. The emails look legitimate at first, as though they come from the CEO, CFO or payroll director. “They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. KVC has had a few near misses, Nyberg
New wire fraud scam targets your direct deposit info paycheck Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: kate fazzini
Keywords: news, cnbc, companies, wire, info, deposit, targets, version, phishing, paychecks, fraud, direct, kvc, stolen, emails, payroll, scam, information, paycheck


New wire fraud scam targets your direct deposit info paycheck

Around two or three times per month, KVC Health Systems, a midsize nonprofit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of rerouting an employee’s paycheck by direct deposit.

The emails look legitimate at first, as though they come from the CEO, CFO or payroll director.

“They might just say, ‘I need to update my direct deposit information,'” said Erik Nyberg, director of information technology at KVC. “Or they start with, ‘Hey, do you have a second?’ and if that target person responds, then they go from there.”

The fake emails defy many existing controls for malicious communications, he said. They are usually well written, cordial and lack the misspellings, grammar mistakes and exclamation points that would trigger many popular email filters that search for spam or phishing attempts.

The scammer is trying to convince human resources personnel to change the bank account and routing information the employee uses to have paychecks direct-deposited. Once routed to the criminal’s account, the company is on the hook for replacing the stolen funds and the employee faces the inconvenience of a late paycheck. KVC has had a few near misses, Nyberg said, but has not transferred any paychecks to scammers.

It’s a new version of wire fraud scams that have devastated businesses in recent years, and a more focused version of a series of payroll fraud crimes that the IRS warned late last year were on the rise. The fraud is growing, experts said, because it easily bypasses many existing technical controls, and the small sums stolen are inoffensive enough that they can be folded into the cost of doing business.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: kate fazzini
Keywords: news, cnbc, companies, wire, info, deposit, targets, version, phishing, paychecks, fraud, direct, kvc, stolen, emails, payroll, scam, information, paycheck


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How to avoid invoice theft: scam that cost Google, Facebook $123m

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered


According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered
How to avoid invoice theft: scam that cost Google, Facebook $123m Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


How to avoid invoice theft: scam that cost Google, Facebook $123m

Most cyber attacks cause reputational or competitive harm. A company might see client details, customer social security numbers or secret business plans exposed on the internet. That can be painful, but usually doesn’t cause immediate financial harm.

Invoice fraud results in an immediate financial loss. And it’s on the rise.

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018.

In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. The criminal may carefully monitor the usual interactions and payment processes between the business and the other party. Then, the criminal sends a convincing invoice or asks for a wire transfer for services rendered. Often, the business’s accounting office doesn’t realize it’s fraud and releases the funds.

That was the case with one owner of a small accounting firm in Brooklyn, New York, who wished to remain anonymous. In 2016 and 2017, an administrative assistant received several emails from an email address that appeared to belong to a business partner requesting payment for legal services, with wire addresses at legitimate banks. The assistant was in charge of releasing funds for routine invoices and complied. The scam cost the firm nearly $700,000 in one year — about half his average yearly revenue.

The owner says wasn’t able to recover the money because he had willingly sent the funds, and banks typically don’t make customers whole for this type of fraud. He contemplated declaring bankruptcy, but instead tightened his belt and carried on.

“I just ate it instead,” he said. “And basically stopped doing any business over the email.”

The accountant’s experience is typical.

Invoice fraud has become so common that when denim company Diesel Jeans filed for bankruptcy earlier this month, the company cited invoice fraud for contributing significantly to its financial woes. Prior to that, scammers successfully impersonated Mattel’s CEO in a series of email compromise scams that led to $3 million in losses for the company.

In 2017, a commodities trading firm called Tillage Commodities LLC, based in Connecticut, lost 64 percent of its total capital to business email compromise over the course of just 21 days. The company was later fined $150,000 by the Commodity Futures Trading Commission for failing to supervise its funds.

In Google and Facebook’s cases, a Lithuanian national named Evaldas Rimasauskas — who pleaded guilty to wire fraud on March 20 — spent two years posing as a third party who conducted business with the two companies. The fraud was highly involved, and the tech giants’ money took a round-the-world trip to be laundered before ending up in Rimasauskas’s hands.

