By Lucky Uwakina (AGENDAWATCHDOG) – Up to $400 billion in COVID unemployment relief was stolen – and more than half that cash was funneled to criminals in Russia, China and Nigeria, it was claimed.
The United States lost as much as 50% of all unemployment relief, as much as $400 billion, through fraudulent claims, Blake Hall told Axios. Hall is the CEO of ID.me CEO, a company that provides fraud prevention services.
Some experts are considering the theft a matter of national security with cash ending up in the hands of criminal groups based in Russia, China and Nigeria.
More than 70% of the $400 billion feared to have been stolen was pilfered by state-backed foreign criminal groups, Haywood Talcove told Axios.
‘These groups are definitely backed by the state,’ said Talcove, the CEO of LexisNexis Risk Solutions.
U.S. street gangs reportedly stole much of the rest of the money.
White House economist Gene Sperling noted to Axios that much of the fraud happened during the administration of former President Donald Trump.