Tech companies pulled into effort to tackle large scam operations
Investors' funds misappropriated, used to pay returns, authorities say
Fraudster hid US$240 million in trading losses to secure large bonus
Scheme promised investors high returns from algorithmic trading strategy
Parallel cases by SEC, CFTC and state regulators result in restitution, penalties
Service helped criminals hide US$237 million in illicit activity
Trader admitted to promising outsized returns, duping investors
Firms used social media to pump stocks, leaving investors with huge losses
Pair stole millions from clients, including vulnerable investors
While financial institutions face barriers to AI adoption, criminals have embraced it