Google and Facebook wired funds to Rimasauskas’ “bank accounts in Latvia and Cyprus,” who then, “quickly wired [the funds] into different bank accounts in various locations throughout the world, including Latvia, Cyprus, Slovakia, Lithuania, Hungary, and Hong Kong,” according to the Justice Department.

Rimasauskas “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of [Google and Facebook], and which bore false corporate stamps embossed with [their] names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.”

Google lost around $23 million in the scam, while Facebook was out $100 million.

“Facebook recovered the bulk of the funds shortly after the incident and has been cooperating with law enforcement in its investigation,” a Facebook spokesperson said.

According to a Google spokesperson, “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”

Neither company explained to CNBC how they were able to recover the stolen funds. In most cases, they’re lost forever.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


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How to avoid invoice theft: scam that cost Google, Facebook $123m

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered


According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018. In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. Google lost around $23 million in the scam, while Facebook was out $100 million. “Facebook recovered
How to avoid invoice theft: scam that cost Google, Facebook $123m Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


How to avoid invoice theft: scam that cost Google, Facebook $123m

Most cyber attacks cause reputational or competitive harm. A company might see client details, customer social security numbers or secret business plans exposed on the internet. That can be painful, but usually doesn’t cause immediate financial harm.

Invoice fraud results in an immediate financial loss. And it’s on the rise.

According to the FBI, the amount of money that scammers attempted to steal through business e-mail compromise grew 136% between December 2016 and May 2018. Overall, e-mail scammers targeted more than $12 billion worldwide between October 2013 and May 2018.

In a typical invoice fraud, hackers take over or convincingly spoof the email address of a known business partner, like an attorney or vendor. The criminal may carefully monitor the usual interactions and payment processes between the business and the other party. Then, the criminal sends a convincing invoice or asks for a wire transfer for services rendered. Often, the business’s accounting office doesn’t realize it’s fraud and releases the funds.

That was the case with one owner of a small accounting firm in Brooklyn, New York, who wished to remain anonymous. In 2016 and 2017, an administrative assistant received several emails from an email address that appeared to belong to a business partner requesting payment for legal services, with wire addresses at legitimate banks. The assistant was in charge of releasing funds for routine invoices and complied. The scam cost the firm nearly $700,000 in one year — about half his average yearly revenue.

The owner says wasn’t able to recover the money because he had willingly sent the funds, and banks typically don’t make customers whole for this type of fraud. He contemplated declaring bankruptcy, but instead tightened his belt and carried on.

“I just ate it instead,” he said. “And basically stopped doing any business over the email.”

The accountant’s experience is typical.

Invoice fraud has become so common that when denim company Diesel Jeans filed for bankruptcy earlier this month, the company cited invoice fraud for contributing significantly to its financial woes. Prior to that, scammers successfully impersonated Mattel’s CEO in a series of email compromise scams that led to $3 million in losses for the company.

In 2017, a commodities trading firm called Tillage Commodities LLC, based in Connecticut, lost 64 percent of its total capital to business email compromise over the course of just 21 days. The company was later fined $150,000 by the Commodity Futures Trading Commission for failing to supervise its funds.

In Google and Facebook’s cases, a Lithuanian national named Evaldas Rimasauskas — who pleaded guilty to wire fraud on March 20 — spent two years posing as a third party who conducted business with the two companies. The fraud was highly involved, and the tech giants’ money took a round-the-world trip to be laundered before ending up in Rimasauskas’s hands.

Google and Facebook wired funds to Rimasauskas’ “bank accounts in Latvia and Cyprus,” who then, “quickly wired [the funds] into different bank accounts in various locations throughout the world, including Latvia, Cyprus, Slovakia, Lithuania, Hungary, and Hong Kong,” according to the Justice Department.

Rimasauskas “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of [Google and Facebook], and which bore false corporate stamps embossed with [their] names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.”

Google lost around $23 million in the scam, while Facebook was out $100 million.

“Facebook recovered the bulk of the funds shortly after the incident and has been cooperating with law enforcement in its investigation,” a Facebook spokesperson said.

According to a Google spokesperson, “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”

Neither company explained to CNBC how they were able to recover the stolen funds. In most cases, they’re lost forever.


