Archive for September, 2008

Hurricane Ike Scams Prompt FTC Warning

Filed September 30th, 2008 laurie

In the aftermath of Hurricane Ike, the Federal Trade Commission (FTC) is urging victims of the disaster to beware of home repair and identity theft scams. The FTC is also urging consumers to be cautious when making donations to help the victims of the disaster. Scam artists tend to take advantage of natural distasters by […]

Lawsuits likely after financial giants’ meltdown

Filed September 26th, 2008 joshua

An attorney who represents many clients currently involved with lawsuits against failed financial organizations said more are certainly likely following the collapse of some of this country’s most well-known giants. Jeffrey Zwerling (Zwerling, Schachter and Zwerling LLP, New York City) said small investors will lose millions and will look to recover some of their investments […]

FBI investigating companies at heart of credit fallout

Filed September 24th, 2008 joshua

Associated Press has learned the Federal Bureau of Investigations is investigating the four companies behind President Bush’s $700 billion bailout plan. The FBI is investigating fraud by mortgage finance firms Fannie Mae and Freddie Mac, and insurance firm AIG (American International Group Inc.). The AP also learned Lehman Brothers Holdings Inc. is also under FBI […]

Homeowners falling prey to foreclosure fraud

Filed September 24th, 2008 joshua

Nearly 1 in 11 consumers is behind on house mortgage payments or are already in foreclosure, according to msnbc.com. This equates to millions of Americans, and they are all at risk of falling victim to an ever-growing scheme which claims to offer a bail-out to desperate homeowners. These “foreclosure rescue scams” have been reported across […]

Massachusetts Adopts Tougher Consumer Data Rules

Filed September 23rd, 2008 laurie

In the wake of a series of alarming data breaches which put thousands of Massachusetts consumers at risk for identity theft, the Boston Globe reports that state regulators released new rules yesterday ordering businesses to better safeguard consumers’ personal information. The regulations, issued by the Massachusetts Office of Consumer Affairs and Business Regulation, require companies […]

Prepaid Phone Card Bill Backed by FTC

Filed September 17th, 2008 laurie

The Federal Trade Commission (FTC) is urging Congress to approve legislation to protect consumers from abusive sales tactics when it comes to pre-paid phone cards, Consumer Affairs reports. The agency told the U.S. House Subcommittee on Commerce, Trade and Consumer Protection that a pending bill would be helpful to the FTC’s efforts in that area. […]

A dozen indicted in Atlanta mortgage scheme

Filed September 17th, 2008 joshua

A dozen men have been indicted on charges they ran an elaborate mortgage fraud scheme in Atlanta’s West End. According to a report from the Atlanta Journal Constitution newspaper, Fulton County District Attorney Paul Howard Jr. is accusing 12 men of selling nine homes using false appraisals more than double its actual value. These homes […]

Fidelity to Buy Back $300M in Auction-Rate Securities

Filed September 16th, 2008 laurie

Fidelity Investments yesterday agreed to buy back from customers about $300 million in auction-rate securities, the Boston Herald reports. Fidelity was pressured by Massachusetts Secretary of State William Galvin and New York Attorney General Andrew Cuomo to make the repurchases, the Herald reports. “Fidelity’s involvement with auction-rate securities is very different than the role of […]

Gardasil approved for more cancer treatments

Filed September 16th, 2008 joshua

Gardasil, the controversial vaccine manufactured by Merck Inc., has now been approved to prevent more cancers by the Food and Drug Administration. The FDA approved Gardasil to prevent the onset of some types of vulva and vaginal cancers in girls and women from 9 to 26. The vaccine which has been linked to numerous, and […]

Enron payouts could begin soon

Filed September 15th, 2008 joshua

Shareholders of former corporate giant Enron could soon start receiving payments as part of their record $7.2 billion lawsuit. This settlement represents the largest in U.S. history, topping the $6.1 paid out in WorldCom litigation. A U.S. District Court Judge has approved a plan by a California-based law firm which represents the shareholders to begin […]