A $2 million credit card fraud ring was been taken down month after a two-year investigation by the Hudson County Prosecutor's Office, U.S. Postal Inspection Service and several local police departments, officials said today.
"This was a complex, time-consuming, cooperative investigation with our federal law enforcement partner and it revealed a more extensive degree of theft than we originally imagined," said Hudson County Prosecutor Edward DeFazio.
He called the criminal enterprise "sophisticated and extremely disrupting to the victims, both businesses and private people."
The investigation culminated with early morning raids at several locations in Hudson County on Friday and charges against Mohammad Sheikh, 47, of North Bergen; Secaucus residents Afzal Sheikh, 54, and Rubina Sheikh, 44, as well as Jersey City residents Quaisar Mahmood, 47, Rafiq Malik, 56, and Rauf Farooqi, 54, officials said.
They are charged with theft by deception, identify theft, money laundering and conspiracy, officials said, adding that Afzal Sheikh, Rubina Sheikh and Mohammad Sheikh have been arrested and remain in custody on $2 million bails. The other remain at large.
Leaders of the group used multiple aliases and Social Security numbers to open credit card accounts at various banks and credit card companies, DeFazio said. The cards would then be used to make nonexistent transactions at "shell" companies created by the suspects, DeFazio said, adding that the companies had no actual sales locations or inventory.
After ringing up fictitious purchases equaling several times the limit of the cards, they would abandon the cards, leaving the unpaid balances, DeFazio said. The prosecutor said the bills would be charged to the accounts of real victims but the credit card companies and banks would wind up footing the bill.
Investigators suspect some of the money was transferred to members of the ring in Pakistan via money orders and other means.
Source:http://www.nj.com/hudson/index.ssf/2008/09/cops_2m_credit_card_scam_buste.html
Thursday, October 23, 2008
Friday, October 10, 2008
Recession-Do's and Dont's
Recession is coming .... make your own judgment, don't panic !! Do what is wise.
The recession looks very eminent. It is really time to take pro active steps to avoid a painful time in the next two years which is how long the recession is expected to last.
Suggestions:
1. Don't take any loans; buy homes, properties with loans, or even cash. Keep as much cash as possible.
2. Pay off as much of personal loans, private loans, as debt collection will be hastened.
3. Sell any stocks you can even at lower prices.
4. Take money off from Trust Funds.
5. Don't believe in huge sales forecast from customers, be extremely prudent, lowest inventories, reduce liabilities.
6. Don't invest in new capital.
7. If you are selling homes/ properties/ cars, do it now, when you can get good prices, they are going to fall.
8. Don't invest in new business proposals.
9. Cancel holiday plans using credit cards.
10. Don't change jobs, as companies will retrench based on 'last in first
out'.
Stay cool, wait, and if you took all of the above actions and more, you probably will be better off than many. This is not a rumor. Bear Stearns is the first of many banking and financial institutions that will start falling in the not too future. If Bear Stearns can fall, so can JP Morgan, Citibank, HSBC, and the whole world. US economy falls, the rest will crumble.
India and all those self economies will be the most protected, but not gullible.
Europe may be a little stronger, but not China , another giant! : place Malaysia will see significant impact.
A friendly reminder from a friend!!!
The recession looks very eminent. It is really time to take pro active steps to avoid a painful time in the next two years which is how long the recession is expected to last.
Suggestions:
1. Don't take any loans; buy homes, properties with loans, or even cash. Keep as much cash as possible.
2. Pay off as much of personal loans, private loans, as debt collection will be hastened.
3. Sell any stocks you can even at lower prices.
4. Take money off from Trust Funds.
5. Don't believe in huge sales forecast from customers, be extremely prudent, lowest inventories, reduce liabilities.
6. Don't invest in new capital.
7. If you are selling homes/ properties/ cars, do it now, when you can get good prices, they are going to fall.
8. Don't invest in new business proposals.
9. Cancel holiday plans using credit cards.
10. Don't change jobs, as companies will retrench based on 'last in first
out'.
Stay cool, wait, and if you took all of the above actions and more, you probably will be better off than many. This is not a rumor. Bear Stearns is the first of many banking and financial institutions that will start falling in the not too future. If Bear Stearns can fall, so can JP Morgan, Citibank, HSBC, and the whole world. US economy falls, the rest will crumble.
India and all those self economies will be the most protected, but not gullible.
Europe may be a little stronger, but not China , another giant! : place Malaysia will see significant impact.
A friendly reminder from a friend!!!
Tuesday, October 07, 2008
Money for US
Marc Faber comment on US economy.
Investment analyst and entrepreneur Dr. Marc Faber concluded his monthly bulletin (June 2008) with the Following:
''The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China . If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India . If we purchase fruit and vegetables it will go to Mexico , Honduras and Guatemala . If we purchase a good car it will go to Germany . If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.'
Anyway this might be true, but the benefits goes to USA.(rather)
Investment analyst and entrepreneur Dr. Marc Faber concluded his monthly bulletin (June 2008) with the Following:
''The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China . If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India . If we purchase fruit and vegetables it will go to Mexico , Honduras and Guatemala . If we purchase a good car it will go to Germany . If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.'
Anyway this might be true, but the benefits goes to USA.(rather)
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