Company: cnbc, Activity: cnbc, Date: 2019-03-28  Authors: kate fazzini, guillermo gutierrez, bloomberg, getty images
Keywords: news, cnbc, companies, theft, facebook, business, 123m, cost, fraud, company, lost, money, invoice, avoid, scam, funds, wire, email, google, scammers


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This dad got pitched by college admissions fraudster Rick Singer — but said no to the scam

“He was pitched to me as a guy who packaged your kids” to apply to college, the man said. Singer asked questions about his son’s academics and whether he had written a college application essay, the man said. But then Singer asked a question that seemed “weird,” the man said. Singer told the man “there’s a sense of urgency here” because at the time they were talking it was the season for college placement. After Singer detailed the proposed scam, the man told Singer, “I’ll get back to you.”


“He was pitched to me as a guy who packaged your kids” to apply to college, the man said. Singer asked questions about his son’s academics and whether he had written a college application essay, the man said. But then Singer asked a question that seemed “weird,” the man said. Singer told the man “there’s a sense of urgency here” because at the time they were talking it was the season for college placement. After Singer detailed the proposed scam, the man told Singer, “I’ll get back to you.”
This dad got pitched by college admissions fraudster Rick Singer — but said no to the scam Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: dan mangan, bryan snyder
Keywords: news, cnbc, companies, dad, admissions, scam, college, told, fraudster, team, ceo, spoke, son, asked, water, singer, rick, man, pitched


This dad got pitched by college admissions fraudster Rick Singer — but said no to the scam

The man noted that before their call, Singer did not know who he was.

Singer, 59, pleaded guilty Tuesday to federal criminal charges connected to his alleged widespread, $25 million scheme to help wealthy parents bribe, cheat and otherwise fraudulently game the college admissions system to gain entry for their children to highly ranked universities.

Prosecutors have charged TV actresses Felicity Huffman and Lori Loughlin in the scheme, along with Loughlin’s husband, fashion designer Mossimo Giannulli. Other parents charged include PIMCO CEO Douglas Hodge, now-former Hercules Capital CEO Manuel Henriquez, top lawyer Gordon Caplan and investment fund CEO Bill McGlashan.

Also facing charges are college athletic coaches who were allegedly paid to falsely claim certain students would play sports that they actually never ended up participating in.

One of the California universities allegedly victimized in the scam was the school that Singer and the man who spoke with CNBC talked about getting the man’s son into in March 2011.

The man who spoke with CNBC said that Singer, founder and CEO of the Edge College & Career Network, was referred to him by a friend whom he had talked to about his son’s college admission efforts.

“He said, ‘You should be in touch with this guy,'” the man recounted.

“He was pitched to me as a guy who packaged your kids” to apply to college, the man said.

The man said that when he spoke with Singer on the phone, the first minute or so of the conversation seemed appropriate. Singer asked questions about his son’s academics and whether he had written a college application essay, the man said.

“You say, ‘This is a college placement kind of guy,'” the man recalled.

But then Singer asked a question that seemed “weird,” the man said.

“He asked me how tall my son was,” the man said. “And then he asked me how much he weighed.”

“Then it shifted … he said, ‘I can actually slot your kid into the water polo team,'” the man recalled. “I said, ‘He never played.’ He said, ‘That’s OK.'”

Singer told the man that as part of his $100,000 fee, a “contribution” would be made to the water polo team at the university the son wanted to attend. After his son gained admittance to the school, Singer told him, his son would either quit the water polo team or be cut from it, without ever participating in any team activity.

“The scheme was, ‘Get him in, and then get him out,'” the man recalled.

Singer told the man “there’s a sense of urgency here” because at the time they were talking it was the season for college placement.

After Singer detailed the proposed scam, the man told Singer, “I’ll get back to you.”

