Announcement

Collapse
No announcement yet.

The whole Madoff money dilemma.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    MoviePass from beyond the grave

    The operators of the MoviePass subscription service have agreed to settle Federal Trade Commission allegations they took steps to block subscribers from using the service as advertised, while also failing to secure subscribers’ personal data.

    Under the proposed settlement, MoviePass, Inc., its parent company Helios and Matheson Analytics, Inc. (Helios), and their principals, Mitchell Lowe and Theodore Farnsworth, will be barred from misrepresenting their business and data security practices. In addition, any businesses controlled by MoviePass, Helios, or Lowe must implement comprehensive information security programs.

    “MoviePass and its executives went to great lengths to deny consumers access to the service they paid for while also failing to secure their personal information,” said Daniel Kaufman, the FTC’s Acting Director of the Bureau of Consumer Protection. “The FTC will continue working to protect consumers from deception and to ensure that businesses deliver on their promises.”

    In its complaint, the FTC alleges that MoviePass, Inc.—along with its CEO, Lowe, as well as Helios and Farnsworth, CEO of Helios—deceptively marketed its “one movie per day” service promised to subscribers who paid for its $9.95 monthly service. ...

    According to the FTC, MoviePass’s operators invalidated subscriber passwords while falsely claiming to have detected “suspicious activity or potential fraud” on the accounts. MoviePass's operators did this even though some of its own executives raised questions about the scheme, according to the complaint.

    Comment


      It's nice that the FTC can't fine you for something like that. Could harm businesses.

      Comment


        Yeah, it's kind of crazy how weaksauce the settlement is. What I don't quite get is that as I understand it the FTC can still levy penalties, or at least "refunds", if it goes down certain enforcement routes rather than others. It's not explicitly stated that this was done under the one invalidated by the Supreme Court, and my extremely uneducated reading of the documents suggests it wasn't, but if so then surely they would have sought some sort of financial remedy.

        Comment


          On the plus side, I suppose the details disclosed in the affidavit give ample room for a class action by customers of Moviepass against Helios/Lowe/Farnsworth.

          Comment


            This isn't quite the archetypal retired dentist situation, but doesn't seem far off. Pro tip, do not give people $14m, or even $14, if they promise 100% monthly returns on capital.

            Comment


              That guy really shouldn't be operating on eyes

              Or anything else for that matter

              Comment


                This is probably where the Evergrande stuff should go as well. It is very sad and depressing to learn how employees were convinced to take their bonus as a loan back to their employer at 14% interest and not twig that... something might be up?

                Comment


                  People who bought flats from them too.

                  Sticking senior Western bankers with toxic debt from deals that they helped originate (and received bonuses for) is one thing.

                  This is something else entirely, especially given the lack of sophistication among the customer base.

                  GY has been using Ghost Cities of China for Evergrande, but there are definite Madoff elements as well.

                  Comment


                    Ahhhh - that would make sense. I guess I hadn't even noticed that thread pop up. Lex Foundation sounds profoundly weird and clearly very sketchy.

                    Comment


                      People like the Lex Foundation more often buy incredibly text heavy half or full page ads in the New York Times or Wall Street Journal promoting their plan for world peace.

                      Suing Citi for USD 10 billion is a flex of sorts.

                      Comment


                        This Ozy situation is bananas, especially considering I hadn't even heard of it until the first NY Times story.

                        Comment


                          Was the first NYT story about the GS diligence call?

                          I had never heard of them before I read that story, though I don't think I read it in the Times.

                          Comment


                            Same here. Perhaps an oversimplification, but it seems like he tried to build a network so he could be talkshow host. Sort of like Oprah, but in reverse.

                            Comment


                              Was the first NYT story about the GS diligence call?
                              Yeah. I heard about it from Levine, but the NYT piece has a lot of detail.

                              Comment


                                This is decent on Wirecard as illustrative of structural problems in Germany

                                https://twitter.com/TheresaAFallon/status/1448939202507313173?s=20

                                Comment


                                  That article was very interesting. I didn't know that Germany had a less vibrant global fintech sector than a kerry town that for three days a year worships a goat. I still don't know what wirecard did or what the fraud was though.

                                  Comment


                                    Read back a few pages and it should be clear.

                                    They claimed to be a payment processor.

                                    Comment


                                      Originally posted by The Awesome Berbaslug!!! View Post
                                      That article was very interesting. I didn't know that Germany had a less vibrant global fintech sector than a kerry town that for three days a year worships a goat. I still don't know what wirecard did or what the fraud was though.
                                      Back in 2018 at least, 4G coverage throughout Dublin was looked at as a thing of wonder by the Berliners who were hosting us. Commuting distance outside the capital and broadband was a madman's dream. The last twenty or so years has seen underinvestment in all kinds of German infrastructure, but the middle aged and older decision makers in the Civil Service, Govt and industry seemed massively blind to the possibilities in tech.
                                      Last edited by Lang Spoon; 15-10-2021, 18:30.

                                      Comment


                                        Germany rather famously still uses fax machines.

                                        Comment


                                          That got an airing on second captains this week they are in Berlin and they were talking to two English lads who live there and do a football pod.

                                          Is france still trying to give minitel a go?
                                          Last edited by The Awesome Berbaslug!!!; 15-10-2021, 18:59.

                                          Comment


                                            Didn't have this on my bingo card

                                            One of Austria’s most senior military officials has been removed from a sensitive government position amid concerns over his links to Jan Marsalek, the former chief operating officer of fraudulent payment company Wirecard.

                                            Brigadier Gustav Gustenau was until recently head of the office of security policy within the Austrian ministry of defence — which provides strategic advice for the military leadership and defence minister. He is now undertaking an unspecified research role at the national defence academy.

                                            Four senior ministry and political sources with close knowledge of the decision told the FT the reasons for Gustenau’s removal included concerns over his connections with Marsalek and Russia.

                                            Comment


                                              Was going to post that myself. Also belongs in the WTF thread

                                              Comment


                                                The novichok stuff in particular.

                                                Comment


                                                  I'm sure we had a dedicated cringey corporate songs thread ages ago, but this is as good a place as any for this... thing:

                                                  https://www.fca.org.uk/multimedia/anti-fraud-jingle

                                                  Comment


                                                    Originally posted by Ginger Yellow View Post
                                                    I'm sure we had a dedicated cringey corporate songs thread ages ago, but this is as good a place as any for this... thing:

                                                    https://www.fca.org.uk/multimedia/anti-fraud-jingle
                                                    Very catchy chorus.

                                                    Comment

                                                    Working...
                                                    X