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I’d Like to Open a Credit Repair Business in California. What Should I Do? – Edward

Dear Steve, I like to open my credit repair company in California and I can afford the down payment for the bound it is going to be $10,000 to $20,000 m I like to do this business because I know I can help a lot of people that need an honest solution to their problem, …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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