Bombshell report calls Carvana an ‘accounting fraud’
Hindenburg Research, the same firm that targeted Nikola and Lordstown, has shorted Carvana stock, claiming financial impropriety Hindenburg Research accuses Carvana of concealing $800 million in loans related to related parties. Investigators allege the company used lax underwriting and questionable accounting to inflate revenue. Carvana's stock price surged 284% in 2024, reversing a situation that nearly brought it to bankruptcy two years ago. Just two years ago, Kavanagh was teetering on the edge of bankruptcy, hanging on by life and death. Now, with 2025 upon us, the company's stock price has soared a staggering 284% during 2024. So, what has changed? Carvana said the shift is the result of innovation, volume growth and market share expansion. However, the picture painted by the Hindenburg Research Center is far less rosy. The notorious short-seller, known for exposing Nikola as a "fraud" and accusing Lordstown Motors of misleading investors by exaggerating demand for its pickup truck and production capacity, claims Cavanagh's revival is…
Singapore: First reading of the Prevention of Fraud Bill
in short The Ministry of Home Affairs (MHA) introduced the Fraud Prevention Bill in Parliament on November 11, 2024 for first reading. The bill empowers police to issue a restraining order (RO) to a bank to restrict an individual's banking transactions if they have reasonable grounds to believe that the individual will transfer money to a fraudster. background The government has proposed the bill in response to the increasing number of fraud cases in recent years. The Ministry of Interior reported that the number of fraud cases increased almost five-fold from 2019 to 2023, from about 9,500 to about 46,600. In 2023 alone, fraud caused losses of approximately S$650 million. This is despite a suite of safeguards in place in partnership with banks to protect the public (including 'Kill-Switch', which allows customers to freeze their bank accounts if they suspect their accounts have been compromised, and 'Money Lock', where customers can keep an account ), money cannot be transferred from…
Man in bear suit attacks car over insurance fraud
Four people in Los Angeles have been arrested for insurance fraud after they claimed a bear attacked their vehicle, but it was actually a man in a bear costume. The suspects claimed that on January 28, 2024, a bear entered their 2010 Rolls-Royce Ghost and damaged the interior of the vehicle. They provided video footage of the incident, which shows the alleged bear inside the vehicle. The California Department of Insurance subsequently launched an investigation into the incident, dubbed "Operation Bear," after an insurance company was suspected of committing fraud. After careful review of the video, the department said "the investigation determined that the bear was actually a person wearing a bear costume." Detectives then discovered two similar claims from two different insurance companies and investigated further. Hundreds of new car deals available via car expert Now. Get the experts on your side and get big rewards. Browse now. The suspects in the additional claims have the same date of…
Driver caught committing insurance fraud using dash cam face
The driver of a car that deliberately braked to check and reversed into another car has been charged with multiple offenses - all thanks to the victim's dash cam. Ashpia Natasha was driving her Acura SUV on the Queens Beltway last month when a Honda Civic pulled into her lane and braked hard in front of her. Although Ms. Natasha stopped in time to avoid hitting the Civic, the driver of the Honda reversed the car and hit the Acura. Even stranger, a screen was temporarily placed on the Honda's rear window, allegedly to allow passengers to swap seats before exiting the vehicle. Hundreds of new car deals available via car expert Now. Get the experts on your side and get big rewards. Browse now. [embed]https://www.youtube.com/watch?v=c1W62ASivR4[/embed] After feigning a head injury and taking photos of the Acura, one of the Honda's four passengers was picked up by a Kia Sportage that was traveling behind Ms Natasha, leaving the three passengers…
ProWine Sao Paulo uses glass breakers to prevent
ProWine São Paulo installed a glass crusher for the first time in 2024. São Paulo, Brazil – ProWine São Paulo, the largest professional wine and spirits trade show in the Americas, broke records this year with 1,402 exhibiting brands and 15,000 attendees from 34 countries. The event is a geo-clone of Messe Düsseldorf's ProWein and is organized jointly by Messe Düsseldorf, Emme Brasil and Inner Group. As part of the campaign's "Glass is Good" programme, ProWine São Paulo is deploying a glass crusher for the first time in 2024 to destroy used bottles, combat counterfeiting and facilitate the recycling process. “We adopted this strategy because we are committed to transforming this event into a platform that can have a positive impact, going beyond business,” said Malu Sevieri, director of ProWine São Paulo. “The Glass is Good initiative embodies how we promote A sustainable change in the glass production chain. By recycling the bottles and cullet used during the show, we…
Ferrari chairman’s assets seized in tax fraud investigation
Ferrari chairman John Elkann is one of five people whose assets have been seized by an Italian judge in an ongoing investigation into alleged tax fraud by his family. Reuters Elkann, who also serves as chairman of automotive group Stellantis, and his two siblings are accused of failing to pay taxes in Italy on assets worth nearly 75 million euros ($123 million) they inherited in 2019 following the death of their grandmother, Marella Caracciolo. Ms Caracciolo is the wife of Fiat boss Gianni Agnelli, who built the brand founded by his grandfather into an industrial giant in the 1960s and became the parent company of Ferrari. Hundreds of new car deals available through Automotive Expert Act now. Let the experts work for you and reap the rewards. Browse now. John Elkann According to the news outlet, there is currently a dispute between the Elkann siblings (John, Lapo and Ginevra) and their mother, Margherita Agnelli, over the death of Gianni Agnelli…
