Hagens Berman Blog

Whistleblower News: Price Gouging, Penny Stocks, Ponzi Scheme

03/26/2020

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Do more to stop coronavirus price gouging, U.S. states tell Amazon, Walmart, Facebook

REUTERS

A group of 32 U.S. states have a message for the nation’s leading online platforms: You are not doing enough to stop price gouging amid the coronavirus crisis.

In a letter sent on Wednesday to Amazon.com Inc, Walmart Inc, Facebook Inc and eBay Inc a bipartisan group of U.S. attorneys general outlined specific steps it wants the online platforms to take to end this practice. read more »

SEC Charges Unregistered Penny Stock Dealer

SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission today announced charges against Justin W. Keener d/b/a JMJ Financial for failing to register as a securities dealer with the SEC. Keener allegedly bought and sold billions of newly issued shares of penny stock, generating millions of dollars in profits. read more »

Pennsylvania Attorney Indicted for Role in $2.7 Million Ponzi Scheme

DEPARTMENT OF JUSTICE

An Allentown, Pennsylvania, attorney has been charged for his role in a $2.7 million investment fraud scheme that victimized his law clients, according to a superseding indictment that was unsealed Monday.

According to the superseding indictment, from 2012 through 2019, Lahr conspired with others to perpetrate a securities fraud scheme targeting his own law clients, which involved the fraudulent sale of the securities of two entities, THL Holdings LLC and Ferran Global Holdings Inc.  Lahr used investor funds to finance his own lifestyle, paying his home mortgage, his child’s school tuition, utility bills and other personal debts.  He allegedly perpetuated the scheme by using money that he received from new investors to pay money owed to other investors in the scheme.

Total investor losses are estimated to be over $2.7 million, according to the indictment. read more »