Feds Confiscate Huge Cash from Swiss Account of Scareware Peddler
Federal officials inside USA recently confiscated the entire money that a scamster and malware tycoon Shailesh Kumar alias Sam Jain held in an account at a Swiss bank following charges that he sold fake security software of Symantec, stated networkworld.com dated June 9, 2011.
Earlier on May 31, 2011, the Government of Switzerland, as per a federal order for seizing money and one made in New York, transferred 14.8m dollars to USA.
Assert U.S authorities that Mr. Jain amassed an enormous sum of money via the promotion of scareware software, which posed as running a PC scan for viruses following which they told the end-user that his system was infected. Actually, such scareware software is served for convincing the victim so he willingly gives away his credit card details, while making a payment of $50-$80 for cleansing the PC.
Moreover, the authorities also assert that it was March 2008 when Jain was first accused of distributing fake products, and committing mail and wire frauds.
Indeed, Jain had at first admitted before officials to committing the offences; however, he had fled during January 2009 since his failure in turning up at a predetermined appearance in the San Jose (California) federal court.
Jain, during 2010, was also accused of committing money laundering following officials' discovery of him establishing corporations overseas, particularly in USA for concealing the transactions as well as of creating investment and bank accounts in Uruguay, USA and Switzerland.
Additional charges against Jain included his trading of scareware items called WinAntispyware, WinAntivirus, WinFixer, ErrorSafe, ErrorProtector, DriveCleaner, AdvancedCleaner, SystemDoctor, XP antivirus 2008, and antivirus XP that really loaded malware/spyware along with reducing the victimized PCs' speed.
Meanwhile, Jain worked as an executive officer at Innovative Marketing an organization that mainly launched scareware advertisements online. This organization together with its previous high-profile employees namely Sam Jain, Marc D'Souza, Kristy Ross and Daniel Sundin were called defendants to charges the FTC filed during December 2008, officials said.
Conclusively, the feds in USA state that they might utilize the confiscated cash for compensating Symantec on account of sales it had to forgo because of the scareware campaign.
Related article: FTC Reaches Million-Dollar Settlement For Spyware
» SPAMfighter News - 20-06-2011