News & Analysis as of

Pyramid Schemes

Winstead PC

SEC and DOJ Charge Founder and Promoters of “HyperFund” with $1.7 Billion Crypto Pyramid and Ponzi Scheme

Winstead PC on

The Securities and Exchange Commission brought charges against Xue Samuel Lee, the co-founder of HyperFund, and Brenda Indah Chunga, also known as “Bitcoin Beautee,” the fund’s top promoter, for securities violations. ...more

ArentFox Schiff

Investigations Newsletter: Three Men Sentenced for $54 Million TRICARE Fraud Scheme

ArentFox Schiff on

Three Men Sentenced for $54 Million TRICARE Fraud Scheme - Three men were sentenced in connection with a $54 million bribery and kickback scheme involving TRICARE, a federal program that provides health insurance benefits...more

BakerHostetler

AD-ttorneys@law - November 2023

BakerHostetler on

CSPI Urges Food Retailers, Congress to Make SNAP Decisions - Marketing is as important as availability, food study finds - Keep Your Government Hands off Our Food Stamps! SNAP—or the Supplemental Nutrition Assistance...more

Freiberger Haber LLP

Enforcement News: SEC Obtains Emergency Relief To Halt An Affinity Fraud That Raised Nearly $130 Million

Freiberger Haber LLP on

Affinity fraud is a type of investment fraud. In this form of fraud, the person committing the fraud preys upon members of an identifiable group, such as a religious or ethnic community, the elderly, or a professional group....more

BakerHostetler

District Court Decision Digs Deep into the FTC and Agency Law

BakerHostetler on

If we look at recent Supreme Court decisions, the Federal Trade Commission (FTC) has a pretty dismal record, with well-publicized losses in AMG and Axon. At the district court level, however, things are quite different; we...more

Hinch Newman LLP

Direct Seller Defeats FTC Pyramid Scheme Allegations

Hinch Newman LLP on

In November 2019, the Federal Trade Commission filed a lawsuit against direct selling wellness company Neora, LLC (f/k/a Nerium International, LLC) and its Chief Executive Officer alleging that the company operates as an...more

BakerHostetler

AD-ttorneys@law - August 2023 #2

BakerHostetler on

“Blessing Loom” Scheme Unravels in FTC Settlement - Esoteric trappings can’t save pyramid-scheme-by-another-name - Neolawgism - By certain ironclad laws of demography, we aren’t allowed to add terms to the...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Eleventh Circuit Confirms That SEC Whistleblower Award Eligibility Is Determined Under An Actual Causation Standard

On August 14, 2023, in a rare whistleblower award opinion, the Eleventh Circuit affirmed the Securities and Exchange Commission’s (SEC) denial of a whistleblower award in Granzoti v. Securities and Exchange Commission, 2023...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 7, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

The State AG Report – 8.3.2023

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Republican and Democratic AGs Duel on Plastic Pollution...more

Kelley Drye & Warren LLP

Texas AG, Arkansas AG, and FTC Don’t Bless Pyramid Scheme “Blessings in No Time”

Last week, BINT Operations LLC aka “Blessings in No Time” (“BINT”) and its owners resolved two separate, but coordinated, lawsuits stemming from states’ and the FTC’s investigations alleging perpetration of an illegal pyramid...more

Cozen O'Connor

Don’t Count Your Blessings Just Yet

Cozen O'Connor on

Arkansas AG Tim Griffin and the FTC settled with BINT Operations LLC and two of its officers (collectively, “BINT”) to resolve allegations that the company violated federal and state consumer protection laws by running a...more

BakerHostetler

AD-ttorneys@law - June 2023 #2

BakerHostetler on

Don’t Look Dumb, Dude; You Sound Dumb - Is this one of those pyramid things? Hell, yeah, it is. If it wasn’t, I wouldn’t be doing it. Do I look dumb enough to go get a job again? Well... According to a recent...more

Harris Beach PLLC

Cryptocurrency: In the Face of Increased Enforcement, Be Prepared

Harris Beach PLLC on

This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services...more

Cadwalader, Wickersham & Taft LLP

Muddled Macros - September 2022 | Issue No. 193 - The Times They Are A-Changin’

Fed decision week delivered the next 75 bps ratchet up in short-term rates to 3.25% at the top end of the target range, but also an upwards revision in the dot plot to now show a median expectation of a 4.4% fed funds rate by...more

Morrison & Foerster LLP

Crypto Crackdown: SEC Busts “Textbook” Digital Ponzi Scheme

In the 1920s, a new form of investment fraud roared into the markets with the advent of the Ponzi scheme. Last week, the Securities and Exchange Commission (SEC) filed a complaint captioned SEC v. Okhotnikov et al. in the...more

Cozen O'Connor

The State AG Report – 6.2.2022

Cozen O'Connor on

Here are last week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •AG Bonta Shares Proposed Regulations For...more

Cozen O'Connor

FTC Obtains TRO Against Alleged Credit Repair Pyramid Scheme

Cozen O'Connor on

The FTC has obtained a temporary restraining order (TRO) against Financial Education Services, Inc., its owners, and five other affiliated entities (collectively the “Credit Repair Parties” or “CRPs”) for allegedly operating...more

Farrell Fritz, P.C.

Court Sends Signal to Parties Who Spoliated Documents Using Ephemeral Messages

Farrell Fritz, P.C. on

Ephemeral messaging applications are considered solutions for data protection and privacy concerns (Blink, And I’m Gone: E-Discovery Challenges and Considerations With Ephemeral Messaging). However, courts are wary of...more

Royer Cooper Cohen Braunfeld LLC

Recent Decision Adds Additional Risk For Pennsylvania-based Businesses; Pennsylvania’s Consumer Protection Law Widens

It’s never been a better time to shop, work or spend leisure time at home – the internet and television are flooded with advertisements for amazing products with the ability to improve our lives and make things easier....more

Thomas Fox - Compliance Evangelist

The Herbalife FCPA Enforcement Action: Part 1 – Introduction

Herbalife Nutrition Ltd (Herbalife) recently concluded a long running Foreign Corrupt Practices Act (FCPA) enforcement action with both the Department of Justice (DOJ) and Securities and Exchange Commission (SEC). Herbalife...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - April 2020

This issue includes summaries and associated court opinions of selected cases principally decided between October 2019 and January 2020. ...more

BakerHostetler

AD-ttorneys@law – February 2020 #1

BakerHostetler on

Nutritional Coffee Company Shut Down for Pyramid Scheming - FTC slaps a restraining order on Success by Health, 20 years after the first time it sued its founder - Choices, Choices - Success by Health, a Nevada...more

Shook, Hardy & Bacon L.L.P.

Food & Beverage Litigation Update l February 2020

LEGISLATION, REGULATIONS & STANDARDS - Virginia Law Limiting Use of “Milk” Advances - Following a vote in the Virginia House Agriculture Subcommittee, the state’s House of Delegates will reportedly consider a bill that...more

Robins Kaplan LLP

Financial Daily Dose 1.30.2020 | Top Story: Facebook Pays $550 Million to Resolve Privacy Class Action Over Use of Facial...

Robins Kaplan LLP on

Facebook has agreed to pay $550 million to resolve a class-action lawsuit claiming that Zuck & Co.’s use of facial recognition technology violated Illinois’ biometric privacy law. Though the settlement is little more than “a...more

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Sausalito, CA 94965

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Privacy Officer
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Sausalito, CA 94965

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