Illustration: Annelise Capossela/Axios
Criminals may have stolen as much as half of the unemployment benefits the U.S. pumped out over the past year, Axios' Felix Salmon reports.
- Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates. The bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security.
- It is estimated that at least 70% of the money stolen by impostors ultimately left the country, much of it ending up in the hands of criminal syndicates in China, Nigeria, Russia and elsewhere, which were likely backed by their governments.
- Much of the rest of the money was stolen by street gangs domestically, who have made up a greater share of the fraudsters in recent months.
More HERE