TIA report shows freight industry fraud crisis growing
The Transport Intermediaries Association (TIA) has released its 2024 State of the Industry Fraud Report, revealing the growing threat of fraud in the transport and logistics industry. The report provides a comprehensive analysis of financial losses and highlights the urgent need for stronger protection measures as fraud continues to surge throughout the supply chain. See also: Maintaining a secure supply chain: Responding to a surge in fraud and cargo theft “Our industry is suffering, and authorities are not giving us enough support to deal with this crisis,” said Anne Reinke, president and CEO of TIA. “Fraud in the supply chain not only affects businesses, but also consumers and the economy as a whole. This is a multi-million dollar problem that requires immediate action.” The report, based on responses from 200 TIA members, details the most common types of fraud, regional hotspots and the products most often targeted. It also highlights the heavy financial burden that fraud places on businesses and…
TIA report shows freight industry fraud crisis growing
The Transport Intermediaries Association (TIA) has released its 2024 State of the Industry Fraud Report, revealing the growing threat of fraud in the transport and logistics industry. The report provides a comprehensive analysis of financial losses and highlights the urgent need for stronger protection measures as fraud continues to surge throughout the supply chain. See also: Maintaining a secure supply chain: Responding to a surge in fraud and cargo theft “Our industry is suffering, and authorities are not giving us enough support to deal with this crisis,” said Anne Reinke, president and CEO of TIA. “Fraud in the supply chain not only affects businesses, but also consumers and the economy as a whole. This is a multi-million dollar problem that requires immediate action.” The report, based on responses from 200 TIA members, details the most common types of fraud, regional hotspots and the products most often targeted. It also highlights the heavy financial burden that fraud places on businesses and…
Ford GT crash leads to fraud lawsuit
A man in Florida Suing a dealership because the dealership never disclosed that the vehicle he purchased at auction had previously been damaged. Sounds like a corny ruse, right? But this isn't a modern car—it's a 2006 Ford GT Heritage Edition. And if the type of car makes this story more interesting, that's not even half the story. Robert Guarini bought a Heritage Edition 2006 Ford GT for $704,000 at an auction in 2022. If I were to buy a GT, it would be this one. The Gulf Racing colors are great, and anything that pays homage to a winning car can't be too bad. I'm not sure I'd spend that much on any car, but hey, if you can do it, whatever lifts your skirt, right? But tragedy struck. A few weeks later, Guarini's GT crashed. Roads and TracksHe told police he lost control of his car after leaving the neighborhood and a palm tree blocked his path. He…
Smuggling, deception, fraud, oh my god!
By Shawna Karajic, Export Solutions Inc. Deception is the favorite game of the bad guys. The lengths to which these individuals will go to break the law are incredible. Whether it be guns, drugs, or money, the skills they use to deceive U.S. Customs or the Commerce Department's Bureau of Industry and Security are astounding. During my time in this industry, primarily in the import business, I have witnessed some of their actions firsthand. The bad guys are constantly looking for ways to achieve their goals or conduct illegal operations. Their ingenuity in trying to smuggle illegal goods through import and export channels is extraordinary. Recently, BIS released another Don’t Let This Happen to You report. It’s a very interesting article about individuals and companies that have violated U.S. export laws. Let’s take a look at some of these cases. Case 1: Eric Baird/Access USA Shipping LLC From August 1, 2011 to January 7, 2013, Baird served as CEO of…
Aftermarket warranty company CarShield settles fraud case
FTC says CarShield deceived customers and took advantage of celebrities CarShield just agreed to pay $10 million to the Federal Trade Commission to settle false advertising charges. The FTC also accused the company of using celebrity endorsements to deceive consumers. Now, CarShield will undergo a decade-long review to ensure it doesn’t repeat the same mistakes. Aftermarket auto warranty companies sometimes come under fire, and stories like this one play a role. CarShield, one of the larger players in the market, just agreed to pay $10 million to settle false advertising charges. The FTC said CarShield used celebrities to make these false promises and paid far less than it promised. CarShield calls itself "America's Most Trusted Auto Protection Company." Today, that statement may not sound quite right. The administrator of its vehicle service contracts, a company called American Auto Shield, also participated in the ruling. Both AAS and CarShield are owned by NRRM, LLC. Read: Toyota denies warranty on GR Corolla…
California uses blockchain to reduce fraud and
The shift may make it harder for criminals to commit title fraud, but other problems remain The state of California just digitized 42 million car titles via blockchain. The company hopes the move will simplify the property transfer process and reduce fraud. Next year, Californians will be able to access their own property title information via blockchain. Everyone hates going to the DMV, and they hate being a victim of fraud even more. California thinks it can reduce fraud and trips to the DMV, and blockchain is the answer. No, this isn’t some crazy new NFT or digital currency, but an immutable online record of property ownership. The blockchain can be thought of as a public database where everyone can see everything that happens. Once a record is created, it cannot be changed, and it contains important data such as when it was created, which records came before it, etc. Technically, changes are possible, but this would also require changing…
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