FRAUD I CORONAVIRUS FRAUD SCHEMES I FINANCIAL FRAUD I INVESTOR FRAUD I COVID-19 SCAMS – Recent Coronavirus Pandemic Financial Fraud Scheme and Securities Investor Fraud December 2, 2020 Since the onset of the Covid-19 pandemic, the California Department of Financial Protection and Innovation has seen a forty percent increase in consumer fraud complaints and inquires. The majority of these complaints relate to financial fraud. Specifically, the department has seen an inflow of complaints related to mortgage fraud, student loan and personal loan fraud, and questionable investments or other forms of investor fraud. To shed better perspective on this increase from March 2020 to June 2020 the fraud complaints have increased as follows: • 37% increase of Online Portal Consumer Fraud Complaints (588 per month) • 86% increase of Email Consumer Fraud Complaints (2,400 per month) • 22% increase of Phone call Consumer Fraud Complaints (3,100 per month) As discussed in previous articles the coronavirus pandemic has unleashed unprecedented numbers of fraud scams. Discussed below is one of the most recent financial fraud schemes surfacing following the pandemic. Securities Fraud: “pump-and-dump” fraud scam promoting inaccurate information as to biotech companies in relation to the coronavirus pandemic. The Securities and Exchange Commission issued an order of suspension of trading of the securities of Arrayit Corporation earlier this year in favor of the public interest and the protection of investors. Per the order the trading suspension was issued “because of questions regarding the accuracy and adequacy of publicly-available information concerning Arrayit Corporation, including: (a) its financial condition and its operations, if any, in light of the absence of any public disclosure by the Company since 2015, and (b) information in the marketplace since at least March 2, 2020, claiming the Company developed an approved COVID-19 blood test.” In short the company fraudulently claimed that they developed a “Coronavirus blood test”, these misrepresentations were done with the intent to lure investors. Investigations revealed that these false representations and fraudulent tactics generated over $137,000 of unlawful stock sales leaving investors with nearly worthless stocks. This is a link to the actual “Order of Suspension of Trading”. For further articles discussing the unprecedented increase in fraud during Covid please see the links below: • FRAUD I CORONAVIRUS FRAUD SCHEMES I COVID-19 SCAMS – Congress And US Department Of Justice Respond To Coronavirus Fraud And Abuse Of The CARES Act http://dianalegal.com/fraud-i-coronavirus-fraud-schemes-i-covid-19-scams-congress-and-us-department-of-justice-respond-to-coronavirus-fraud-and-abuse-of-the-cares-act/ • FRAUD I CORONAVIRUS FRAUD I COVID-19 SCAMS – SCAMS AND FRAUDULENT PLOYS AMID CORONAVIRUS PANDEMIC http://dianalegal.com/fraud-i-coronavirus-fraud-i-covid-19-scams-scams-and-fraudulent-ploys-amid-coronavirus-pandemic/ • FRAUD I CORONAVIRUS FRAUD SCHEMES I COVID-19 SCAMS – THE CORONAVIRUS CRISIS HAS CREATED AN INCREASE IN FRAUD AND THE FTC IS WARNING CONSUMERS: http://dianalegal.com/fraud-i-coronavirus-fraud-schemes-i-covid-19-scams-the-coronavirus-crisis-has-created-an-increase-in-fraud-and-the-ftc-is-warning-consumers/ • FRAUD I CORONAVIRUS FRAUD SCHEMES I COVID-19 SCAMS – FRAUDULENT CORONAVIRUS “POP-UP” TESTING SITES: http://dianalegal.com/fraud-i-coronavirus-fraud-schemes-i-covid-19-scams-fraudulent-coronavirus-pop-up-testing-sites/ • FRAUD I CORONAVIRUS FRAUD I SAN DIEGO I COVID-19 SCAMS – SAN DIEGO PHYSICIAN MARKETING CORONAVIRUS “MIRACLE CURE” DRUGS IS CHARGED WITH MAIL FRAUD: http://dianalegal.com/fraud-i-coronavirus-fraud-i-san-diego-i-covid-19-scams-san-diego-physician-marketing-coronavirus-miracle-cure-drugs-is-charged-with-mail-fraud/ • FRAUD I CORONAVIRUS FRAUD SCHEMES I COVID-19 SCAMS – FTC’S ADVISORY ON HOW TO AVOID CORONAVIRUS FRAUD SCAMS: http://dianalegal.com/fraud-i-coronavirus-fraud-schemes-i-covid-19-scams-ftcs-advisory-on-how-to-avoid-coronavirus-fraud-scams/ For further articles discussing Coronavirus and Employment please see the links below: • WRONGFUL TERMINATION I EMPLOYMENT I CORONAVIRUS – TERMINATED IN VIOLATION OF CALIFORNIA’S STAY-AT-HOME ORDER: http://dianalegal.com/wrongful-termination-i-employment-i-coronavirus-terminated-in-violation-of-californias-stay-at-home-order/ • WRONGFUL TERMINATION I EMPLOYMENT I CORONAVIRUS – CALIFORNIA EMPLOYEES WRONGFULLY TERMINATED BECAUSE OF COVID-19: http://dianalegal.com/WRONGFUL-TERMINATION-I-EMPLOYMENT-I-CORONAVIRUS-CALIFORNIA-EMPLOYEES-WRONGFULLY-TERMINATED-BECAUSE-OF-COVID-19/ • WRONGFUL TERMINATION I EMPLOYMENT I CORONAVIRUS – Legal Questions About Coronavirus and Employment: http://dianalegal.com/wrongful-termination-i-employment-i-coronavirus-legal-questions-about-coronavirus-and-employment/ • WRONGFUL TERMINATION I CORONAVIRUS – Employees Bringing An Action For Wrongful Termination Because Of The Coronavirus: http://dianalegal.com/wrongful-termination-i-coronavirus-employees-bringing-an-action-for-wrongful-termination-because-of-the-coronavirus/ Articles discussing Financial Fraud as it relates to breach of Fiduciary Duties please see the articles listed below: • FRAUD I BREACH OF FIDUCIARY DUTY – What Fiduciary Duties Are Owed? A Fiduciary Owes The Duty Of Undivided Loyalty. What Happens If A Fiduciary Breaches Their Duty Of Undivided Loyalty? http://dianalegal.com/fraud-i-breach-of-fiduciary-duty-what-fiduciary-duties-are-owed-a-fiduciary-owes-the-duty-of-undivided-loyalty-what-happens-if-a-fiduciary-breaches-their-duty-of-undivided-loyalty/ • FRAUD I BREACH OF FIDUCIARY DUTY – What Fiduciary Duties Are Owed? A Fiduciary Owes The Duty To Use Reasonable Care. What Happens If A Fiduciary Breaches Their Duty To Use Reasonable Care? http://dianalegal.com/fraud-i-breach-of-fiduciary-duty-what-fiduciary-duties-are-owed-a-fiduciary-owes-the-duty-to-use-reasonable-care-what-happens-if-a-fiduciary-breaches-their-duty-to-use-reasonable-care/ • FRAUD I BREACH OF FIDUCIARY DUTY – What Is A Fiduciary Duty? What Does A Breach Of Fiduciary Duty Mean? What Is A Fiduciary? http://dianalegal.com/fraud-i-breach-of-fiduciary-duty-what-is-a-fiduciary-duty-what-does-a-breach-of-fiduciary-duty-mean-what-is-a-fiduciary/ For other articles discussing the various causes of action for Fraud in California, links are included below: • FRAUD – What Constitutes Fraud In California? What Does A Cause Of Action For Fraud By Intentional Misrepresentation In California Mean? http://dianalegal.com/fraud-what-constitutes-fraud-in-california-what-does-a-cause-of-action-for-fraud-by-intentional-misrepresentation-in-california-mean/ • FRAUD – WHAT CONSTITUTES FRAUD IN CALIFORNIA? WHAT DOES A CAUSE OF ACTION FOR FRAUD BY FALSE PROMISE IN CALIFORNIA MEAN?: http://dianalegal.com/FRAUD-WHAT-CONSTITUTES-FRAUD-IN-CALIFORNIA-WHAT-DOES-A-CAUSE-OF-ACTION-FOR-FRAUD-BY-FALSE-PROMISE-IN-CALIFORNIA-MEAN/ • FRAUD VIA FALSE PROMISE OR PROMISSORY FRAUD: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-fraud-via-false-promise-or-promissory-fraud/ • INTENTIONAL FRAUD AND DECEIT is embedded herein: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-intentional-fraud-and-deceit/ • CONVERSION OR BREACH OF FIDUCIARY DUTY http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-conversion-or-breach-of-fiduciary-duty/ • FRAUDULENT CONCEALMENT OR CONCEALMENT FRAUD: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-fraudulent-concealment-or-concealment-fraud/ • FRAUD – What Constitutes Fraud In California? What Does A Cause Of Action For Fraud By Concealment In California Mean? http://dianalegal.com/fraud-what-constitutes-fraud-in-california-what-does-a-cause-of-action-for-fraud-by-concealment-in-california-mean/ • FRAUD – Legal Liability For Fraud – Civil Tort For Conversion Or Breach Of Fiduciary Duty: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-conversion-or-breach-of-fiduciary-duty/ • CONSTRUCTIVE FRAUD OR NEGLIGENT MISREPRESENTATION is embedded herein: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-constructive-fraud-or-negligent-misrepresentation/ • CORPORATE LAW – Corporations Claiming Personhood And Fiduciary Duties: http://dianalegal.com/corporate-law-corporations-claiming-personhood-and-fiduciary-duties/ Our articles discussing Fraud verdicts in California are included below: • BREACH OF CONTRACT I FRAUD I VERDICT – Homeowner Recovers $1.63 Million In Damages Against Mortgage Fraud Broker In Fraud, Negligent Misrepresentation, Breach Of Fiduciary Duty Action: http://dianalegal.com/breach-of-contract-i-fraud-i-verdict-homeowner-recovers-1-63-million-in-damages-against-mortgage-fraud-broker-in-fraud-negligent-misrepresentation-breach-of-fiduciary-duty-action/ • BREACH OF CONTRACT I BUSINESS LAW – FRAUD DAMAGES IN BREACH OF CONTRACT – COMPANY FAILS TO PAY FORMER PRESIDENT’S SHARES, PRESIDENT SECURES VERDICT FOR $553,000: http://dianalegal.com/breach-of-contract-i-business-law-fraud-damages-in-breach-of-contract-company-fails-to-pay-former-presidents-shares-president-secures-verdict-for-553000/ • FRAUD I BREACH OF FIDUCIARY – Drew Brees Alleges Breach Of Fiduciary Duty Against SD Jeweler Vahid Moradi: http://dianalegal.com/fraud-i-breach-of-fiduciary-drew-brees-alleges-breach-of-fiduciary-duty-against-sd-jeweler-vahid-moradi/ • FRAUD I BREACH OF FIDUCIARY – Jury awards Brees $6 million in Jewelry Fraud Lawsuit: http://dianalegal.com/fraud-i-breach-of-fiduciary-jury-awards-brees-6-million-in-jewelry-fraud-lawsuit/ • BREACH OF CONTRACT I FRAUD I VERDICT – Homeowner Recovers $1.63 Million In Damages Against Mortgage Fraud Broker In Fraud, Negligent Misrepresentation, Breach Of Fiduciary Duty Action: http://dianalegal.com/breach-of-contract-i-fraud-i-verdict-homeowner-recovers-1-63-million-in-damages-against-mortgage-fraud-broker-in-fraud-negligent-misrepresentation-breach-of-fiduciary-duty-action/ • FRAUD – Legal Liability for Fraud – Civil Tort for Conversion or Breach of Fiduciary Duty: http://dianalegal.com/fraud-legal-liability-for-fraud-civil-tort-for-conversion-or-breach-of-fiduciary-duty/ Our articles discussing Fraud damages in California are included below: • FRAUD I DAMAGES I CIVIL LITIGATION – Punitive Damages Vs. Compensatory Damages: http://dianalegal.com/fraud-i-damages-i-civil-litigation-punitive-damages-vs-compensatory-damages/ • FRAUD I DAMAGES I CIVIL LITIGATION – What Are Punitive Damages? http://dianalegal.com/fraud-i-damages-i-civil-litigation-what-are-punitive-damages/ Our articles discussing Recovery from the Victims Of Corporate Fraud Compensation Fund of California are linked below: • BUSINESS FRAUD I CORPORATE FRAUD – Payment From The Victims Of Corporate Fraud – VCFCF: Victims Of Corporate Fraud Compensation Fund: http://dianalegal.com/business-fraud-i-corporate-fraud-payment-from-the-victims-of-corporate-fraud-vcfcf-victims-of-corporate-fraud-compensation-fund/ • BUSINESS FRAUD I CORPORATE FRAUD I DAMAGES – Compensation For “Aggrieved Person” Who Has Obtained A “Final Judgment” Against A Corporation Based Upon The Corporation’s Fraud, Misrepresentation Or Deceit – VCFCF: Victims Of Corporate Fraud Compensation Fund: http://dianalegal.com/business-fraud-i-corporate-fraud-i-damages-compensation-for-aggrieved-person-who-has-obtained-a-final-judgment-against-a-corporation-based-upon-the-corpor/ If you or someone you know has fallen victim to a Coronavirus fraud scam, Consumer Fraud scheme or investor fraud we encourage you to call our offices today at 619-432-5145 for a free consultation with one of our Fraud Attorneys and Covid-19 Fraud Lawyers. [contact-form-7 id="1201" title="Wrongful Termination"] TAGS: California Investment Attorney, San Diego Investment Attorney, California Fraud Attorney, San Diego Fraud Attorney, Foreign Direct Investment Counsel, FDI in California, Foreign Direct Investment Attorney, Foreign Direct Investment Lawyer, Attorney, Securities Fraud Lawyer, Financial Elder Abuse, Elder Abuse Fraud, Ponzi Scheme Attorney, Scams and Fraud; California Fraud Attorney, San Diego Fraud Attorney, Fraud by making false representations, Intentional Failure to disclose, Contract induced by fraud, False representations in contracts, Fraudulent Inducement in Investments, Fraudulent tactics in Investment transactions, Fraudulent Agreements, misappropriation of funds, financial mismanagement, misappropriation of funds attorney, financial mismanagement attorney, San Diego Breach of Fiduciary Attorney, California Fiduciary Attorney, San Diego Fiduciary Attorney, California Fiduciary Lawyer, San Diego Fiduciary Lawyer, Breach of Fiduciary, WHAT IS FRAUD, Is Fraud Civil, What is Fraud Litigation, Fraud Litigation, A Civil Fraud Claim, Fraud Claim, Legal Liability for Fraud, constructive fraud, negligent misrepresentation, concealment fraud, fraudulently concealment, Intentional Fraud and Deceit, Promissory Fraud, False Promise, Conversion or breach of fiduciary, What Constitutes Fraud in California, What does a Cause of Action for Fraud by False Promise in California Mean, What is a Cause of Action for Fraud in California, What is a Fiduciary Duty?, What is a Breach of Fiduciary Duty?, What is a Fiduciary?, What Duties are owed? Fiduciary owes the Duty to use Reasonable Care, What happens if a fiduciary breaches their duty to use Reasonable Care, A Fiduciary owes the Duty of Undivided Loyalty, What happens if a fiduciary breaches their duty of Undivided Loyalty, What Is a Duty of Confidentiality, A Fiduciary owes a Duty of Confidentiality, What happens if Defendant breaches the Duty of Confidentiality, Coronavirus and fraud, abuse of unemployed workers, Covid-19 fraud, Covid-19 scam, Coronavirus Scam, Increase in Fraud During Coronavirus, Increase in Fraud During Covid-19, CORONAVIRUS FRAUD SCHEMES, COVID-19 SCAMS, CORONAVIRUS SCAMS, Securities fraud, Investor fraud,

