Sarelson Law Firm

A Single Privacy Policy for Google

February 13th, 2012

Google has announced it will be combining the majority of its products under one privacy policy, allowing a “simpler, more intuitive” experience for its users.

As an example, Google says that it will take into consideration the context of searches based on the user information and activities. If you are an import car enthusiast, Google will skew the results of a search for “Jaguar” towards cars instead of the large cat. With Google Docs or Gmail, auto correct might suggest spellings based on prior content you had created.

According to a video created by Google, “It may even be able to tell you when you’ll be late for a meeting based on your location, your calendar and local weather conditions. All of which means we’re not just keeping your private stuff private. We’re making it more useful to you in your daily life too.”

It is unclear how the new policy will allow Google to cross-pollinate information, as the company has already been doing so for some time.

Executive director of the Electronic Privacy Information Center (EPIC), Mark Rotenberg, is worried the changes will lead to a further erosion of user privacy.

“These privacy policy consolidations have always led to a lowering of overall privacy standards,” he said. “That was the exact experience with the Gmail privacy policy when Google Buzz was introduced.”

It will be interesting to see how Google’s plans will unfold, and what kind of consumer protection backlash the company will have to deal with when they do.

Sarelson Law Firm – Miami litigation attorneys

 

Ponzi Scheme for $4 Million

February 10th, 2012

An Oceanside, New York woman has been indicted for operating Ponzi schemes that defrauded investors of more than $4 million, according to the North Country Gazette.

Prosecutors say Laurie Schneider, 37, began accepting money from individuals seeking a return on their investment in September 2006.

One of her schemes involved a shell company incorporated as Janitorial Close-Out City Corp. Schneider allegedly informed potential investors that the company invested in industrial equipment and machinery manufactured by companies in China. According to prosecutors, Schneider personally guaranteed specified positive rates of return as high as 60 percent, saying she had a business contact who had strong relationships with companies in China. This would allow her to buy the industrial equipment and machinery at wholesale prices, which Janitorial Close-Out would resell in the United States at a 15 to 60 percent profit over a nine to 18-month period.

Schneider never actually bought or sold any equipment, according to authorities. Instead, she paid longer-standing investors out of the money given to her by new investors. The government estimates she defrauded over 25 investors of more than $4 million, and more than $5 million in related schemes.

If convicted, Schneider faces up to 20 years’ imprisonment on each of three counts of wire fraud.

Sarelson Law Firm – Miami litigation lawyers

 

Who is Bernie Madoff?

February 9th, 2012

Bernie Madoff is a name that will go down in the history books for fraud. Perpetrator of the largest Ponzi scheme in history, Madoff swindled thousands of investors out of billions of dollars. Madoff is now serving a 150-year sentence.

Madoff had been a prominent member of the securities industry throughout his career. According to SEC.gov, he served as vice chairman of the NASD, a member of its board of governors and a chairman of its New York region. He was also a member of NASDAQ Stock Market’s board of governors and its executive committee and served as chairman of its trading commission.

Madoff created a unique kind of Ponzi scheme. Instead of promising high short-term investment returns, he created phony investor account statements showing moderate, consistently positive returns, even during turbulent market conditions.

In December 2008, the SEC charged Madoff and his firm with securities fraud for the multi-billion dollar Ponzi scheme he perpetrated on advisory clients of his firm. Though Madoff claims the scheme began in the 1990s, investigators believe the fraud began as early as the 1970s. The amount missing from client accounts was almost $65 billion, though the court-appointed trustee estimated actual losses to investors of $18 billion.

The Sarelson Law Firm – Miami litigation lawyers