Raz admitted to defrauding venture capital funds and private investors. She did so by submitting forged bank statements, fictitious customer contracts and false financial reports that inflated the company’s reported revenue
Ilit Raz, the Israeli founder and former CEO of AI startup Joonko, pleaded guilty in a New York court last night to securities fraud, the U.S. Department of Justice said.
According to the department, Raz admitted to defrauding venture capital funds and private investors in order to raise about $27 million. She did so by submitting forged bank statements, fictitious customer contracts and false financial reports that inflated the company’s reported revenue. When board members and investors began to raise concerns and question Joonko’s true financial condition, Raz continued providing fraudulent documents in an effort to buy time, the department…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.