Florida AG, Company Founded By Real Estate Seminar Guru Settle Claims Over Alleged Questionable Practices

In Florida, the South Florida Sun Sentinel reports:

• Florida consumers could receive more than $1 million in reimbursements from a company that state regulators said misrepresented its real estate and investment seminars by promising unrealistic results. [Florida] Attorney General Bill McCollum on Thursday said the state had reached a settlement with Whitney Information Network Inc., which advertises through television infomercials such programs as "Star Trader," "Wealth Builder Workshop" and "Focus on Foreclosure."

For more, see Whitney Information Network settles with state over claims in seminars (Whitney to reimburse clients who claim they were misled).

For Florida AG news release, see Infomercial Company to Modify Business Practices, Reimburse Dissatisfied Customers (Consumers will have collectively received more than $1 million in refunds for non-productive seminars).

In a separate story on company founder Russ Whitney, The News-Press (Southwest Florida) recently reported:

• Russ Whitney, founder of the Cape Coral-based Whitney Information Network, announced his resignation as the company's chief executive officer as of Dec. 31. Whitney, 52, will continue to serve as chairman of the board of directors and will act as an adviser to the company. His resignation was among the recommendations of an internal investigation launched after the company announced a year ago that it was under investigation by the U.S. Attorney for the Eastern District of Virginia and the Securities and Exchange Commission. Federal authorities have refused to comment on those investigations. The company notified the Securities and Exchange Commission in May that its earnings reports have been delayed by the internal investigation.

For more, see Whitney Information Network (7th blurb from the top).