Whistleblower Group

February 19, 2016

The CFTC filed a civil enforcement action against Ryan S. Magee of Calgary, Alberta, Canada, with fraud and also with acting as a Commodity Pool Operator, without being registered with the CFTC, as required.  The CFTC complaint also charged Ryan Magee’s father and wife, David W. Magee and Dalyne Rae Magee, also both Calgary residents, with acting as Associated Persons of Ryan Magee, without being registered with the CFTC, as required.  CFTC

February 19, 2016

The FTC has charged online distance education school Stratford Career Institute with misleading consumers about its high school equivalency program that the agency alleges failed to meet the basic requirements set by most states. In its complaint, the FTC alleges that Stratford’s extensive advertising for its high school program included multiple references to a “high school diploma” leading to an increase in earning potential, access to better jobs and promotions, and the ability to apply for higher education. The FTC’s complaint alleges that Stratford’s high school program fell short of its promises, meaning thousands of students nationwide paid as much as $989 for a diploma that could not meet their educational or career needs. FTC

February 18, 2016

National mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations that it received commissions and other kickbacks relating to force-placed insurance policies that it procured for struggling Massachusetts homeowners. Force-placed insurance is property insurance that mortgage servicers obtain on behalf of homeowners when they believe homeowners have failed to maintain adequate homeowners insurance. Force-placed insurance often occurs in circumstances where a borrower has fallen behind on his or her mortgage payments. The settlement provides for refunds to thousands of Massachusetts borrowers who were improperly charged force-placed insurance premiums that included commissions or other payments to HSBC. MA