USA: in the case of the largest cyber fraud for $568 million found guilty

An author of malicious computer software and a member of the Infraud Organization pleaded guilty to RICO conspiracy in a U.S. court to participation in a transnational cybercrime organization that caused more than half a billion dollars in losses, The crime report reported.

Valerian Chiochiu, aka “Onassis,” “Flagler,” “Socrate,” and “Eclessiastes”, a national of the Republic of Moldova , was allegedly a member of a group called the Infraud Organization, which victimized people in all 50 states as well as worldwide. He was charged with conspiracy under the Racketeer Influenced and Corrupt Organizations Act (RICO) as a member of the international cybercrime group known as Infruad.

“During the course of its seven-year history, the Infraud Organization inflicted approximately $2.2 billion in intended losses, and more than $568 million in actual losses, on a wide swath of financial institutions, merchants, and private individuals,” said a Justice Department statement.

Infraud pursued large-scale acquisition, sale, and dissemination of stolen identities, compromised debit and credit cards, personally identifiable information, financial and banking information, computer malware, and other contraband.

The group was created in 2010 and became a hub for thieves hoping to buy goods with fake and stolen payment cards, according to Endgadget.

Infraud was “reportedly sophisticated, with members offering automated vending sites, a screening process, and even an escrow service to help complete transactions,” said Endgadget.

Under the slogan “In Fraud We Trust,” the organization directed traffic and potential purchasers to the automated vending sites of its members, which served as online conduits to traffic in stolen means of identification, stolen financial and banking information, malware, and other illicit goods.

Early reported that the Airbus subsidiary was accused of corruption. Britain’s Serious Fraud Office announced charges against the GPT project’s Special management and three people in relation to a criminal investigation launched eight years ago into allegations of misconduct in Saudi Arabia.