Overstock.com Gets Hit With Securities Fraud Complaint
Tue 31st Dec 2019 | Posted by Glancy Law, on Blog
An Overstock.com shareholder is accusing the online retail company of a “pump and dump” scheme related to the bizarre departure of former chief executive officer Patrick Byrne. Shareholder Benjamin Ha says Overstock inflated its stock price to punish short sellers by announcing a dividend, the Washington Post reports. Byrne in September sold 4.7 million shares in the company hours before Overstock announced that it was delaying the dividend and less than a week before Overstock lowered its earnings forecast for the year. The moves sent the company’s stock price tumbling. Byrne resigned from his position in August, a few weeks […]
Full Read Movie Producer Admits to Investment Fraud Scam
Tue 31st Dec 2019 | Posted by Glancy Law, on Blog
A supposed South Florida movie producer is in hot water after admitting that he misused some $60 million of investors’ cash. Benjamin McConely recently pleaded guilty to one count of federal wire fraud, stemming from a scheme in which he and two others bilked tens of millions of dollars out of investors who thought they were helping McConely make an indie film. Instead, McConely and the others put the money in their own bank accounts and used it for luxury cars, travel, hotels, real estate and jewelry. The 37 year old pointed to some serious film credits to get investors […]
Full Read The Antitrust Probe Into Facebook Heats Up
Tue 31st Dec 2019 | Posted by Glancy Law, on Blog
Social media giant Facebook’s rough patch with regulators is not showing any signs of improvement for Mark Zuckerberg and company. A total of 47 state attorneys general have joined an investigation into whether Facebook violated antitrust law by putting user information at risk and artificially inflating advertising prices, according to Reuters. The top public lawyers in those states are being led in the probe by New York Attorney General Letitia James. “Facebook has played a major role in shaping our global online economy as one of the largest social media platforms in the world. It is illegal for a business […]
Full Read NY Consumer Protection Agency Warns of Public WiFi, USB Dangers
Tue 31st Dec 2019 | Posted by Glancy Law, on Blog
The New York Division of Consumer Protection is warning people about the hacking risks of using public WiFi and USB ports. “Millions of people every day step out into the world, and all its surrounding technology,” New York Secretary of State Rossana Rosado said in a recent public notice. “As technology grows and continues to make our lives easier, it is also making it easier for hackers to get access to our information. It is important for consumers to know what they can do to protect themselves.” The notice is meant to alert people about the dangers of using public […]
Full Read SEC Hits New York Ticket Reseller with Fraud Charges
Fri 30th Aug 2019 | Posted by Glancy Law, on Blog
The leaders of a New York ticket resale company charged with bilking investors out of millions of dollars in cash took “keep it in the family” to a whole new level, according to federal investigators. The Securities and Exchange Commission in April charged James Siniscalchi with stealing money from investors that was supposed to be used to gobble up high-demand tickets for theatre, sporting and other events and then resell them for a profit. Siniscalchi took control of the operation after his cousin, Joseph Meli, plead guilty to criminal charges of defrauding 130 investors out of $95 million without ever […]
Full Read Artificial Intelligence Raises Music Copyright Questions
Wed 28th Aug 2019 | Posted by Glancy Law, on Blog
Algorithms and artificial intelligence are changing the way people live and work, from learning the natural language intricacies of Siri and Alexa users and predicting how Tesla drivers will want their seats and air conditioning set up to harnessing quantum computing to tackle some of life’s biggest issues, like poverty and disease. The AI revolution is also putting its stamp on the music world, including by using algorithms to write and record new tunes. That raises a number of complicated copyright issues, as The Verge recently reported. Among them: Who owns the copyright to music created by artificial intelligence? And […]
Full Read Immigration Investment Fraud Scheme Nets PNC Bank
Mon 26th Aug 2019 | Posted by Glancy Law, on Blog
PNC bank was recently accused of setting up a sham account to help fraudsters milk an immigrant investment program for more than $40 million. Foreign investors in the Palm House Hotel, a failed condo-hotel project in Palm Beach, Fla., in March sued developer Robert Matthews. They say Matthews and others used money meant for the project as a personal slush fund to buy a yacht and various luxury homes. The investors are now also accusing PNC Bank of participating in the fraud by claiming to create an escrow account for the project investments, which instead operated as a business checking […]
Full Read Warren Buffet Victimized by Ponzi Scheme
Fri 23rd Aug 2019 | Posted by Glancy Law, on Blog
It turns out anyone can be victimized by investment fraud, even Warren Buffett. Buffett’s firm Berkshire Hathaway recently posted a $377 million loss related to investments in a fraudulent solar energy company, according to Bloomberg News. The firm gave $340 million to California-based DC Solar with the expectation that it would be able to use tax credits for solar energy investments to trim its tax bill. Federal prosecutors say DC solar, a mobile solar generator producer, took money from Berkshire Hathaway and other new investors to pay off older investors. The company produced only a fraction of the some 12,000 […]
Full Read Hemp Farmers Can Now Seek Intellectual Property Protection
Wed 21st Aug 2019 | Posted by Glancy Law, on Blog
The Trump administration is offering to extend important legal rights for some of the biggest players in the hemp industry. The United States Department of Agriculture recently announced that hemp farmers can now apply for intellectual property protections for their seed varieties. That would prevent other growers from using those unique types of seeds without permission for up to 20 years. “Certificate owners have rights to exclude others from marketing and selling their varieties, manage the use of their varieties by other breeders, and enjoy legal protection of their work,” the USDA said in an April announcement. Applications will be […]
Full Read Senate Intellectual Property Panel Looking at Illegal Sports Streaming
Mon 19th Aug 2019 | Posted by Glancy Law, on Blog
Lawmakers in the nation’s capital are taking a closer look at illegal sports streaming and the impact that pirated versions of games could have on the intellectual property rights of professional sports leagues, live event producers and television companies. The response may eventually include increasing criminal penalties. “Strong IP rights are vital to making these events possible,” Sen. Thom Tillis (R-N.C.) said during a recent Senate Judiciary Committee hearing. “One of the reasons that illegal streaming has exploded in recent years is that the federal criminal law has not kept pace with the growth of illegal streaming technology.” Tillis is […]
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