WASHINGTON - (03/30/06) The U.S. Secret Serviceannounced the arrests of seven suspects Wednesday in Florida, NewYork, Pennsylvania, California and Washington, and a total of 21overall in the last three months on charges related to onlinecredit card fraud as part of an undercover investigation calledOperation Rolling Stone. Most of those arrested werecharged with using the Internet to illegally obtain personalinformation to commit credit card fraud. Some of those arrested inOperation Rolling Stone have been linked to the recent nationwideof credit/debit card fraud that has caused dozens of credit unionsand banks to cancel and reissue as many as one million cards. Whilethe operation is ongoing and future arrests are planned, theinitial phase of Operation Rolling Stone involves suspectsnationwide as well in Britain, the Secret Service said. The latestrash of card compromises has affected the biggest banks in thecountry, including Citibank, JP Morgan Chase, Wells Fargo and Bankof America, and many of the biggest credit unions, like The Golden1 CU, Digital FCU, Bethpage FCU and State Employees CU (NorthCarolina). This weeks arrests follows those last month ofmore than 14 suspects in New Jersey charged with stealing millionsof dollars from ATM withdrawals up and down the East Coast usingcounterfeit cards and PINs. More than 40 individuals affiliatedwith the shadowcrew.com ring were arrested last November andDecember and charged with online credit card fraud in a SecretService sting investigation known as Operation Firewall.
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Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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