Debt Buyer and Collector Launches Forward Thinking Effort to Help Consumers

Interest rate negotiation can result in a lower interest rate than you are paying now.

Recently I had the opportunity to learn about a new initiative by a large debt buyer and collector, Encore Capital Group. Encore is actually working hard to help consumers. And I’m sure when you read that you will be cynical. I was at first. But the changes Encore is making will assist consumers with old … Read more

Whole Bakers’ Bread And Butter Is Fraud

Whole Bakers owner, Patricia “Patty” Stewart, was sentenced yesterday to the statutory maximum of 60 months in federal prison for running an investment fraud scheme. The scheme defrauded investors, including elderly Texas citizens, of more than $2 million. According to documents filed in the case, from December 2005 through May 2010, Stewart, who owned and … Read more

Corrupt Criminal Club: Member’s Only

On Wednesday of last week word broke about the largest insider trading scheme involving single stock charged to date. Three defendants have pled guilty and are cooperating with the government’s investigating a scheme that allegedly netted more than $61.8 million in illegal profits. Charges were announced against seven investment professionals, who worked at three different … Read more

Investment Fraudster Defrauds Over 200 Out Of $14 Million

Bradley Stark, the fraudster defendant who represented himself at trail was convicted by a federal jury for deceiving investors about an investment scheme that involved more than 200 victims and more than $14 million. Following Stark’s five-day trial he has been convicted on all counts of an indictment charging him with seven counts of wire … 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 … Read more

YachtOne Fraudster Pleads Guilty To Yacht-Investment Scam

On January 6, 2012, Alton Milton pleaded guilty to wire fraud in connection with a yacht-investment scam and could face between 27 and 33 months in prison with three years of supervised release and ordered to pay over $886,000 in resitution. Milton admitted the details of his crime before the Judge last week. In approximately … Read more

Holy Fraud, Batman! Literally…

Yesterday, an Ohio resident was indicted for allegedly engaging in a fraud scheme that promised to fund more than $500 million in mortgage loans to around 20 churches and a dozen small businesses across the country. The man, Jamal Lawson, fraudulently obtained more than $300,000 in advance fees that he used for personal expenses instead … 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 … Read more

AmBanc, Commercial Capital Banc and U.S. Underwriting Fraud Scheme

Last month the United States Attorney’s Office announced that James France was indicted for wire wire fraud in connection with an advance fee scheme. Apparently, France held himself out as being in the business of commercial lending, and operated his business under various names such as AmBanc, Commercial Capital Banc and U.S. Underwriting. The indictment … 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 … Read more

Owner of Advertising Investment Companies Pleads Guilty To $6.2 Million Fraud Scheme

In early December Edward Lawson pleaded guilty to wire fraud in connection with a $6.2 million fraudulent investment scheme. According to his plea, Lawson was the president of “Automated Revenue Creation LLC” and “Guaranteed Results Advertising, LLC” (collectively, GRA). GRA’s investment literature stated that it was in the business of providing advertising through “Narrow Cast … Read more

Men Behind New Jersey Fake Hedge Fund Management Charged For Defrauding Victims

Two men running a fake hedge fund scheme have been charged in New Jersey for the alleged $3.5 million fraud. The men, George Sepero and Carmelo Provenzano, claimed to run Jersey based hedge funds using a secret computer program to invest in foreign currency were charged for defrauding victims and spending the investments on high-end … Read more

Heartless Criminal Activity In Foreclosure-Related Scam

Last week a man whom operated a foreclosure-rescue scam agreed to plead guilty after collecting $1.6 million from 1,100 distressed homeowners. The man, Frederic Alan Gladle, of Austin, Texas, ran his scam in Los Angeles and elsewhere where he falsely promised the owners of more than a thousand distressed properties that they could indefinitely postpone … Read more