Tag Archives: Fraud

The Wall Street Fraud Watchdog Launches Investigations Into Auction Rate Securities Damages, Stock Broker Churning & Mutual Fund Negligence


Washington, DC (PRWEB) February 2, 2009

For nearly a year Americas Watchdog’s Wall Street Fraud Watchdog has been waging a battle in behalf of cheated and defrauded auction rate securities victims. While there have been some settlements announced, there are still numerous banks, stock brokerage firms, and others who sold auction rate securities to innocent investors that have yet to agree to any refund. Because auction rate securities involved fraud on the part of the biggest sellers the Wall Street Fraud Watchdog is also demanding that all auction rate securities investors classified as “institutional investors” be given a refund also.

As the Wall Street Fraud Watchdog has continued its battle for duped auction rate securities investors the group has been deluged with calls from the adult children of US senior citizens who feel like their parent/relative has had their stock account churned by a US stock broker or bank investment advisor. At the same time the group receives daily calls from gigantic losses in 401-K retirement accounts made up of supposedly safe US Mutual Funds. So today the Wall Street Fraud Watchdog is launching three different initiatives, focused on Wall Street fraud, stock broker/bank investment advisor abuse or fraud, and US Mutual Fund negligence; as follows:

Auction Rate Securities:

On February 14, 2008, the supposed auction rate securities market collapsed, leaving 145,000 individuals, plus countless institutional customers wondering if they had lost their life savings, or a significant investment. As it turned out, the auction rate securities market was basically a giant Ponzi scheme. It has come to light that the auction rate securities markets were suffering failures, as far back as the summer of 2007. By infusing money into the auctions, US banks and investment bankers made it appear that the auctions were safe, or sound. According to the Wall Street Fraud watchdog, “this is fraud 101, you had intent, the major banks and major investment bankers concealed the truth from both retail & institutional investors, and there needs to be indictments for those involved.” The Wall Street Fraud Watchdog is also requesting that the New York, Massachusetts & Missouri State Attorney Generals give investors who purchased auction rate securities through Wells Fargo, Openheimer, E-Trade and Raymond James an update as to the status of possible recoveries, from these banks, or stock brokerage firms. Victims of the auction rate securities who have suffered business losses, legal fees or other costs may be entitled to “consequential damages”, according to FINRA. For more information, auction rate securities victims can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or contact them via their web site at http://WallStreetFraudWatchdog.com.

Stock Churning:

The Wall Street Fraud Watchdog is encouraging the adult children or relatives of all US senior citizens to check their stock brokerage, or bank investment advisory services statements, for suspicious trading activity, or high volumes of stock market trades, that do not make sense. The Wall Street Fraud Watchdog is concerned that tens of thousands of US senior citizens had their stock market accounts churned by unscrupulous stock brokers or bank investment advisors in order to get commissions on the trade in 2008. As a result of this, the Wall Street Fraud Watchdog believes that tens of thousands of US senior citizens may have been fleeced out of a large portion of their life savings, or retirement accounts. If an adult child of a US senior citizen believes their parent has been a victim of stock churning on the part of a US stock broker, or bank investment advisor, please call the Wall Street Fraud Watchdog anytime at 866-714-6466, or contact them via their web site at http://WallStreetFraudWatchdog.com

US Mutual Fund Negligence:

To say that most US Mutual Funds have been negligent in the handling of US Mutual Funds, is an all time understatement, according to the Wall Street Fraud Watchdog. Millions of US citizens have seen their life saving vaporize in US Mutual Funds, in the last two years. Was it rocket science to know that share prices in US banks, investment bankers, retailers, homebuilders, machinery manufacturers, auto companies, and other sectors would all plummet, as a result the US real estate implosion? According to the Wall Street Fraud Watchdog, “so what did mutual fund managers do? Watch or stand by as the stock went to zero?” According to the group, “There needs to be accountability on the part of US Mutual Fund Managers, and there needs to be class actions, or lawsuits for this extreme negligence.” If you are a victim of a significant Mutual Fund loss please feel free to contact the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at http://WallStreetFraudWatchdog.com.

The Wall Street Fraud Watchdog is all about investor protection and Wall Street integrity. For more information cheated US, or International Investors can contact the Wall Street Fraud Watchdog anytime, at 866-714-6466 or visit their web site at http://WallStreetFraudWatchdog.com.

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Protecting Your Identity and Peace of Mind: Identity Services and Fraud Expense Coverage Secures Identity, Resolves in Case of Fraud

West Des Moines, Iowa (PRWEB) June 16, 2009

The Federal Trade Commission recently reported that identity theft affected more than 10 million Americans in 2008, making it the fastest-growing crime in the nation. Quick discovery and a rapid response are the crucial first steps.

That’s why Farm Bureau Financial Services has introduced its Identity Services & Fraud Expense Coverage, offering consumers tips and services to help them reduce their risk of identity fraud.

“Farm Bureau Financial Services has addressed this growing risk by offering comprehensive Identity Services and Fraud Expense Coverage, which includes credit monitoring and fraud alerts to help customers be proactive in preventing fraud. It also provides expert identity restoration assistance, and coverage for associated expenses such as attorney fees, loss of wages and child-care costs,” says Susan Halterman, product and data management vice president.

