The Federal Trade Commission and the U.S. Food and Drug Administration (FDA) today sent four warning letters to firms that manufacture and market flavored e-liquid products. The letters cite postings by influencers on social media sites such as Facebook, Instagram, and Twitter that endorse the target companies’ products, without any warnings that the products contain […]
Monthly Archives: June 2019
Kik Interactive
Litigation Release No. 24493 / June 6, 2019 Securities and Exchange Commission v. Kik Interactive, No. 19-cv-5244 (S.D.N.Y., filed June 4, 2018) The Securities and Exchange Commission sued Kik Interactive Inc. for conducting an illegal $100 million securities offering of digital tokens. The SEC charges that Kik sold the tokens to U.S. investors without registering […]
FTC Staff Provides 2018 Annual Financial Acts Enforcement Report to the CFPB
The staff of the Federal Trade Commission has provided its 2018 Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau on its enforcement and related activities regarding Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act). The report on TILA, CLA, and EFTA highlights, among […]
FTC Submits Comment on Proposed Information Blocking Rule to the Department of Health & Human Services Office of the National Coordinator for Health Information Technology (ONC)
The Federal Trade Commission staff has submitted a comment to the Department of Health & Human Services’ Office of the National Coordinator for Health Information Technology, or ONC, regarding ONC’s proposed rule on “information blocking.” Recognizing that Congress sought to foster greater interoperability between electronic health records systems and the productive flow of electronic health […]
Pharmaceutical Agreement Filing Procedures Updated
The Federal Trade Commission is modernizing the process for filing agreements under the Medicare Prescription Drug, Modernization, and Improvements Act of 2003, or MMA, by requiring electronic filing instead of hard-copy submission. Starting June 17, 2019, MMA filings should be submitted to both the FTC at [email protected] and the Antitrust Division of the U.S. Department […]
Longfin Corp. and Venkata S. Meenavalli, Longfin et. al
The Securities and Exchange Commission today filed a new fraud action against Longfin Corp. and its CEO for falsifying the company’s revenue and, together with a former Longfin consultant, for fraudulently securing the company’s listing on Nasdaq. The SEC’s prior charges against these defendants and two others resulted in a preliminary injunction freezing more than […]
Peter Baker, Prestige Global Trading, Ltd., Elizabeth Oharriz, Diversified Initiatives Consulting & Logistics, Inc., and Sienna Business Group, Inc.
On June 4, 2019, the Securities and Exchange Commission charged Peter Baker, of Lawrenceville, Georgia, and Elizabeth Oharriz, of Miami Shores, Florida, and their companies with orchestrating a prime bank investment scheme and stealing over $2.2 million from investors. The SEC’s complaint alleges that, from 2013 through 2017, Baker and Oharriz engaged in a scheme […]
Einstein Investments LLC
Litigation Release No. 24490 / June 5, 2019 Securities and Exchange Commission v. Einstein Investments LLC, No. 2:19-mc-00072 (C.D. Cal. filed June 4, 2019) On June 4, 2019, the Securities and Exchange Commission filed a subpoena enforcement action against Einstein Investments LLC, an Arizona-based investment firm, seeking an order directing it to comply with an […]
Covalent Collective, Inc.
Litigation Release No. 24489 / June 4, 2019 Securities and Exchange Commission v. Covalent Collective, Inc., Civil Action No. 1:19-cv-03721 (N.D. Ill., filed June 4, 2019) The Securities and Exchange Commission (“SEC”) announced today that it filed a subpoena enforcement action in the U.S. District Court for the Northern District of Illinois against Covalent Collective, […]
TelexFree, Inc. et al.
Litigation Release No. 24488 / June 4, 2019 Securities and Exchange Commission v. TelexFree, Inc. et al., No. 14-cv-11858 (D. Mass. filed Apr. 17, 2014) The Securities and Exchange Commission announced that it has obtained a final judgment against a promoter of the fraudulent TelexFree pyramid scheme targeting Latino communities. The final judgment, entered on […]