law

A Los Angeles area man and his son were sentenced to 12 years hard-time each this week for their involvement in a telemarketing scam.

Richard Cohen, of Sherman Oaks pleaded guilty to over 20 felony counts of fraud. He and his son formed numerous LLC’s with names such as Rig Leasing Inc. and Mintech International, then called people around the country claiming the companies were valuable and had stock for sale at a discount. But the companies had no value and provided no services, and their stock certificates were worthless. Cohen and his son did this for ten years, and bilked investors of around forty million dollars.

Investigation into the pair and their workers determined the companies and their stock to be fraudulent, and most of the money taken from victims was used to fund the Cohen’s lavish lifestyles, which included a mansion in Calabasas and luxury cars. One of their co-conspirators, a Josh Hoffman of Malibu, was sentenced to five years in prison. Mr. Hoffman told “investors” they were purchasing advertisements in reputable magazines.

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A class-action suit was filed in San Francisco last Thursday claiming Shell Vacations charged thousands of dollars for “points” sold on Ebay for $1.
Shell Vacations Club, which has resorts all over the United States and Canada, was charged with false advertising and scamming consumers.They claimed timeshares were purchased at a “fixed cost,” there were “thousands of dollars in hidden fees” and “price increases.”

Plaintiffs purchased 2,500 points they thought they could use towards vacations all over the United States at the many SVC resorts, at a price of $14,224. They then found Ebay links to 9,700 points for $1.

Upon further internet research, a complaint from a consumer not familiar with the case read: “In the next 10 years we will be paying $50,000 to go on vacation 10 times, and that only covers the condo, not airfare, etc,” one man wrote on an online complaint forum, according to the complaint. “How is that a great investment?” Another complaint cited “”one unpleasant surprise after another” and “many lies and conveniently concealed information.”

The plaintiffs seek damages for breach of contract, breach of faith, fraud, false promises deceptive business practices and negligent misrepresentation.

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The Wynn Macau.

Steven Wynn, the billionaire co-founder of Wynn Resorts, is getting sued by Kazuo Okada, the man who helped him start his company.

This comes less than three years after his messy 2009 divorce with wife Elaine Wynn. That resulted in her owning half of his shares in Wynn Resorts.

On January 11th Okada filed a case in Clark County, Nevada demanding access to the company’s financial records. He claims the company donated $135 million to the University of Macao, which Okada said was politically motivated.

The donation is the largest ever made in the history of any company listed on the Hong Kong stock market.

According to Okada, he spearheaded Wynn’s lucrative mood to Macau, a former Portuguese colony on China’s mainland near Hong Kong.
Mr. Okada alleges the real purpose of the large gift is a renewal of Wynn’s gaming license with the protectorate.

Mr. Wynn’s lawyers claim this is merely a money grab my Mr. Okada, who was fired from the resort’s board October 2011.

In 2008, Mr. Okada sought to open a casino in the Philippines on his own. Wynn fought bitterly against the proposal, saying it would take business away from

Macao is the fastest growing casino market in the world. In 2002 its gambling revenues totaled $2.8 billion; last year they were $33.5 billion — more than three times the revenues in all of Nevada.

Wynn’s official press release regarding the matter can be found here. Wynn Las Vegas and Wynn Macau regularly receive A-list celebrities and hundreds of thousands of visitors every year.

Okada is the already the highest percentage shareholder of Wynn Resorts at 20%. Wynn Resorts was up one cent to $39.89 during daily trading as of the time of this posting.

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