This service and coverage includes credit monitoring and fraud alerts to help customers be proactive in preventing fraud. It also provides expert identity restoration assistance, and coverage for associated expenses such as attorney fees, loss of wages and child-care costs.

“We can help consumers protect more than their home, vehicles and personal belongings – we can help them protect their identity in a convenient and affordable way,” Halterman says.

Farm Bureau’s Member’s Choice policyholders can now receive up to $ 25,000 in reimbursement with this Identity Services and Fraud Expense coverage1. For $ 25 a year, this program provides credit monitoring for two people per household as well as identity theft resolution, and identity document recovery.”

“We are committed to making insurance simple for our customers,” Halterman says. “And this is a product that can provide real peace of mind when it comes to protecting what matters most.”

To learn more about Identity Services and Fraud Expense coverage, or to find an agent near you, visit http://www.fbfs.com. Current Farm Bureau Member’s Choice policyholders can purchase this coverage online or they may contact their agent to add the coverage to their policy.

About Farm Bureau Financial Services

Through an exclusive, multi-state agent force, the companies affiliated with the Farm Bureau Financial Services brand underwrite, market and distribute a broad range of financial services products, including life insurance, investments, annuities, property-casualty insurance products and services and more, to individuals and small businesses within a marketing territory that includes 15 states. For more information about products and services, log on to http://www.fbfs.com or call or visit your local Farm Bureau agent.

1 Identity Services, including Identity Credit Monitoring Services(SM), Identity Theft Resolution(SM) and Identity Document Recovery(SM) are provided by Identity Theft 911, LLC. This coverage can be added to the property or liability section of your Farm Bureau Member’s Choice policy at any time for an additional cost.

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Nevada State Bank Combats Fraud with Launch of Web Site


Las Vegas, NV (PRWEB) August 7, 2009

Nevada State Bank recently teamed up with Frank Abagnale, one of the world’s most respected authorities on embezzlement and identity theft, to help Nevada combat fraud. The bank’s new fraud awareness campaign is designed to protect small-business owners and consumers from the constant threat of fraud and identity theft.

The country’s current economic troubles have created epidemic levels of fraud and identity theft. The numbers are quite staggering:

Fight Fraud and Identity Theft with Strong Passwords: Tips from the Identity Theft Assistance Center and BITS

Washington, DC (PRWEB) October 10, 2012

I TAC, the Identity Theft Assistance Center, and BITS published tips on how consumers can reduce the risk of fraud and identity theft by using stronger passwords.

The passwords you use on your phone, notebook and computer are your first defense against identity thieves, said ITAC President Anne Wallace. Criminals search the Internet to exploit weak passwords and information about you. Strong passwords help you stay one step ahead of crooks and fraudsters.

Financial services companies are working every day to protect customers, their information and their assets, said Paul Smocer, President of BITS. But during October, which is National Cyber Security Awareness Month, we want to get out the word about simple things people can do to protect themselves.

Criminals use a variety of methods to steal passwords. They:

Credit Card Fraud Hits Small Business Hard


Phoenix, Arizona (PRWEB) October 26, 2012

According to a recent MSNBC article published in June 2012, credit card fraud is up 87 percent since 2010, resulting in a total loss of $ 6 billion. While consumers may be more vulnerable to having credit card information stolen, small businesses are often the largest losers in merchant account scams and credit card fraud.

Business owners with merchant accounts have to take care to avoid scams and fraudulent charges, especially since they are responsible for the expenses associated with a chargeback. In addition, the cardholder may be protected from unauthorized transactions, but the merchant must cover the cost of stolen goods and services. Furthermore, a practice known as friendly fraud may happen when a customer charges back a transaction even though they received a product or service with no problems.

According to Jeff Stephan, CEO of Capital Processing Network (CPN), a leading merchant service provider, fraud and scam prevention techniques will reduce credit card fraud. Business owners owe it to themselves to beware of common schemes, and train their employees to look for instances where transactions are not being processed honestly, said Stephan. Additionally, there is the time element required in processing a chargeback and the increased risk category that may raise your credit card processing fees or even cause you to lose your merchant account.

CPN provides customers with the following tip for preventing and avoiding merchant account scams and credit card fraud:

General:

ITAC Announces Results of Child Identity Fraud Survey Report


Washington, DC (PRWEB) December 04, 2012

ITAC, the Identity Theft Assistance Center, today announced the findings of the 2012 Child Identity Fraud Survey Report, conducted by Javelin Strategy & Research and sponsored by ITAC. The survey found that one in 40 households with children under age 18 had at least one child whose personal information was compromised by identity criminals.

This survey provides the first solid, verifiable statistics on the causes and consequences of child identity fraud, said ITAC President Anne Wallace. The results will help ITAC and its government and nonprofit partners improve strategies to prevent and detect child identity fraud and assist victims recover from the crime.

ITAC works closely with BITS, the technology policy division of The Financial Services Roundtable, to educate financial institutions and their customers regarding threats to identity. Financial services companies are often the first to detect and alert customers about fraud, but our goal is to prevent fraud from happening, especially when it involves minors, said BITS President Paul Smocer.

The report surveyed 5,100 U.S. adults with dependents under age 18 to determine the incidence, sources and consequences of the crime. In addition to ITAC, the survey was sponsored by Intersections Inc. (NASDAQ: INTX), a leading provider of consumer and corporate identity theft risk management services, and LexisNexis.

Key Findings