Telegram faces SEC lawsuit for allegedly conducting unregistered digital token offering

SEC-Lawsuit-Telegram

Telegram Group and its wholly-owned subsidiary TON Issuer Inc. are facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for allegedly conducting an unregistered digital token offering or initial coin offering (ICO). On Friday, the SEC announced that it obtained an emergency restraining order against Telegram, which raised $1.7 billion selling its digital token called Grams in the United States and overseas. In its complaint, the securities regulator alleged that Telegram sold approximately 2.9 billion Grams to 171 initial purchasers worldwide. In the United States 39 investors…

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Justice Department Busts Credit Card Laundering Scheme Operator

The Department of Justice (DOJ) busted a former CEO of a credit card processing company for allegedly operating a credit card laundering scheme. The U.S. Attorney for the Southern District of New York, Geoffrey Berman filed a lawsuit against former CardReady CEO Brandon Becker on Friday. In the indictment, the U.S. Attorney alleged that Becker created sham merchant accounts to allow access to a credit card processing system for certain deceptive businesses including a telemarketing scheme. Becker through its telemarketing scheme allegedly bilked more than $19 million from thousands of…

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AdvoCare to pay $150 million for allegedly operating a pyramid scheme

AdvoCare Products

Is AdvoCare International operating a pyramid scheme? The Federal Trade Commission (FTC) said so in its lawsuit against the company, its former CEO Connolly, top promoters Danny and Diane McDaniel and distributors Carlton and Lisa Hardman. AdvoCare is selling weight-management and sports performance products using a multi-level marketing strategy. The company is based in Plano, Texas. Details of the settlement agreement between AdvoCare and FTC On Wednesday, the FTC announced the AdvoCare together with the other defendants agreed to settle its allegations against them and agreed to pay a monetary…

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FDA approves first treatment for children with rare blood vessel diseases

The U.S. Food and Drug Administration (FDA) approved the first treatment for children suffering from rare vasculitis or inflammation of the blood vessels. According to the FDA, Genentech received the approval for Rituxan (rituximab) injection in combination with glucocorticoids (steroid hormones) to treat granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA) in children 2 years of age and older. Granulomatosis with polyangiitis (GPA) formerly known as Wegener’s granulomatosis is a rare disease that causes inflammation of the blood vessels in the nose, sinuses, throat, lungs and kidneys. Microscopic polyangiitis (MPA)…

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Health Officials Warns of Severe Pulmonary Disease Outbreak Linked to E-cigarettes

e-cigarettes-vaping device

Health officials are warning consumers regarding a multistate outbreak of severe pulmonary disease associated with the use of e-cigarettes or vaping devices. E-cigarettes are devices that deliver an aerosol to the user by heating a liquid that usually contains nicotine, flavorings, and other chemicals. Some users use e-cigarette devices for smoking marijuana or other substances. At least 215 possible cases of severe pulmonary disease linked to the use of e-cigarettes have been reported in 25 states as of August 27. An adult in Illinois died of severe respiratory illness following…

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Equifax settlement includes $425 million fund for consumers affected by data breach

Equifax reached a settlement agreement to resolve a nationwide lawsuit filed by the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories. The complaint was related to the 2017 massive data breach that affected approximately 147 million consumers. Details of the settlement agreement Under the settlement agreement, Equifax will pay up to $700 million to resolve the lawsuit as part of the comprehensive settlement with the FTC, CFPB and 50 U.S. states and territories. The settlement includes $425 million fund for consumers affected…

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AbbVie Shares Dive after California Sues Company over Alleged Kickbacks

Abbvie

The shares of AbbVie (NYSE: ABBV) declined almost three percent after the California Department of Insurance (CDI) filed a lawsuit against it. The state regulator alleged the pharmaceutical company gave illegal kickbacks to health care providers for prescribing Humira. Abbvie’s stock price closed at $92.61 per share, down from its opening price of $95.35 per share on Tuesday. Abbvie violated the Insurance Frauds Prevention Act In the lawsuit, Insurance Commissioner Dave Jones accused Abbvie of “systematically and repeatedly violated the Insurance Frauds Prevention Act.” The pharmaceutical company allegedly “engaged in…

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Califonia Gov. Brown Signs Bill Legalizing Side Walk Vending Statewide

Gov. Brown Signs Safe Side Walk Vending Act

California Governor Jerry Brown signed into law a legislation legalizing side walk vending across the state.  Next year, side walk vendors will be able to sell food or other products legally and contribute to the state’s economy. Democratic State Senator Ricardo Lara introduced Senate Bill 946—the Safe Side Walk Vending Act. The newly signed legislation will take effect on January 1, 2019. Under Senate Bill 946, local government cannot prohibit sidewalk vending. It allows municipalities to establish permit programs for side walk vendors and require them to obtain a business…

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