Archive

April 16, 2015

A former retail insurance agent with Kilgore Insurance Agency, along with the agency’s owners, have been ordered to pay more than $3.5 million in restitution and interest for overcharging clients, mostly small business owners, by padding insurance premiums with hidden “agency fees.” MA

April 15, 2015

New York Attorney General Eric T. Schneiderman announced a $10 million settlement of a lawsuit filed against the auditing firm Ernst & Young LLP over its involvement in a financial statement fraud at the now-defunct investment bank, Lehman Brothers Holdings, Inc. That money will be distributed as restitution to investors in Lehman securities, along with some $99 million being paid by Ernst & Young to settle a private federal class action that relied in part on facts uncovered by the Attorney General’s investigation. No other law enforcement authority has brought an enforcement action in connection with the 2008 collapse of Lehman and today’s settlement resolves the first lawsuit brought against an auditor of a public company under New York’s securities laws. NY

April 15, 2015

The CFTC ordered Hope Advisors LLC, a Brentwood, Tennessee, Commodity Pool Operator, to pay a $100,000 civil monetary penalty for acting as a CPO without registering with the CFTC, as required, and for providing monthly statements to pool participants that failed to show all the information required by Commission Regulation.  CFTC

April 1, 2015

The New Jersey Bureau of Securities has ordered Charles J. Boyer III and James A. Wilson to pay $1 million for allegedly operating a Ponzi scheme under which they transferred approximately $177,000 of investor funds into their own personal accounts rather than investing the funds as represented to investors. NJ

April 1, 2015

The CFTC filed a civil enforcement complaint in the District Court for the Northern District of Illinois against Kraft Foods Group, Inc. and Mondelēz Global LLC, headquartered in Northfield and Deerfield, Illinois, respectively, for manipulation and attempted manipulation of the prices of cash wheat and wheat futures.  CFTC

March 31, 2015

New York Attorney General Eric T. Schneiderman announced his office and the Attorneys General of Oregon, Minnesota, Missouri and Texas filed lawsuits against Orbital Publishing Group, Inc. for mailing millions of unauthorized and allegedly misleading magazine and newspaper subscription notices to consumers nationwide. The solicitations were sent without the permission of the publishers and overcharged consumers. NY

March 19, 2015

Florida Attorney General Pam Bondi’s Division of Consumer Protection is suing dating company Singles Plus for allegedly making false claims about success rates, matches and its screening process. FL

March 16, 2015

The CFTC ordered ICE Futures U.S. Inc. to pay $3 million in civil penalties for recurring data reporting violations. CFTC

March 13, 2015

Florida Attorney General Pam Bondi’s Office obtained a temporary injunction and asset freeze against World Mark Wholesale and Trade, LLC for allegedly engaging in a systematic scheme to defraud owners of timeshares throughout Florida and nationwide. FL

March 12, 2015

The New Jersey Bureau of Securities obtained a default judgment totaling more than $23 million in restitution, disgorgement, and civil penalties against Branded Marketing LLC (also known as 1800tarjetas.com), its successor company Branded Marketing, Inc., and its President and CEO, Richard Jackowitz, and affiliated company IT Connect, Inc., for their role in an investment scam that raised more than $4 million from unsuspecting investors. NJ