Federal investment regulators issued a warning this week about a sophisticated and fast-growing fraud that trolls social networks for victims and has already cost investors hundreds of millions.
Using advertisements on Facebook to lure in initial victims, who are then convinced to inadvertently con their friends, so-called “high-yield investment program” scams have gone viral, [...]
Senate Finance Committee Chairman Max Baucus ( D-Mont. ) and Ranking Member Chuck Grassley ( R-Iowa ) provided recent findings from their ongoing inquiry into diabetes drug Avandia to the Food & Drug Administration ( FDA ) on Monday. The Finance Committee inquiry uncovered documents suggesting that GlaxoSmithKline, the manufacturer of Avandia, failed [...]
The SEC’s $550 million settlement with Goldman Sachs fraud is naturally being celebrated by the feds as a major victory, “the largest penalty ever assessed against a financial services firm in the history of the SEC.” Maybe. I think there’s another way to look at it.
Goldman’s net income was more than $13 billion in [...]
Units of HSBC Holdings Plc, Europe’s biggest lender by market value, were sued by U.S. customers who said the bank’s – credit card payment protection service – defrauds disabled, retired and unemployed consumers.
While the service purports to safeguard accounts by suspending or canceling required minimum payments when customers become disabled or unemployed, the circumstances [...]
According to the SEC’s complaint filed in U.S. District Court for the Northern District of Illinois, Spitzer conducted his fraudulent ponzi scheme, which involved 400 investors, from at least 2004 to the present. He only invested approximately $30 million of the more than $105 million he raised from investors. Of that amount, Spitzer used [...]
A gang of unknown thieves has stolen nearly $10 million in micro-charges made to more than a million credit and debit cards in an elaborate years-long scam, according to a lawsuit filed by the Federal Trade Commission in March.
Have any of these company names appeared on your bank card statement? The FTC says they [...]
Like many others, they attended a seminar presided over by investment guru Lawrence Leland “Lee Loomis” at a Holiday Inn and then went to a 2 day event at the Gold Country Casino in Oroville to learn more. The high school teacher and social worker were surrounded by professionals much like themselves, who responded [...]
The Securities and Exchange Commission (SEC) says a Palm Beach Gardens investment advisory firm and 2 of its executives settled charges of running a $28 million Ponzi scheme.
The SEC alleges that Trade-LLC, and its managing members, Philip W. Milton and William Center, convinced three private investment clubs, with more than 800 members nationwide, to [...]
2 IBM executives based in “Research Triangle Park” are among the defendants named in a federal lawsuit brought by a small Philadelphia-area technology company that claims IBM orchestrated a Ponzi scheme that defrauded the company of more than $12 million.
The suit is seeking more than $100 million from IBM (NYSE: IBM).
King of Prussia, Pa.-based [...]
Lee Bentley Farkas, the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), was arrested last night in Ocala, Fla., and charged in a 16-count indictment for his alleged role in a more than $1.9 billion fraud scheme that contributed to the failures of Colonial Bank, one of the 50 [...]
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