Litigation Release No. 24393 / February 8, 2019 Securities and Exchange Commission v. Spark Trading Group, LLC and Niket Shah, No. 18-cv-1498 (E.D.N.Y. filed Mar. 12, 2018) The Securities and Exchange Commission has obtained a final judgment against a New Jersey resident who was charged last year by the agency with stealing more than $250,000 […]
Monthly Archives: February 2019
FTC Stops Phantom Debt Collection Scheme
At the Federal Trade Commission’s request, a federal court has temporarily halted and frozen the assets of a debt collection scheme that allegedly bilked consumers out of millions of dollars, using deceptive and threatening tactics to collect phantom debts that they did not owe. According to the FTC’s complaint, Global Asset Financial Services Group, LLC, […]
FTC Approves Final Order Imposing Conditions on Marathon Petroleum Corporation’s Acquisition of Express Mart
Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Marathon Petroleum Corp.’s proposed acquisition of Express Mart would violate federal antitrust law. Marathon’s wholly owned subsidiary Speedway operates the second-largest chain of company-owned and -operated gasoline and convenience stores in the United States. Express Mart is a […]
FTC Approves Final Consent Orders Settling Endorsement and Deceptive Native Advertising Charges against Creaxion Corporation and Inside Publications, LLC
Following a public comment period, the Federal Trade Commission has approved two final orders settling allegations that Creaxion Corporation, Inside Publications, LLC, and their respective principals misrepresented that paid endorsements were independent consumer opinions and that commercial advertising was independent journalistic content. According to the FTC’s complaint, Creaxion proposed launching and promoting its client’s new […]
Robert Alexander and Kizzang LLC
Litigation Release No. 24392 / February 7, 2019 Securities and Exchange Commission v. Robert Alexander and Kizzang LLC, No. 19-cv-01161 (S.D.N.Y. filed Feb. 7, 2019) The Securities and Exchange Commission today charged Robert Alexander with fraudulently raising approximately $9 million from more than 50 individuals by selling investments in Kizzang LLC, a purported online gaming […]
FTC Seeks to Add New Defendants in Student Debt Relief Case
The Federal Trade Commission moved to add two new defendants to an ongoing case against a California-based student debt relief operation shuttered pursuant to a court order obtained by the Commission in November 2018. The scheme allegedly bilked consumers out of millions of dollars using false promises that they could reduce their monthly payments, or […]
FTC Seeks Public Comments on whether to Repeal, Amend, or Retain Leather Guides
The Federal Trade Commission is seeking public comments on whether it should repeal, amend, or retain the Guides for Select Leather and Imitation Leather Products (Leather Guides) as part of its systematic review of all current FTC rules and guides. Issued in 1996, the Leather Guides address misrepresentations about the composition and characteristics of specific […]
Proposed Rulemaking to Revise the Deposit Insurance Assessment System to Apply the Community Bank Leverage Ratio Framework
FIL-6-2019 February 5, 2019 Proposed Rulemaking to Revise the Deposit Insurance Assessment System to Apply the Community Bank Leverage Ratio Framework Printable Format: FIL-6-2019 – PDF (PDF Help) Summary: On December 18, 2018, the FDIC Board of Directors authorized publication of a Notice of Proposed Rulemaking (NPR) that would apply the Community Bank Leverage Ratio […]
Thomas Conrad, Jr. et al.
Litigation Release No. 24390 / February 4, 2019 Securities and Exchange Commission v. Thomas Conrad, Jr. et al., No. 1:16-cv-2572-LMM (N.D. Ga.) (filed July 15, 2016) On January 17, 2019, the United States District Court for the Northern District of Georgia granted in part and denied in part the SEC’s motion for partial summary judgment […]
Voluntary Private Education Loan Rehabilitation Programs
FIL-5-2019 February 4, 2019 Voluntary Private Education Loan Rehabilitation Programs Printable Format: FIL-5-2019 – PDF (PDF Help) Summary: The FDIC and the Board of Governors of the Federal Reserve System jointly are providing an advisory on Voluntary Private Education Loan Rehabilitation Programs to make financial institutions aware of an amendment to section 623 of the […]