Archive for August, 2011

Report Claims Google CEO Knew of Illegal Pharmacie Ads

Filed August 31st, 2011 Julie

Google Inc. decided to settle a criminal probe this week over advertisements it sold to unlicensed online Canadian pharmacies through its AdWords program. Now according to Justice Department officials, Google co-founder Larry Page knew of and allowed the ads to be posted for years. The online pharmacies that purchased the internet ads targeted U.S. consumers. […]

Google Shareholder Lawsuit Follows Adwords Settlement

Filed August 30th, 2011 Julie

Google and its directors are being sued by a shareholder who says the company facilitated illegal imports of prescription drugs, thereby breaching their fiduciary duty and reaching a $500 million settlement with the U.S. government. The complaint was filed yesterday in federal court in San Jose, California, by a Pennsylvania resident who owns Google shares. […]

FTC settles fraud charges with Debt Relief USA

Filed August 25th, 2011 joshua

Regulators have shut-down a “debt relief” company they believe was duping customers out of thousands of dollars, sometimes leaving them with a larger debt. According to a Dow Jones report, the Federal Trade Commission has proposed Debt Relief USA Inc. and its two principals from conducting business in the future as part of a settlement […]

FTC fines iPhone, iPad App developer for collecting information from children

Filed August 17th, 2011 joshua

The Federal Trade Commission has announced some recent fines against developers of iPhone and iPad Apps, accusing them of collecting and distributing personal data collected from children. According to a report at mashable.com, the FTC recently fined W3 Innovations $50,000 related to information it collected and distributed through its Emily’s Girl World and Emily’s Dress […]

Merck Investor Lawsuit to Go Forward

Filed August 11th, 2011 Julie

Merck & Co. – the nation’s second-largest drug manufacturer – withdrew their popular painkiller Vioxx after studies showed the drug doubled the risk of cardiovascular side effects. Now the drugmaker will have to defend itself against a lawsuit claiming it violated securities laws by downplaying the cardiovascular risks of its drug before the company finally […]

Fee-based debt settlment industry called a scam by NYC Consumer Affairs director

Filed August 11th, 2011 joshua

New York City’s director of the Dept. of Consumer Affairs recently called the entire industry of up-front fee-based debt settlement companies “illegitimate.” According to a report at WCBS-AM (880), the Dept. of Consumer Affairs has subpoenaed 15 companies which charge potential customers a fee up-front before agreeing to negotiate a client’s debt. Director Jonathan Mintz […]

SEC Files Charges Against Immunosyn, Execs

Filed August 8th, 2011 Julie

The Securities and Exchange Commission has filed securities fraud charges against a California-based pharmaceutical company, three shareholder companies, and four senior executives who they say misled investors about the regulatory status of the firm’s sole product. The complaint, filed in Chicago on August 1, accuses Immunosyn Corporation of misleading investors by stating that its controlling […]

Netherlands native pleads guilty on charges he operated Arizona mortgage fraud scheme

Filed August 8th, 2011 joshua

A Netherlands man has pleaded guilty to charges related to a mortgage fraud scam he operated in Arizona. According to an AP report, Talal Ashek entered a guilty plea in a federal court in Phoenix last week. He faced charges to an investment scheme he organized between 2006 and 2007. Ashek operated Phillips Luxury Homes, […]

New Jersey Goes After Shady Loan Modification Firms

Filed August 4th, 2011 Julie

The state of New Jersey is bringing down the axe on seven unlicensed mortgage loan modification businesses. The Division of Consumer Affairs announced Tuesday the companies face cease and desist orders from the state’s Attorney General as part of a crackdown on financial fraud schemes. New Jersey is seeking $35,000 in civil penalties and $49,500 […]

Countrywide Financial bond holders reject settlement deal, seek larger awards in jury trials

Filed August 4th, 2011 joshua

A lawsuit filed this week in a Los Angeles court says Countrywide Financial Corp. is guilty of securities fraud because it misled investors “about its finances and lending practices,” according to a Bloomberg News report. The lawsuit was actually filed against Bank of America Corp., which acquired Countrywide about three years ago. The lawsuit was […]