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Tag Archive for Fraud
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5Linx Founder Craig Jerabeck Admits To Fraud
by Ted Nuyten • • 0 Comments
Craig Jerabeck, one of the founders of the 5Linx, pleaded guilty Tuesday to the wire fraud conspiracy and also to the filing of a false tax return.
Jerabeck and two other of the company founders — Jason Guck and Jeb Tyler — were arrested early last year and accused of looting the company and its investors of millions through shell companies and unearned bonuses. The three were scheduled for trial in federal court in mid-September; that trial date is still set for Guck and Tyler.
On Tuesday, however, Jerabeck admitted to crimes different than those contained in the indictment against him last year. He pleaded guilty to the fraud conspiracy, maintaining that he, Guck, and Tyler — or companies they created — pocketed about $2.3 million from a Florida vendor selling 5Linx products, including identity theft protection.
“We understand that Mr. Jerabeck didn’t get all this money himself,” Assistant U.S. Attorney Richard Resnick said in court. “It would be all three defendants.”
That money, transferred by “interstate wire transmission,” should have gone to 5Linx, its investors, and stockholders, Jerabeck admitted.
5Linx, a multi-level marketing company, was once one of Rochester’s fastest growing companies. In 2014, New York Comptroller Thomas DiNapoli reported that a state pension fund investment in the company
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Don't Let Your Fraud Protections Discourage Honest Customers From Buying
by Kathleen Peters • • 0 Comments
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7 Ways Ecommerce Businesses Can Prevent Holiday Fraud
by Kevin Lee • • 0 Comments
An important tip for marketing/production teams: Keep communications open. Amid the holidays’ glut of orders, “surprises” let fraudulent transactions creep in.
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Fraud in your business: would you know what to do?
by Owen Gough • • 0 Comments
Fraud is a real and growing problem for organisations of all sizes. For SMEs, it can be catastrophic. According to the Annual Fraud Indicator 2016, the cost of fraud to the UK economy is £193 billion a year – and of course that’s just the fraud we know about. Fraud Awareness Week is an excellent
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How digital technology can help SMEs fight fraud
by Owen Gough • • 0 Comments
In the digital age, the immense scale of multi-layered global trade chains – and the many legitimate trading processes and structures these allow – provide a number of ways for trade-based money laundering (TBML) fraud to be carried out by criminals. With organised crimes costing the UK at least £24 billion a year, according to
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Keep Your Business Fraud-Free With These 3 Steps
by Darin Namken • • 0 Comments
The last thing your business needs is identity theft and stolen funds — here’s how to prevent that from happening.
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Don't Fall Victim to Fraud: 5 Tips to Protect Your Business When Dealing with Payments
by John Canfield • • 0 Comments
The arrival of credit card chips has introduced a whole new level of credit card fraud.
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5Linx Executives Declined An Offer By The USA Federal Government
by Ted Nuyten • • 0 Comments
The three men accused of stealing $4 million from the investors of a company they founded, walked out of federal court Monday saying they are ready to go to trial.
The three top executives of 5LINX – Craig Jerabeck, Jeb Tyler and Jason Guck – declined an offer by the federal government. The next step is for prosecutors to take this case to a grand jury to decide what, if any, criminal charges should be considered.
Defense attorney, Matt Parrinello said they have a strong case to prove.
“We think it is in our best interest to have the case go to grand jury and proceed forward ultimately with a trial,” Parrinello said. “Our clients are anxious to get this case moving and moving along – their reputations are at stake.”
Jerabeck, Tyler and Guck are all charged with wire fraud and conspiracy. The feds say the 5LINX executives stole $4 million from investors between 2009 and 2015.
A federal complaint claims the men set up fake shell companies, and added themselves as contractors to be paid directly.
However, defense attorneys paint a far different picture, saying the three executives did not commit fraud, but were rather the victims of greedy investors.
“This is a story about
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UK financial decision makers don’t know if they are a victim of fraud
by Owen Gough • • 0 Comments
Bottomline Technologies, a provider of financial technology which helps businesses pay and get paid, launches the 2nd edition of its annual report, the UK Business Payments Barometer: Payments for a new economy, which reveals that fraud and the need for greater cyber-security measures remain high on the agenda for financial decision makers. The UK Business Payments
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