The man said he never called Singer back and they never spoke again.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: dan mangan, bryan snyder
Keywords: news, cnbc, companies, dad, admissions, scam, college, told, fraudster, team, ceo, spoke, son, asked, water, singer, rick, man, pitched


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Business executives out after being charged in college admissions scam

The three were among 50 people charged in what investigators said was a $25 million bribery scam. Henriquez, 55, resigned as chairman and CEO of his California-based venture capital firm, according to a company statement, which did not mention the admissions scheme. McGlashan, 55, was placed on indefinite leave, TPG said. “As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” TPG said in a


The three were among 50 people charged in what investigators said was a $25 million bribery scam. Henriquez, 55, resigned as chairman and CEO of his California-based venture capital firm, according to a company statement, which did not mention the admissions scheme. McGlashan, 55, was placed on indefinite leave, TPG said. “As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” TPG said in a
Business executives out after being charged in college admissions scam Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: emma newburger, david paul morris, bloomberg, getty images, source
Keywords: news, cnbc, companies, charged, mcglashan, tpg, resigned, business, placed, leave, admissions, statement, hercules, executives, growth, college, rise, scam, indefinite


Business executives out after being charged in college admissions scam

Manuel Henriquez has resigned as CEO of Hercules Capital, and private equity firm TPG executive William McGlashan and Willkie Farr & Gallagher co-chairman Gordon Caplan have been placed on leave after they were accused in a scam to help their children get into top colleges.

The three were among 50 people charged in what investigators said was a $25 million bribery scam.

Henriquez, 55, resigned as chairman and CEO of his California-based venture capital firm, according to a company statement, which did not mention the admissions scheme. He was arrested in New York on Tuesday and released on $500,000 bail. Hercules’ shares lost 8.9 percent after the arrest announcement, but were slightly higher on Wednesday.

McGlashan, 55, was placed on indefinite leave, TPG said. He managed TPG Growth, which has invested in companies including Airbnb, Spotify and Uber, and led TPG’s Rise Fund, which is committed to investing for social and environmental good, according to the website.

“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” TPG said in a statement. It said Jim Coulter, co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: emma newburger, david paul morris, bloomberg, getty images, source
Keywords: news, cnbc, companies, charged, mcglashan, tpg, resigned, business, placed, leave, admissions, statement, hercules, executives, growth, college, rise, scam, indefinite


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Taxes, penalties may await wealthy parents in college admissions scam

Wealthy parents ensnared in a massive college admissions scheme may have another worry on the horizon: the IRS. Two famous actresses and a group of executives are among the 50 people facing charges in a massive cheating conspiracy to help their children get into elite colleges, according to law enforcement officials. The scheme allegedly involved parents paying William “Rick” Singer of Newport Beach, California, so that he could facilitate cheating on the SAT and ACT entrance exams, according to


Wealthy parents ensnared in a massive college admissions scheme may have another worry on the horizon: the IRS. Two famous actresses and a group of executives are among the 50 people facing charges in a massive cheating conspiracy to help their children get into elite colleges, according to law enforcement officials. The scheme allegedly involved parents paying William “Rick” Singer of Newport Beach, California, so that he could facilitate cheating on the SAT and ACT entrance exams, according to
Taxes, penalties may await wealthy parents in college admissions scam Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: darla mercado, getty images, wakila, douglas p sacha, sarinyapinngam, istock, -joshua blank, professor of law at the university of california, irvine school of law
Keywords: news, cnbc, companies, according, allegedly, enforcement, await, parents, penalties, admissions, massive, children, wealthy, college, taxes, scam, singer, scheme, law


Taxes, penalties may await wealthy parents in college admissions scam

Wealthy parents ensnared in a massive college admissions scheme may have another worry on the horizon: the IRS.

Two famous actresses and a group of executives are among the 50 people facing charges in a massive cheating conspiracy to help their children get into elite colleges, according to law enforcement officials.

The scheme allegedly involved parents paying William “Rick” Singer of Newport Beach, California, so that he could facilitate cheating on the SAT and ACT entrance exams, according to the 204-page affidavit.

These payments, which ran from $15,000 to $75,000 per test, were allegedly structured as donations to the Key Worldwide Foundation, a non-profit that Singer established as a charity, according to law enforcement officials.

Parents also allegedly paid Singer a purported $25 million to bribe coaches and college administrators to designate the children as athletic recruits, according to the complaint.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: darla mercado, getty images, wakila, douglas p sacha, sarinyapinngam, istock, -joshua blank, professor of law at the university of california, irvine school of law
Keywords: news, cnbc, companies, according, allegedly, enforcement, await, parents, penalties, admissions, massive, children, wealthy, college, taxes, scam, singer, scheme, law


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