Former FBI and DEA Agents Team Up to Develop Advanced AI Software to Help Investigators Analyze Financial Data

By Allan Lengel

Former FBI and DEA agents have teamed up with high-tech developers to create a user-friendly, AI software to simplify and analyze financial transactions and data for criminal investigations and internal audits for private companies and CPA firms.

“By law enforcement for law enforcement, “ is how the group describes its product, FinAware, which can quickly analyze data including bank records, credit card and mortgage statements.  A test version was recently sent to prospective customers including a number of federal law enforcement agencies and private fraud investigators.

One of the company founders, Andrew Braun, a retired FBI executive who investigated counterterrorism, says the proprietary software will dramatically reduce the time required to input and analyze data.

“I moved up the chain, so I saw the pains of the larger, more robust investigations from the top down;  the laborious hours of scanning in boxes of documents,” he said.

Additionally, Braun said FinAware will give small police departments with limited resources a more robust, easy-to-use tool to tackle larger and more complex investigations that have a financial component.

He said the software is less costly and more sophisticated than what competitors currently offer.

“We built this for the most demanding customer of all, which was the FBI, because of the security and data protocols.” He adds it was also designed with the thought of servicing the intelligence community, the Department of Defense and foreign governments.

The group is partnering with Trilogy Innovations Inc., a software and system engineering company based in Bridgeport, West Virginia, that has worked for more than 14 years with software and high-tech systems for agencies including the Treasury Department, FBI, National Oceanic and Atmospheric Administration, Justice Department and Department of Defense. 

Randy Cottle, president and co-founder of Trilogy, says FinAware is “a game-changer in the realm of financial transaction analysis.  One of the biggest drains on an organization is the time and budget it takes to come up to speed and training resources on how to use software.  FinAware solves this problem.”

Co-founder, Evan Paul, a technology entrepreneur with expertise in financial analysis and artificial intelligence, says competitors’ software often requires analyzed data, including grand jury material, to be reviewed for errors by a human, sometimes overseas.

He said FinAware software assures 100 percent accuracy through an error detection mechanism, which does not require an outsiders’ review.

Another selling point, Paul says, is that anyone can become proficient with the user-friendly interface in 30 minutes. It’s also programmed to be used with multiple languages.

In short time, the co-founders said their software will have more capabilities.

For example, by July 1, FinAware will be able to process and analyze financial transactions from crypto markets.

“This program came out my frustration to deal with voluminous bank records, and understanding that the tools out there either sucked or were super expensive,” said another co-founder Collin Schmitt, a former FBI agent who investigated complex cases involving health care fraud, drug trafficking, money laundering, embezzlement and public corruption. “This is designed to make it easier.”

The FinAware team includes:

*Colin Schmitt, a former FBI agent who investigated complex cases involving health care fraud, drug trafficking, money laundering, embezzlement and public corruption.

*Andrew Braun, a retired FBI executive, who managed the Intelligence and Mission Service Branches and was involved in counterterrorism and criminal investigations.

*James Manzi, who had combined experience in U.S. Army Special Operations and as an FBI agent.

*William Callahan, who specialized in narcotic money laundering at the DEA.

*Evan Paul, a technology entrepreneur and finance expert who used early AI and machine learning technology in financial analysis.

*Additionally, the FinAware development team is comprised of 10 full-time developers based in the U.S.

To see the FinAware website click here.

Leave a Reply