Archive for December, 2009

Holiday Purchases Online Means Increased Scams, Identity Thefts

Filed December 24th, 2009 meg

As on-line holiday purchases have just passed the $10 million mark, cyber criminals are taking note and increasingly looking to the internet to scam consumers. According to a recent FTC survey, identity theft continues to top the charts for consumer complaints, with 313,982 last year alone, a 21% increase from 2007. Consumers are reminded to […]

Consumers getting high interest rates will soon know why

Filed December 24th, 2009 joshua

Consumers receiving loans at higher-than-average interest rates due to their past credit history will now be giving more information about the loan offer. According to a report at Bloomberg News, the Federal Trade Commission and Federal Reserve Board announced this week they’ll give consumers information on why they received lending terms like they did, and […]

Holiday Purchases Online Means Increased Scams, Identity Thefts

Filed December 23rd, 2009 laurie

As on-line holiday purchases have just passed the $10 million mark, cyber criminals are taking note and increasingly looking to the internet to scam consumers. According to a recent FTC survey, identity theft continues to top the charts for consumer complaints, with 313,982 last year alone, a 21% increase from 2007. Consumers are reminded to […]

Two New Jersey men convicted on charges related to mortgage fraud scheme

Filed December 23rd, 2009 joshua

Two New Jersey men were convicted late last week on charges related to a mortgage fraud scheme they operated. According to an AP report, Frederick Ugwu and Amer Min were found guilding on wire fraud and money laundering charges in connection with a fraud ring they ran in Paterson, N.J. Lawyers for the U.S. government […]

Homeowners Warned Against Fake Chinese Drywall Tests, Treatments

Filed December 18th, 2009 meg

The FTC is warning homeowners to be on the alert for anyone trying to sell test kits, inspections, and quick fixes for tainted Chinese drywall. The Federal Interagency Task Force is studying testing and remediation protocols for affected homes, but no federally-approved testing kits or remediation methods currently exist. The FITF has found a strong […]

First attempt at reclaiming money lost to auction-rate securities fails

Filed December 18th, 2009 joshua

Auction-rate investors must try again to sue banks over billions in losses in recent years. According to a Bloomberg report, the first five cases against banks like Citigroup Inc. and UBS AG have been dismissed because auction-rate investors failed to prove they lost money after the market froze in February 2008. Before that time, banks […]

Federal officials promise convictions after wave or corporate fraud

Filed December 18th, 2009 joshua

U.S. regulators, lawmakers and law enforcement officials recently vowed to keep tracking down perpetrators of corporate fraud. The call to action came in reponse to Delaware Sen. Edward Kauffman asking why he and millions of Americans haven’t seen any convictions related to the widespread cases of fraud that brought down much of Wall Street, and […]

SEC Approves Surprise Audits in Wake of Madoff Scandal

Filed December 17th, 2009 meg

The Securities and Exchange Commission has approved a measure intended to ensure that no more Bernard Madoffs slip through the cracks. The rule, dubbed by some “the Madoff fix,” allows for surprise audits of investment advisers and was approved unanimously by a five-member SEC committee. The surprise-audit rule will require certain SEC-registered advisers, who have […]

Medical Fraud Raids Result in Arrests in Three States

Filed December 17th, 2009 meg

Federal agents have arrested 26 suspects in three states, including a doctor and nurses, in a crackdown on Medicare fraud totaling $61 million. The arrests were made in Brooklyn, Detroit and Miami. The raids came a week after a report that Miami-Dade County got more than half a billion dollars from Medicare in home health […]

Attorneys General Ask FTC to Stop “Free” Credit Report Ads

Filed December 16th, 2009 meg

A group of state Attorneys General has asked the FTC to toughen restrictions against companies that advertise “free” credit reports. Most advertise “free” credit reports but require consumers to purchase other products or services to access their annual report. Each of the nationwide consumer reporting companies must already provide consumers with a free copy of […]