Archive for January, 2010

Former SEC lawyer convicted, jailed on securities fraud charges

Filed January 29th, 2010 joshua

A former lawyer for the Securities and Exchange Commission has been found guilty of conspiracy and wire and securities fraud. U.S. authorities said Phillip Offill Jr. was convicted and immediately sent to prison following the verdict. He is scheduled for sentencing in April and faces a lengthy prison sentence. Offill worked with a Phoenix lawyer, […]

Cuomo subpoenas companies offering Internet discount clubs

Filed January 28th, 2010 joshua

New York Attorney General Andrew Cuomo is warning Internet discount clubs and the mega-retailers supplying them with information that they’re under investigation for fraud. Cuomo said his office has received thousands of consumer complaints about companies that sign-up people for discount clubs when they purchase a different product online. When people go online to buy […]

Indoor Tanning Faces FTC, Health Insurance Scrutiny

Filed January 28th, 2010 meg

The Federal Trade Commission has announced it is cracking down on the indoor tanning industry. In a settlement that was agreed upon by the FTC and the Indoor Tanning Association, indoor tanning ads will be prohibited from making misleading and unsubstantiated statements. Tanning locations will also have to prominently display two notices warning that ultraviolet […]

Haitian Embassy says alternative ways to rescue quake survivors are scams

Filed January 28th, 2010 joshua

Haitian Americans living in the U.S. seeking to rescue loved ones from the earthquake-ravaged nation need to be aware of an ongoing scam. A company is promising to deliver loved ones from Haiti to the U.S. without going through the official documentation process. They tell customers to wire $500 in exchange for documents and a […]

Prison Inmate Sentenced for Identity Theft from Behind Bars

Filed January 27th, 2010 meg

A California state prison inmate serving time for identity theft has been sentenced to more than eight years in federal prison. 37-year-old Morocco Curry, also known as Monica Dupree, plead guilty to identity theft and organizing a bank fraud scheme while behind bars. While serving time at Centinela state prison, Curry obtained credit card numbers […]

FCC proposes new rules covering robocalls

Filed January 27th, 2010 joshua

The Federal Communications Commission has proposed new rules to regulate businesses using robocalls. Robocalls are automated outgoing phone calls made usually to make a sales pitch to consumers. These calls are often disruptive and seek personal information which could be used for identity theft or could unknowingly subscribe customers for services they never ordered. Under […]

Identity Fraud on Rise

Filed January 24th, 2010 laurie

The Privacy Rights Clearinghouse has a survey page with pointers to published studies and point-form summaries of their findings in regards to identity theft. PRC is a “nonprofit consumer organization with a two-part mission — consumer information and consumer advocacy”. The data suggest that the number of people reporting identity theft to has risen roughly […]

Rent-A-Husband Owner Arraigned for Fraud

Filed January 22nd, 2010 laurie

A Maine man who turned his Rent-A-Husband home-repair company into a nationally recognized business has pleaded not guilty to federal fraud and theft charges. Kaile Warren of Windham has been charged with securities fraud, theft by deception and sale of unregistered securities. Prosecutors say Warren misled investors by taking their money when he knew his […]

General Re to Pay $92M to Settle AIG Charges

Filed January 22nd, 2010 meg

General Re has agreed to pay $92 million to settle federal charges that it helped American International Group orchestrate its massive fraud of 2006. General Re, a reinsurer owned by Berkshire Hathaway, admitted that between 2000 and 2004 top executives engaged in fake reinsurance deals to artificially inflate AIG’s loss reserves. A federal court previously […]

At odds, Obama and Dodd meet on proposed consumer protection agency

Filed January 21st, 2010 joshua

President Barack Obama has again declared his support for an independent regulatory agency aimed at protecting consumers from fraud. The Consumer Financial Protection Agency is the idea of Obama as part of his overhaul of both the regulatory systems and of the financial sector. Though his successes in each are difficult to measure, he’s firm […]