Feds seize Swiss bank account of scareware mogul

Federal authorities have seized all the cash in a Swiss bank account held by a scareware mogul and scam artist who is charged with selling phony Symantec security software.

The U.S. Attorney's office in New York filed for the forfeiture of $14.8 million stashed in the account by Shaileshkumar "Sam" Jain, who has fled the U.S. after being charged in the counterfeit antivirus scheme.

BACKGROUND: $100 million 'scareware' CEO was already a fugitive

Jain was charged three years ago, but has been on the run since after failing to show for court appearances, and is believed to have moved to the Ukraine. He is charged with trafficking in counterfeit goods, wire fraud and mail fraud.

The charges stem from a scheme that employed spam to lure victims to a website where they used credit cards to buy what was purported to be genuine Symantec antivirus software. In return, they were sent counterfeit software from a facility in Ohio, according to U.S. Immigration and Customs Enforcement.

He is also charged with selling scareware products as WinFixer, Antivirus 2008 and VirusRemover 2008, all of which are represented as antivirus software but which actually install spyware and malware and otherwise slow down victim computers. Jain ran Innovative Marketing, which prosecutors say sold a million copies of fake antivirus products.

Authorities believe Jain set up corporations in the U.S. and overseas to hide the transactions and that he opened bank accounts and investment accounts in the U.S., Uruguay and Switzerland.

The agency says it hopes to use the seized money to compensate Symantec for sales it lost due to the scam.

Anyone with information about Jain's possible whereabouts is urged to contact ICE's 24-hour tip line -- 1-866-DHS-2ICE.

Read more about wide area network in Network World's Wide Area Network section.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags cybercrimemalwarelegalScarewaresymantecanti-malware

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Greene

Network World
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?