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Tag Archives: business

Super Bowl Scams On The Rise

ARE YOU READY FOR SOME FOOTBALL…. scams? The Better Business Bureau (BBB) publicly announced a warning to consumers this week to be on high alert for super bowl scams; specifically knock-off team jerseys, counterfeit memorabilia and phony game tickets. Katherine Hutt, spokesperson for the Council of Better Business Bureaus states, “there are three good reasons not to buy counterfeit goods: ... Read More »

FTC Halts Fake News Sites About Deceitful Acai Berry Weight-Loss Products

We’ve covered the deceitful acai berry weight-loss products over the past year on our site (see here, here and here). It was announced on Wednesday that the Federal Trade Commission (FTC) has stopped six operators from using fake news site that allegedly deceived consumers about this product. Six online marketers agreed to settlements with the Federal Trade Commission that will ... Read More »

A 25 Count Indictment For Investment Scheme Fraudster Announced

A federal grand jury in Pheonix returned a 25 count indictment against Gerald Lee Kelly on four counts of wire fraud, six counts of mail fraud, 10 counts of money laundering and five counts of structuring financial transactions to avoid federal bank reporting requirements. The indictment alleges that in 2006 and 2007, Kelly operated a business called Cornerstone Financial Holdings, ... Read More »

FTC And CFPB Pledge To Work Together To Protect Consumers

It was announced today that the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have signed an agreement to coordinate efforts to protect consumers in an effort to avoid duplication of federal law enforcement and regulatory efforts. The memorandum of the two agencies’ understand can be viewed here. The Dodd-Frank Wall Street Reform and Consumer Protection Act, ... Read More »

Ponzi Schemes Are The New Black

Thirteen days into the year and I feel like all I’ve written about is Ponzi-scheme after Ponzi-scheme after Ponzi-scheme. Today I bring to you the sentencing of Jenifer Devine, the woman who owned a purported wholesale merchandise broker and admitted to running a multimillion-dollar Ponzi scheme that resulted in over $2 million in losses to investors. Devine has been sentenced ... Read More »

Contractors Beware! $99 Advance Fee Job Scam

It was announced yesterday that the Better Business Bureau (BBB) is alerting contractors across the country to be on the look out for telephone solicitors attempting to convince them to sign up for an online program that offers free job leads. Apparently, numerous contractors have reported to the BBB about a scheme in which they paid a $99 background screening ... Read More »

Largest Recruiter Of Shapiro’s $930 Million Ponzi Scheme Sentenced

Sydney Jack Williams of Naples, Florida was sentenced today to a year and a day in prison for failing to report more than $12 million to the IRS in related commissions received in Nevin Shapiro’s $930 million Ponzi scheme. Williams previously plead guilty to an Information that charged him with one count of subscribing to a false tax return. During ... Read More »

Romanian Citizen Busted For $1.5 Million Fraud Ring Of HSBC Customers

Last Thursday it was announced that Laurentiu Ilian Bulat was arrested yesterday for allegedly participating in a fraud ring that stole at least $1.5 million from HSBC customer bank accounts by installing “skimming” devices on more than 40 ATMs in Manhattan, Long Island, and Westchester, New York. According to the Complaint since May 2011, the U.S. Secret Service, together with ... Read More »

Investment Advisor Defrauds Clients Out Of Retirement Funds

Apparently an Illinois investment advisor, Steven Salutric, engaged in an investment fraud that swindled the retirement savings of 10 elderly clients to lose more than $4.26 million. Salutric was charged with one count wire fraud in a criminal information filed in late December of 2011. Apparently Salutric diverted clients’ funds to his personal business associates and to entities in which ... Read More »

Don’t Spit In That Cop’s Burger – MA State Trooper Arrested For Extortion

Yesterday Massachusetts State Trooper, John Analetto, was charged with extortion and loansharking relating charges including the collection of extension of credit by extortionate means. The complaint alleges that between Oct. 2011 to present, Analetto loaned money to a cooperating witness (“CW”) after learning of the CW’s outstanding debts to loansharks, in exchange for a percentage of the CW’s gambling business. ... Read More »

Six Hundred Out Of $74 Million In Ponzi Scheme

Douglas Vaughan faces 10 to 12 years in prison after pleading guilty to wire and mail fraud charges that involved his operation of a “Ponzi” scheme where he defrauded around 600 investors of more than $74 million. Vaughan promised extraordinary returns which he obviously did not follow through with. In February of 2011, in an indictment alleging that, between 2005 ... Read More »

Six Required To Pay Millions From “U.S. Homeowners Relief” Scheme

The Federal Trade Commission (FTC) announced they are requiring “U.S. Homeowners Relief” defendants to pay millions in their settlement along with banning them from the debt and mortgage relief business. The FTC had charged six defendants (that have agreed to settle) in the participation of a fraudulent mortgage modifications and foreclosure relief scheme. The settlement orders require five defendants to ... Read More »

Two More Charged In Rothstein Billion Dollar Fraud Scheme

On the first of this month it was announced that two more Rothstein Associates were charged in connection with the billion dollar fraud scheme. Announced was the filing of charges against William Boockvor and Marybeth Feiss for conspiring to commit crimes through the operation of the former Fort Lauderdale law firm of Scott W. Rothstein, called Rothstein, Rosenfeldt and Adler, ... Read More »

To Catch A Financial Predator

Yesterday it was announced in Illinois that Edward Lynn Moskop was sentenced to the maximum statutory penalties of 240 months in prison for mail fraud and 120 months for money laundering. This 360 month (30 year sentence) sentence is to be served concurrently followed by three years supervised release after. The sentence follows Moskop’s guilty plea to the two count ... Read More »

Witness Murdered Over $513,563 Bank Fraud Scheme

From May 2009 through November of 2011 it’s been alleged that two men, Tavon Dameon Davis and Bruce Eric Byrd, among others were involved in a scheme to steal money orders and checks from rent deposit boxes at apartment complexes, then deposit the funds into fraudulent business savings, checking and payroll accounts at banks. The conspirators then allegedly withdrew the ... Read More »

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