Blog by Bill Singer Esq WEEK IN REVIEW

December 12, 2020
Time to break up Facebook? Veteran lawyer Aegis Frumento isn't ready to jump on that bandwagon. For those arguing that the antitrust cases against Facebook are what's best for the consumer, Aegis asks whether Instagram and WhatsApp would have been better consumer products had they been left independent -- and reminds us that Facebook is essentially free to the consumer. Aegis asks us to weigh the value of a free consumer service against the cost to society of same. Very Zen like. A wonderful exercise in antitrust law and theory.
A recent bout of federal litigation largely turned on the meaning and interpretation of the word "direct." At stake was a brokerage firm's demand for reimbursement by its insurance company of $2.3 million in settlements paid to customers victimized by a stockbroker's fraud. It's the stuff of lawsuits, settlements, and legal fees. In the end, we get a fascinating glimpse into the machinations of legal analysis and the dissection of contracts. romance scam/
Fortune Aikorogie is a catcher. No, not the guy behind home plate. Aikorogie was the guy who opened bank accounts for a conspiracy involving a so-called romance scam. At first blush, it sounds somewhat harmless. Upon investigation, however, it is horrifying. Seven victims. A 72-year-old widow with advanced Parkinson's disease.  A 79-year-old retiree. $188,600 in fraud. And perhaps the worst horror of all is the apparent slap on the wrist meted out to Aikorogie.
We got a restaurant owner and several customers, and one of the customers, Felix, a stockbroker, has a son, Derek, also a stockbroker, who runs a sports ticket business. I'll take fries with that. Also a dill pickle. Oh, and I'd like a side order of promissory notes from Felix's kid Victor. $1.2 million in losses later, the check arrives and the finger-pointing begins.