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Fraud Tops FTC List of Consumer Complaints

Fraud is a general term often used to describe a wide range of shady and misleading conduct, from giving investors incomplete information to tricking consumers into buying products via false advertising. Technological advances have, unfortunately, broadened the horizons for fraudsters looking to get over on hard-working people. Apparently, consumers have taken notice. The Federal Trade Commission says fraud was the top consumer complaint received by the agency last year, the first time since the federal government started tracking that information. The FTC received some 1.4 million fraud complaints in 2018, the agency said in a new report. That represents nearly […]

Lumber Liquidators to Pay $33 Million in Fraud Case

A popular home flooring retailer is paying big bucks to get out of a securities fraud case for misleading investors about the company’s use of potentially harmful products from China. Lumber Liquidators has agreed to fork over $33 million to settle claims it didn’t make investors aware that the company was selling Chinese flooring heavy in formaldehyde. The colorless gas is common in many building materials, but the flooring products had included enough formaldehyde to put people at risk of cancer and cause respiratory problems, according to prosecutors. “Lumber Liquidators lied to investors and to the public about its compliance […]

SEC Charges Volkswagen With Fraud

Some four years after the Volkswagen emissions cheating scandal became front page news, the German automaker is still dealing with the aftermath. The Securities and Exchange Commission recently charged Volkswagen and former chief executive officer Martin Winterkorn with investor fraud for allegedly lying about the cheating scandal. Prosecutors say the company issued more than $13 billion in bonds and other asset-backed securities, despite knowing that some 500,000 vehicles far exceeded legal limits on emissions in the United States. The company and certain executives also knew that the cheating scandal in which engineers rigged cars to pass emissions tests put VW […]

MoviePass Gets Close Look for Securities Fraud

Perhaps some of us could have predicted how this film would end. MoviePass theatre subscriptions have plummeted over the year. Investigators are also looking at possible securities fraud by the company that caught all kinds of attention by offering moviegoers a chance to see a whole lot of films on the cheap. The New York Attorney General late last year opened a probe into Helios and Matheson Analytics, which owns MoviePass. The state’s acting top lawyer said in a Tweet that prosecutors are looking into whether the company misled investors about MoviePass’s long-term viability. “My office is committed to protecting […]

Elon Musk Accused of Violating Securities Fraud Settlement

It’s been an interesting year for Elon Musk, the Tesla chief executive officer who rose to fame as a leading voice in the tech sector. In the last 12 months, he made a head-scratching appearance on Joe Rogan’s podcast, announced the company was closing physical stores in favor of internet sales, and flirted with a plan to take Tesla private. Musk’s decision to ruminate on the last move via social media generated a securities fraud suit from the federal government. Now lawyers for the Securities Exchange Commission say Musk violated a settlement agreement in that case by talking too much […]

Lawmakers Push Bipartisan Bill for Investor Fraud Victims

Bipartisanship isn’t exactly a common theme in Congress these days. If there’s one thing lawmakers on both sides of the aisle should be able to agree on, however, it’s that government investigators should have a full arsenal of tools to go after people who commit fraud. Sens. John Kennedy (R-La.) and Mark Warner (D-Va.) recently introduced legislation that would strengthen the Securities Exchange Commission’s power to seek compensation for the victims of fraud. The Securities Fraud Enforcement and Investor Compensation Act would give the SEC more time to pursue those cases. The measure, which was referred to the Senate Banking, […]

Glancy Prongay & Murray Attorneys Cited by Super Lawyers for Success in Securities Fraud Cases

Six Glancy Prognay & Murray securities attorneys were recently were selected among an exclusive group of Super Lawyers and Rising Stars. The distinctions recognize the firm’s recent success helping individual and institutional investors recoup money from fraudsters through class action litigation. Kevin Ruf and Robert Harwood Named Super Lawyers Glancy Progeny partner Kevin Ruf and Of Counsel Robert Harwood were cited as Super Lawyers for their successful representation of a wide range of clients. The rating service awards Super Lawyer status to attorneys based on peer recognition and professional achievement. Only five percent of attorneys in each state are distinguished […]

How a Securities Fraud Tip Led to the College Admissions Scandal

The college admission scandal is one of those stories that has gripped public attention and doesn’t show any signs of letting go. Whether it’s because you’re a fan of “Full House” and “Desperate Housewives” or are simply intrigued by rich people doing shady things to get their kids into school, Operation Varsity Blues has something for everyone. It turns out that the criminal investigation that netted some 50 people spending roughly $25 million to grease the college admissions skids started out as a very different fraud case. Law enforcement officers were tipped off about the scheme by a man being […]

Amazon Has a Fake Goods Problem

Amazon is fetching some handsome fees from third-party sellers who use the online retailer’s website to offer a wide variety of goods. It turns out, however, that some of those merchants are taking advantage of Amazon to sell counterfeit items from cellphone cases and sandals to designer handbags. Amazon recently noted in a report to investors that the company faces some legal risk stemming from third-party sellers who hock fake goods on the site. It’s the first time the company has publicly acknowledged that the problem could very well get worse. “We…may be unable to prevent sellers in our stores […]

Glancy Prongay & Murray Among Nationwide Leaders in Securities Class Actions

We are pleased to announce that Glancy Prognay & Murray has once again been cited as a leader in securities class action litigation. The firm was among the top five plaintiffs law firms in the amount of settlement money it obtained for clients and in the top three for the total number of class actions filed. Our lawyers recovered $182 million in settlement money for clients in 2018. That came across settlements in 12 different class actions. Overall, companies paid some $5 billion to settle class actions during the course of the year, according to data compiled by Cornerstone Research. […]