Investment Fraud, Ponzi Scheme

{0}

➤Fraud Report – Massive Investment Fraud on Facebook and other Social Networks

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, spurring [...]

Medicare Fraud

{0}

➤Fraud Report – Avandia Fraud : GlaxoSmithKline

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 to [...]

Ponzi Scheme

{0}

➤Fraud Report – Goldman Sachs Fraud Settlement with SEC

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 2009. [...]

Credit Fraud

{0}

➤Fraud Report – HSBC Holdings Plc, Sued by U.S. Customers, Fraud Over Credit-Card Protection Plan

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 that [...]