Episode 275

24th August – 27th August 2026

Sanctions

US Lifts Syria’s Terrorism Designation and Launches Major "Operation Economic Outcast" Against Iran

The United States has enacted a major realignment of its Middle Eastern sanctions policies by formally removing Syria’s designation as a State Sponsor of Terrorism while simultaneously launching "Operation Economic Outcast," a sweeping financial campaign designed to isolate the Iranian regime. Under directives to deliver sanctions relief to Syria, the US Department of State rescinded its terrorism designation and revoked the terrorist status of the al-Nusrah Front (also known as Hay'at Tahrir al-Sham or HTS), prompting the Office of Foreign Assets Control (OFAC) to remove the group from its Specially Designated Nationals List. Concurrently, the Treasury Department significantly expanded economic pressure on Iran by establishing secondary sanctions risk across five core sectors, namely digital assets, technology, gold, aviation, and shipping, while suspending several general licences which previously authorised certain Iranian educational and sports exchanges. This coordinated enforcement action also resulted in OFAC sanctioning nearly 60 individuals, entities, and shipping vessels across several international jurisdictions to disrupt Iranian military procurement, cyber activities, and illicit oil-revenue networks. The State Department press release is here, and the published comments of the Treasury Secretary here.

Fraud

Massachusetts Woman Sentenced for Over $110,000 in Social Security and Pension Fraud

Gina Cummings of Charlton, Massachusetts, has been sentenced in federal court in Worcester to one day of prison deemed served, followed by three years of supervised release, and ordered to pay $110,428 in restitution. Cummings previously pleaded guilty in May 2026 to one count of bank fraud for illicitly obtaining Social Security benefits, private pension payments, and federal COVID Economic Impact Payments between January 2020 and July 2025. According to court proceedings, Cummings maintained unauthorised access to the bank account and chequebook of a deceased beneficiary who passed away in August 2019, failing to report the death to the Social Security Administration, the bank, or the pension plan. She subsequently depleted the account funds by forging the deceased beneficiary's name on 84 cheques and establishing recurring bill payments.

Venezuelan National Sentenced to Eight Years in Prison for $3.5 Million ATM Jackpotting Scheme

A 27-year-old Venezuelan national, Juan Manuel Gouveia-Aguilera, has been sentenced to 96 months in prison, followed by five years of supervised release, and ordered him to pay restitution for his role in a nationwide "ATM jackpotting" malware conspiracy. Gouveia-Aguilera pleaded guilty to multiple charges, including conspiracy to commit bank fraud, computer fraud, and bank burglary, after the court held him responsible for over $3.5 million in losses. Federal authorities stated that his sentence is believed to be the longest ever imposed for ATM jackpotting and noted that the malware scheme helped fund the operations of Tren de Aragua, a violent Venezuelan transnational criminal organisation. Gouveia-Aguilera is the third defendant to be sentenced out of 119 individuals charged in the District of Nebraska in connection with the widespread conspiracy, which has targeted ATMs in 47 states.

Federal Jury Convicts Las Vegas Business Owner of $24 Million Cryptocurrency Ponzi Scheme

A federal jury in Las Vegas has convicted business owner Brent C. Kovar of 11 counts of wire fraud, two counts of mail fraud, and two counts of money laundering for orchestrating a $24 million cryptocurrency Ponzi scheme. Between late 2017 and July 2021, Kovar operated Profit Connect, a company which he falsely represented as using supercomputer-driven artificial intelligence software to mine and verify cryptocurrency. He attracted at least 400 investors with promises of a fixed rate of return between 15% and 30% APR, a 100% money-back guarantee, and FDIC insurance backup. In reality, the company was not profitable, held no reserves, and Kovar utilised investor funds to pay for personal expenses, which included a home and employee gifts, and to make Ponzi-style repayments. Following a multi-agency investigation, Kovar is scheduled to be sentenced on 30th November 2026, where he faces a statutory maximum penalty of 280 years in prison.

US Department of Justice Launches National Fraud Detection Centre to Combat Cross-Programme Federal Benefit Fraud

The US Department of Justice announced the launch of the National Fraud Detection Centre (NFDC) to target systemic fraud across taxpayer-funded government programmes. Operating as a prosecutor-led, multi-agency initiative, the centre is designed to dismantle institutional silos by integrating analytical capabilities and law enforcement personnel from several federal and state partners, including the FBI, IRS Criminal Investigation, FinCEN, and various departmental Offices of Inspector General. By establishing a unified front, the NFDC aims to eliminate the lack of cross-programme visibility which historically allowed both domestic and international actors to exploit multiple federal systems simultaneously. The initiative operates under the Justice Department's recently established Fraud Division and supports President Trump's Task Force to Eliminate Fraud, which is chaired by Vice President J.D. Vance.

UK Court Issues Nine-Year Director Ban to Former Medical Waste Firm Boss Over £3 Million Asset Transfer

The Scottish Court of Session has disqualified Garry Pettigrew, the former director of Healthcare Environmental Services Limited, from serving as a company director for nine years. A subsequent Insolvency Service investigation revealed that between October and December 2018, Pettigrew transferred £2,979,383 in assets from the NHS waste-disposal contractor to two connected companies, namely HEG Sustainable Solutions Limited and Starryshaw Consultants Ltd, where he and his wife served as the sole directors. These transfers were executed without the consent of the firm’s bank, which held a charge over the assets, and occurred despite contrary advice from the company's accountants and solicitors. The asset transfers took place as the firm was losing its primary NHS England contracts, after which the company ceased trading and entered liquidation in April 2019 with outstanding debts exceeding £15 million. In his judgment, Lord Lake found Pettigrew to be in "flagrant" breach of his directorial duties.

Cybercrime

Interpol-Coordinated Operation Jackal IV Targets West African Transnational Crime Syndicates, Securing 58 Arrests

INTERPOL has announced the preliminary outcomes of Operation Jackal IV, an eight-month international law enforcement initiative conducted from November 2025 to June 2026 which resulted in 58 arrests and the identification of 263 suspects across 22 participating countries. The operation aimed to disrupt the financial infrastructure of West African organised crime groups, such as the Black Axe syndicate, which are responsible for a significant share of global cyber-enabled fraud, including romance scams, investment fraud, and business email compromise. Key enforcement actions included the arrest of 39 individuals in South Africa alongside the seizure of $2.67 million; the identification of 196 suspects linked to an Argentine "Crime-as-a-Service" support network; and the disruption of a Romanian-based investment scam call centre which allegedly stole and laundered approximately €143 million globally. In addition to individual enforcement actions, analytical findings from the operation highlighted emerging trends, specifically noting an increase in online sextortion schemes targeting minors and the growing reliance of these criminal syndicates on dark-web service providers to outsource money laundering operations.