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Troutman Sanders
CFPB Orders Credit Card Lender to Refund Millions to Consumers and Pay Civil Penalty

by Tim J. St. George , David M. Gettings and David N. Anthony Last week, the Consumer Financial Protection Bureau ordered Continental Finance Company LLC, a credit card lender, to refund an estimated $2.7 million to approximately 98,000 consumers....

Jordan D. Maglich
Hong Kong Bitcoin Exchange Suspected of $387 Million Ponzi Scheme

A Hong Kong Bitcoin exchange that promised sky-high returns by purportedly engaging in bitcoin trading has reportedly closed its doors, leading to rampant speculation that the company may have been operating a massive Ponzi and/or pyramid scheme. Bitcoin...

Jordan D. Maglich
Rothstein's "Independent Asset Verifier" Indicted On Wire Fraud Charges

A south Florida investment advisor who purportedly served as an "independent asset verifier" for investors in Scott Rothstein's massive $1.2 billion Ponzi scheme has been indicted on a dozen fraud charges. Michael Szafranski, 36, faces one...

Mona Shah & Yi Song
Senator Tom Coburn’s Report Irrationally Condemns the EB-5 Program

At the end of January, 2015, US Senator Tom Coburn’s office issued an internal report assessing the mission and performance of the Department of Homeland Security. It is no secret that Senator Tom Coburn, a former Ranking Member of Committee on...

Tags: EB-5 program
Jordan D. Maglich
Venezuelan Hedge Fund Manager Gets 13 Years For $723 Million Ponzi Scheme

A Venezuelan-American hedge fund manager's plea for leniency that he was "certainly not Bernie Madoff" backfired when a federal judge sentenced him to serve 13 years in federal prison. Francisco Illarramendi received the sentence from U...

Ballard Spahr LLP
FTC Announces Settlement of First Actions Against Auto Title Lenders

The Federal Trade Commission recently announced that it has entered into proposed settlements with two auto title lenders that were charged with deceptive advertising in violation of Section 5 of the FTC Act and the Truth in Lending Act. According to...