Archive for March, 2011

Senators ask FTC to investigate recent spike in gas, oil prices

Filed March 29th, 2011 joshua

A bipartisan group of Senators want the Federal Trade Commission to investigate their worries that Big Oil companies are manipulating the market and driving up costs of oil and gasoline. Gasoline prices are above an average of $3.50 per gallon, according to new AAA estimates, and The Hill reports Sens. Maria Cantwell (D-Wash.), Olympia Snow […]

Vice President of Mortgage Lender Pleads Guilty to Fraud

Filed March 17th, 2011 meg

The former vice president and director of secondary marketing at Taylor, Bean & Whitaker has plead guilty to taking part in a scheme that ultimately led to nearly $2 billion in losses and the failure of Alabama-based Colonial Bank. Raymond Bowman plead guilty to one count of conspiracy to commit bank, securities and wire fraud […]

Twitter settles FTC charges over 2009 security lapse

Filed March 16th, 2011 joshua

Twitter has settled charges from the Federal Trade Commission over a 2009 security lapse which puts its Web site users at risk of releasing personal information. According to a report from the Sacramento Bee, the FTC said Twitter “deceived customers and put their privacy at risk by failing to keep their personal information safe.” Twitter […]

Federal investigation finds no incidents of “wrongful foreclosure”

Filed March 11th, 2011 joshua

The federal Consumer Advisory Council said Thursday that an investigation into wrongful foreclosures nationwide found zero incidents of wrong-doing on the part of the Federal Reserve. The nation’s largest banks have come under fire for poor business practices recently which resulted in thousands of homeowners across the country wrongfully removed from their homes through foreclosure.

International airlines guilty of price-fixing schemes

Filed March 8th, 2011 joshua

Twenty-one airlines have been fined a total of $1.7 billion as a result of a federal price-fixing investigation. According to an AP report, these airlines were facing financial straits more than 10 years ago when executives at major airlines met and devised a scheme to inflate cargo and fuel charges on customers. The scheme worked […]

Massachusetts Man Charged with Life Settlement Mail, Wire Fraud

Filed March 3rd, 2011 meg

Winthrop, Massachusetts resident Joseph Gennaco, 67, has been charged in federal court with on five counts of wire fraud and 13 counts of mail fraud involving sales of purported life settlements. Also taking part in the investigation were the US Postal Inspection Service, the Federal Bureau of Investigation, the Suffolk County District Attorney’s Office and […]

Former Apple manager pleads guilty on fraud charges

Filed March 1st, 2011 joshua

A former manager at Apple Inc. has pleaded guilty on federal fraud charges alleging he took $2 million in kickbacks against his former employer. The Dept. of Justice filed charges against Paul Devine accusing him of taking kickbacks from Apple’s Asian suppliers in exchange for information they could use as leverage when doing business with […]