Dinn, Hochman & Potter, LLC
TF: 800-233-4079
L: 440-681-8005

June 2014 Archives

SEC takes on Ohio Ponzi scheme

On May 29, the Securities and Exchange Commission filed a lawsuit against a group of several individuals involved with a Ponzi scheme in Ohio. An Akron-based group, KGTA Petroleum, was reportedly comprised of residents from the northeast area who employed a scheme to fraudulently obtain approximately $21 million from 50 victims. The SEC filed a lawsuit with the U.S District Court for the Northern District of Ohio in an effort to recover restitution for investors and request civil penalties against the defendants.

Security companies reach settlement in patent dispute

A settlement has been reached in the patent dispute between SecureBuy, LLC, and Ohio-based CardinalCommerce Corporation. In November 2013, SecureBuy initiated a lawsuit against Cardinal in a federal court that contested the latter's patents with the U.S. Patent and Trademark Office. Both organizations deal in online security. SecureBuy, a security firm with an emphasis on safeguarding online purchases, has since acknowledged the validity of Cardinal's patents and withdrawn its litigation. The issue concerned Cardinal's inventions concerning the Universal Merchant Platform and its role in authenticating payments on the Internet.

New laws limit townships' authority for economic development

Townships in Ohio that want to expand their economic development zones or make new ones will be subject to new requirements in 2014 due to House Bill 289. People involved with business planning might interested to learn that townships will no longer be able to create joint economic development zones starting January 1, 2015. Existing JEDZs will not be effected. If any townships or municipal corporations wish to make significant amendments to existing zones, such as increasing tax rates, they must do before the end of 2014. New zones should also be formed by the end of the year.

Medical marijuana dispensaries sued for trademark infringement

Ohio business owners may be interested in reading about the latest news involving a trademark infringement lawsuit brought by The Hershey Company in two states. The Hershey Company filed a lawsuit against Seattle Conscious Care Cooperative, a company that sells snacks and sweets containing marijuana. The other federal lawsuit filed by Hershey was in Colorado, the other state to have recently legalized the recreational use of marijuana.

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