Thursday, June 09, 2011

Feds Seize Swiss Bank Account of Scareware Mogul

Tim Greene writes on NetworkWorld:

Federal authorities have seized all the cash in a Swiss bank account held by a scareware mogul and scam artist who is charged with selling phony Symantec security software.

The U.S. Attorney's office in New York filed for the forfeiture of $14.8 million stashed in the account by Shaileshkumar "Sam" Jain, who has fled the U.S. after being charged in the counterfeit antivirus scheme.

Jain was charged three years ago, but has been on the run since after failing to show for court appearances, and is believed to have moved to the Ukraine. He is charged with trafficking in counterfeit goods, wire fraud and mail fraud.

The charges stem from a scheme that employed spam to lure victims to a website where they used credit cards to buy what was purported to be genuine Symantec antivirus software. In return, they were sent counterfeit software from a facility in Ohio, according to U.S. Immigration and Customs Enforcement.

More here.


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