FRAUD I CORONAVIRUS FRAUD SCHEMES I FINANCIAL FRAUD I INVESTOR FRAUD I COVID-19 SCAMS – Recent Coronavirus Pandemic Financial Fraud Scheme and Securities Investor Fraud

FRAUD I CORONAVIRUS FRAUD SCHEMES I FINANCIAL FRAUD I INVESTOR FRAUD I COVID-19 SCAMS – Recent Coronavirus Pandemic Financial Fraud Scheme and Securities Investor Fraud

December 2, 2020

Since the onset of the Covid-19 pandemic, the California Department of Financial Protection and Innovation has seen a forty percent increase in consumer fraud complaints and inquires.  The majority of these complaints relate to financial fraud.  Specifically, the department has seen an inflow of complaints related to mortgage fraud, student loan and personal loan fraud, and questionable investments or other forms of investor fraud. To shed better perspective on this increase from March 2020 to June 2020 the fraud complaints have increased as follows:

  • 37% increase of Online Portal Consumer Fraud Complaints (588 per month)
  • 86% increase of Email Consumer Fraud Complaints (2,400 per month)
  • 22% increase of Phone call Consumer Fraud Complaints (3,100 per month)

As discussed in previous articles the coronavirus pandemic has unleashed unprecedented numbers of fraud scams.  Discussed below is one of the most recent financial fraud schemes surfacing following the pandemic.

Securities Fraud: “pump-and-dump” fraud scam promoting inaccurate information as to biotech companies in relation to the coronavirus pandemic.

The Securities and Exchange Commission issued an order of suspension of trading of the securities of Arrayit Corporation earlier this year in favor of the public interest and the protection of investors. Per the order the trading suspension was issued “because of questions regarding the accuracy and adequacy of publicly-available information concerning Arrayit Corporation, including: (a) its financial condition and its operations, if any, in light of the absence of any public disclosure by the Company since 2015, and (b) information in the marketplace since at least March 2, 2020, claiming the Company developed an approved COVID-19 blood test.” In short the company fraudulently claimed that they developed a “Coronavirus blood test”, these misrepresentations were done with the intent to lure investors.

Investigations revealed that these false representations and fraudulent tactics generated over $137,000 of unlawful stock sales leaving investors with nearly worthless stocks.  This is a link to the actual “Order of Suspension of Trading”.

For further articles discussing the unprecedented increase in fraud during Covid please see the links below: 

For further articles discussing Coronavirus and Employment please see the links below: 

Articles discussing Financial Fraud as it relates to breach of Fiduciary Duties please see the articles listed below:

For other articles discussing the various causes of action for Fraud in California, links are included below:

Our articles discussing Fraud verdicts in California are included below:

Our articles discussing Fraud damages in California are included below:

Our articles discussing Recovery from the Victims Of Corporate Fraud Compensation Fund of California are linked below:

If you or someone you know has fallen victim to a Coronavirus fraud scam, Consumer Fraud scheme or investor fraud we encourage you to call our offices today at 619-432-5145 for a free consultation with one of our Fraud Attorneys and Covid-19 Fraud Lawyers.

    Diana Legal