![]() Per CNBC, businesses can submit outstanding invoices of a minimum of $1,000, and if accepted, Facebook will buy the invoice from the small business and pay them within a matter of days. The program is the latest effort by Facebook to build its relationships and long-term loyalty among small businesses, many of whom rely on the social network to place ads targeted to niche demographics who may be interested in their services. Facebook will be funding $100 million in invoices on an ongoing basis.īy paying the outstanding invoices, the Facebook Invoice Fast Track program gives time and money back to small business owners that would have otherwise had to several weeks to get paid by their customers. To address the needs small businesses are facing with cash flow, Facebook recently announced two new ways for diverse businesses to access capital more easily.īeginning October 1, eligible US-based small businesses will have the opportunity to get cash immediately for the goods and services they’ve invoiced their customers, instead of waiting the 60 to 120 day period it normally takes to get paid. Especially at a time when every dollar counts, particularly for Black-owned businesses disproportionately affected by the pandemic. Berman, the United States attorney for the Southern District of New York, said in a statement.There are not many other greater pains for entrepreneurs than chasing down payment for work provided. The fate of the remaining fortune of around $75 million is unclear.Įvaldas Rimasauskas faces up to 30 years in prison “As Evaldas Rimasauskas admitted today, he devised a blatant scheme to fleece US companies out of $100 million, and then siphoned those funds to bank accounts around the globe,” Geoffrey S. Mr Rimasauskas was extradited from Lithuania to the US in 2017 and has agreed to forfeit about $49.7 million he personally obtained from the scheme, according to a court filing. ![]() Google lost $23m to the fraud The defrauded money – $99 million from Facebook and $23 million from Google – was then siphoned off to bank accounts around the world, including Latvia, Cyprus, Slovakia, Lithuania, Hungary, and Hong Kong. He is said to have registered a company under the name of Taiwan-based Quanta Computer Inc., which had previously done business with the Californian tech giants. Prosecutors said Mr Rimasauskas contributed to the scheme by setting up a fake company and a bank account in Latvia. Lithuanian Evaldas Rimasauskas in district court in Vilnius charged after allegedly sending phishing emails to representatives of major tech firms and pretending to work for Asian company Invoices were accompanied by “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of the Victim Companies, and which bore false corporate stamps embossed with the Victim Companies’ names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer,” according to the US Justice Department. Google and Facebook fraudĪccording to US prosecutors, Mr Rimasauskas and unnamed co-conspirators posed as an Asian hardware vendor and claiming that the companies owed them money. He faces a maximum sentence of 30 years in prison at his sentencing, currently scheduled for 24 July. The 50-year-old pleaded guilty to one count of wire fraud in New York on Monday.
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