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Tag Archives: Business/Finance

Former Owner And President Of Allied Health Care Sentenced For $135 Million Phony Lease Scheme

Former owner and president of Allied Heath Care Services, Charles Schwartz, was sentenced last week to 195 months in prison (16.25 years) for organizing and executing a $135 million phony lease scheme that losses of more than $80 million and victimized over 50 financial institutions. In April Schwartz pleaded guilty to one count of mail fraud but has been in ... Read More »

Home Start America CEO And Founder Sentenced To 50 Months In Prison For Role In $1.5 Million Fraud Conspiracy

CEO and founder of alleged real estate investment firm Home Start America (HSA), Michael Kaufman, was sentenced to 50 months in prison last week for his role in a long-running, large scale wire fraud conspiracy with loan officer David Wynn. According to documents filed and statements made in court: Kaufman founded HSA in Bloomfield, New Jersey, and at one time ... Read More »

Refunds Now Being Sent To Victims Of Express Consolidation Debt Management Services

Four years after the Federal Trade Commission (FTC) filed a case against Randall Leshlin and his debt management services company, Express Consolidation, the FTC is mailing out refund checks to almost 3,000 consumers across the country that fell victim to worthless debt management services. The reimbursement stems from a February 2009 contempt finding against Florida attorney Randall L. Leshin, and ... Read More »

Embezzled, Diverted And Stolen Funds Used To Pay For Adult Entertainment

The guilty plea of vice present and co-operater of Coral Mortgage Bankers Corporation’s University City office, Matthew Kent, was announced earlier this month by the United States Attorney’s Office. According to court documents, between May 2007 and December 31, 2010, Kent, his partner in Coral Mortgage, David Rubin and Joshua Gould, formerly of Woodbury Financial, embezzled approximately $1,500,000 from a ... Read More »

Mother Sentenced To Almost 6 Years Jail Time In Family Fraud Affair

Earlier this year Janice Edwina Demmitt was convicted of the federal felony offenses charged in a 27-count indictment against her and her son, Timothy Fry. At trial, Demmitt was convicted on on one count of conspiracy to commit money laundering, eight counts of wire fraud and 11 counts of money laundering. Her son, Fry, whom plead guilty to one count ... Read More »

CPA Pleads Guilty In Connection With $670 Million Fraud Scheme

Certified public accountant (CPA) and alleged outside auditor for Provident Capital Indemnity (PCI), Jorge Luis Castillo, plead guilty last week for his role in a $670 million fraud scheme effecting victims across the country and abroad. Castillo plead guilty to conspiring to commit mail and wire fraud, which carries a maximum penalty of 20 years in prison. According to a ... Read More »

The Misbranding of Vioxx Results In A Nearly $1 Billion Resolution

Last week the Justice Department announced that Merck, Sharp, & Dohme, an American pharmaceutical company, has agreed to resolve criminal charges and civil claims in relation to their promotion and marketing of the painkiller, Vioxx (rofecoxib) by paying $950 million. Yes, you read that right; just shy of $1 billion. Under the resolution terms, Mereck will plead guilty to a ... Read More »

Arizona Telemarking Scam Leaves 5,000 Out Of Over $6.3 Million

Earlier this month word broke when a complaint was issued against four Arizona LLCs and 11 Arizonians that Arizona telemarketers had defrauded almost 5,000 people out of over $6.3 million. These criminals conducted a scam that used victims’ credit-card limits to determine how much to charge them in setting up their very own “web mall” business that they would receive ... Read More »

Considering Purchasing A Work-At-Home Program? The FTC’s Business Opportunity Rule Is Here To Help

The Federal Trade Commission (FTC)’s Business Opportunity Rule has been approved for changes that will ensure consumers have information needed when considering buying a “work-at-home” program or other similar business opportunities. Now simplified are the disclosures that business opportunity sellers must provide to prospective buyers. The disclosures will help consumers considering a purchase of such a program to asses the ... Read More »

Jade Capital & Investments Indicted In Alleged $37 Million Fraud

Jade Capital & Investments and its owners Joon Park (aka Joon Pak / Joon Paik) and his brother Loren Young Park (aka Loren Young Park / Yong Park) have been indicted on charges in connection to a scheme to fraudulently obtain business loans guaranteed by the Small Business Administration (SBA). Allegedly, this scheme resulted in losses over $37 million. Associate, ... Read More »

Fraudulent Treasury Strips Investment Program Results In $4 Million Investor Lost

It was announced this week that Tyrone Gilliams, Jr., was indicted on charges of securities and wire fraud for operating a fraudulent United States Treasury Strips investment program. Treasury Strips are securities derived from United States Treasury Bonds. Gilliams is the owner of TL Gilliams, LLC. In the summer of 2010, Gilliams personally solicited $4 million dollars from an investor ... Read More »

Former President And Finance Director Of The Speculated US Posterscope Accused Of A $20 Million Accounting Fraud

Earlier this month it was announced that the former president and finance director of one of the world’s largest outdoor advertising companies (speculated to be US Posterscope), have been accused of engaging in a five year long $19.75 million accounting fraud. Allegedly the men made it appear that their company was meeting certain performance targets when it wasn’t so that ... Read More »

You Are Cordially Invited To The FTC’s Road Ahead Roundtable

Today, the Federal Trade Commission will host the third in a series of roundtables around the country to gather information on consumers’ experiences in the leasing of motor vehicles at dealerships. The roundtable also will address what has been learned about auto sales, financing and leasing at all of the roundtables; what consumer and business education initiatives would be useful; ... Read More »

Hope Now Schemers Officially Out Of The Mortgage Business

It’s official! The last remaining defendants in an allegedly fraudulent mortgage modification scheme called “Hope Now” have settled with the Federal Trade Commission (FTC) that will permanently ban them from the mortgage assistance and relief business. They will also be forced to return any fraudulent-earned gains to consumers. The settlement with Michael Kwasnik and his law firm is part of ... Read More »

Fraudulent Rescue / Equity Skim Scheme Costs Dozens Over $6.2 Million

Between 2006 and 2008 real estate agent, Joanne Seeley, defrauded 34 homeowners and 14 mortgage companies in Pennsylvania out of more than $6.2 million in a fraudulent Foreclosure Rescue/Equity Skim scheme. Seeley was found guilty earlier this month on four counts of wire fraud and four counts of money laundering; each punishable by a maximum 20 years in prision and ... Read More »

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