10 Suspected ‘Money Mules’ Receive Warnings from RCMP and BC Securities Commission
Police and the British Columbia Securities Commission have issued warnings to 10 suspected “money mules” in an effort to combat investment fraud targeting individuals in the province.
In a joint statement, the commission and RCMP announced that investigators have personally delivered cautionary letters to individuals in Metro Vancouver believed to be transferring funds on behalf of criminals.
These so-called mules are commonly used in money laundering schemes to help criminals disguise the source and destination of illicit funds.
The securities commission identified the suspects after discovering evidence suggesting they had sent or received money or cryptocurrency obtained from victims of investment fraud.
While some mules may be unaware that they are aiding criminals, they could still be considered victims themselves.
If they continue to facilitate money transfers after being warned, the commission warns that they may face criminal or regulatory charges.
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Criminals use various tactics to recruit money mules, often offering them a share of the transferred funds as payment. They may deceive individuals about their identity, offer fake job opportunities, or establish online friendships or romances. The mules transferring the money may believe they are helping a friend or completing tasks for an online job.
The commission and police have not disclosed further details about the alleged criminal activities related to the 10 warning letters issued last month.
