Scams Fraud

News & Analysis as of

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more

Southern District of Ohio: No Coverage Equals No Bad Faith

Schmidt v. The Travelers Indem. Co. of Am., No. 1:13-CV-932, 2015 WL 4538118 (S.D. Ohio July 27, 2015). A law firm that lost more than $141,000 in an online scam lost its coverage dispute with its insurer but still tried...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

Regulators' Actions Against Charities that Swindled $187 Million from Donors Serve as Compliance Reminder

On May 18, 2015, the Federal Trade Commission (FTC) and 58 agencies from all 50 states and the District of Columbia filed a complaint charging four cancer charities and the individuals controlling them with allegedly...more

STOLI Schemers Must Make Good on Damages Caused

Followers of stranger-originated life insurance (STOLI) issues have likely read over the last few years about Ohio National Life Assurance Corp. v. Davis and the favorable results the insurer obtained in its action against...more

11th Circuit Certifies Insurable Interest Questions in Pruco Cases to the Florida Supreme Court

On February 27, 2015, the United States Court of Appeals for the Eleventh Circuit certified two important questions of Florida insurable interest law to the Florida Supreme Court. ...more

FBI Warns Against Fraudulent E-mail Scheme

Companies should take notice of a new fraud scheme that has been making the rounds, targeting businesses that regularly make wire transfers. Known as the "Business E-mail Compromise," or BEC, this scam targets employees...more

Immigration Corner: Scams Abound, Getting Acquainted with the Business Visitor, and CBP Eases Your Next U.S. Entry

New Initiatives = New Targets for Scams - Unfortunately, where there is uncertainty, there are those who will use scams to target those individuals looking for clarity. On November 20, 2014, the President announced a...more

SEC Obtains Asset Freeze of Turks and Caicos Company Conducting Ponzi Scheme

The Securities and Exchange Commission has obtained an emergency asset freeze of a Turks and Caicos company that allegedly ran a Ponzi scheme in Florida. According to the SEC’s complaint, between November 2004 and May 2014,...more

Protecting the bank’s position when customers fall hook, (on)line and sinker for vishing frauds

As fraud continues to cost the UK economy billions each year, bank customers are now looking to the banks to cover their losses. What steps should banks take to defend themselves against such claims? Online banking...more

Watch Out! Telephone Scams Targeting Foreign Nationals on the Rise

In recent weeks there has been an increase in telephone scams that are designed to fraudulently elicit money and personal information from foreign nationals. U.S. Citizenship and Immigration Services (USCIS) has warned...more

IRS Issues Warnings about Email and Telephone Tax Scams

As the 2014 tax filing season progresses the Internal Revenue Service has issued warnings to taxpayers about convincing fraudulent email messages and telephone calls seeking payments or personal information that will enable...more

Outrageous Scams in Financing: Not So Unusual After All

When fundraising, remember—everyone is trying to cheat you. Well, that’s not really true, but it’s obvious that we’d all be skeptical if a foreign “prince” is offering a start-up company several million dollars with...more

Congressional Democrats Want Meeting With Attorney General On Mortgage Fraud Enforcement

On March 17, Senator Elizabeth Warren (D-MA) and Representatives Elijah Cummings (D-MD) and Maxine Waters (D-CA) sent a letter requesting a meeting with Attorney General Eric Holder to review the findings of a recent report...more

Warning: Unsolicited Requests For Payment Of Fees

Owners of patent or design applications or registrations should be aware that there are bogus operators in existence who take the published details of such applications to send out invoices for unnecessary publications or...more

Consumer Fraud and Weight Loss Scams - Federal Trade Commission Charges Companies with Deceptive Marketing

We all have seen advertisements for weight-loss solutions, and they are often prevalent in the weeks after the New Year. Are these advertisements examples of consumer fraud? According to US, consumer fraud refers to...more

Power of attorney abuse: What can you do about it?

A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable planning tool. But it’s susceptible to abuse by scam artists, dishonest caretakers or...more

Beware of EB-5 Investor Scam

Recently, U.S. Citizenship and Immigration Services (USCIS) issued a warning regarding scams associated with the EB-5 investor visa. According to USCIS, scammers target foreign nationals who are seeking to become permanent...more

Safe Harbor Means Safe Harbor: Sixth Circuit Rejects Any Judicial Deference to HUD’s Sham Affiliated Business Guidelines

Providing clarity in an area of law that had become increasingly muddled over the last two decades, the U.S. Court of Appeals for the Sixth Circuit has issued a decision that clarifies the scope of RESPA’s safe harbor for...more

California Bill Aims To Promote Green Energy Investment Scams

“Today I’d like to tell you a little bit about the color green . . .” Green energy is popular. That popularity makes not just likely, but inevitable that promoters will use the cachet of green energy to attract and...more

Be Vigilant! New Reports of USCIS Telephone Scam

The American Immigration Lawyers Association (AILA) and Ogletree Deakins have received reports of a telephone scam that is targeted at foreign nationals and designed to fraudulently elicit money and personal information....more

FTC Sues Payment Processor For Assisting Allegedly Fraudulent Credit Card Debt Relief Operation

On June 5, the FTC announced that it has added a payment processor as a defendant in an existing suit against a debt relief firm that the FTC alleges operated a credit card interest rate reduction scam....more

Tax Law Blog: The IRS is Airing its Dirty Laundry

Unfortunately there is not a sci-fi theme video to spread the word on the Dirty Dozen (though there is a short YouTube video on the topic). Here are the most common tax scams the IRS wants you to be aware of during tax...more

Burr Alert: Filer Beware - The Growth Of Fraudulent Tax Returns

The filing of fraudulent tax returns resulting from identity theft is a growing business in America. If it wasn't bad enough that the criminals would try to get money out of your bank or use the information to purchase goods...more

CFPB goes after another mortgage modification business

The CFPB announced that on December 3, 2012, it filed a second action in the U.S. District Court for the Central District of California seeking to shut down an alleged mortgage modification scam....more

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