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IRS Can’t Prevent Identity Theft
It appears that the Internal Revenue Service may not be able to prevent identity theft, according to a Government Accountability Office Report taxpayer identity theft is escalating even though the IRS has taken steps to try to prevent it.
Apparently, the IRS has identified 248,357 instances of such theft in 2010, compared with 169,087 in 2009 and 51,702 in 2008.
There was no indication in the GAO report on how much money was stolen as a result of identity theft.
Identity theft occurs when a thief obtains a taxpayer’s name and Social Security number, then files a return
claiming a refund at the beginning of tax season before the real taxpayer files their return.
“Employment fraud, an identity thief uses a taxpayer’s name and SSN to obtain a job. When the thief’s employer reports income to IRS, the taxpayer appears to have unreported income on his or her return, leading to enforcement action.”
“IRS’s ability to address identity theft issues is constrained by (1) privacy laws that limit IRS’s ability to share identity theft information with other agencies; (2) the timing of fraud detection–more than a year may have passed since the original fraud occurred; (3) the resources necessary to pursue the large volume of potential criminal refund and employment fraud cases; and (4) the burden that stricter screening would likely cause taxpayers and employers since more legitimate returns would fail such screening.”
For the full report for the GAO visit: http://www.gao.gov/new.items/d11674t.pdf
Your Identity is Important
Now it’s time to protect yourself by getting the experts on your side so you can fight back against one of the fastest growing crimes in North America with the Identity Theft ShieldSM offered by Pre-Paid Legal Services, Inc. It’s so affordable and easy to use our services are available to those in the U.S. and Canada. Please contact me if you have any questions.
LifeLock Identity Theft Company pays $11 million to Federal Trade Commission (FTC)
For Release: 03/09/2010
LifeLock Will Pay $12 Million to Settle Charges by the FTC and 35 States That Identity Theft Prevention and Data Security Claims Were False.
LifeLock, Inc. has agreed to pay $11 million to the Federal Trade Commission and $1 million to a group of 35 state attorneys general to settle charges that the company used false claims to promote its identity theft protection services, which it widely advertised by displaying the CEO’s Social Security number on the side of a truck.
In one of the largest FTC-state coordinated settlements on record, LifeLock and its principals will be barred from making deceptive claims and required to take more stringent measures to safeguard the personal information they collect from customers.
“While LifeLock promised consumers complete protection against all types of identity theft, in truth, the protection it actually provided left enough holes that you could drive a truck through it,” said FTC Chairman Jon Leibowitz.
“This agreement effectively prevents LifeLock from misrepresenting that its services offer absolute prevention against identity theft because there is unfortunately no foolproof way to avoid ID theft,” Illinois Attorney General Lisa Madigan said. “Consumers can take definitive steps to minimize the chances of having their personal information stolen, and this settlement will help them make more informed decisions about whether to enroll in ID theft protection services.”
Since 2006, LifeLock’s ads have claimed that it could prevent identity theft for consumers willing to sign up for its $10-a-month service.
According to the FTC’s complaint, LifeLock has claimed:
“By now you’ve heard about individuals whose identities have been stolen by identity thieves . . . LifeLock protects against this ever happening to you. Guaranteed.”
“Please know that we are the first company to prevent identity theft from occurring.”
“Do you ever worry about identity theft? If so, it’s time you got to know LifeLock. We work to stop identity theft before it happens.” The FTC’s complaint charged that the fraud alerts that LifeLock placed on customers’ credit files protected only against certain forms of identity theft and gave them no protection against the misuse of existing accounts, the most common type of identity theft. It also allegedly provided no protection against medical identity theft or employment identity theft, in which thieves use personal information to get medical care or apply for jobs. And even for types of identity theft for which fraud alerts are most effective, they do not provide absolute protection. They alert creditors opening new accounts to take reasonable measures to verify that the individual applying for credit actually is who he or she claims to be, but in some instances, identity thieves can thwart even reasonable precautions.
New account fraud, the type of identity theft for which fraud alerts are most effective, comprised only 17 percent of identity theft incidents, according to an FTC survey released in 2007.
The FTC’s complaint further alleged that LifeLock also claimed that it would prevent unauthorized changes to customers’ address information, that it constantly monitored activity on customer credit reports, and that it would ensure that a customer always would receive a telephone call from a potential creditor before a new account was opened. The FTC charged that those claims were false.
In addition to its deceptive identity theft protection claims, LifeLock allegedly made claims about its own data security that were not true. According to the FTC, LifeLock routinely collected sensitive information from its customers, including their social security numbers and credit card numbers. The company claimed:
“Only authorized employees of LifeLock will have access to the data that you provide to us, and that access is granted only on a ‘need to know’ basis.”
“All stored personal data is electronically encrypted.”
“LifeLock uses highly secure physical, electronic, and managerial procedures to safeguard the confidentiality and security of the data you provide to us.” The FTC charged that LifeLock’s data was not encrypted, and sensitive consumer information was not shared only on a “need to know” basis. In fact, the agency charged, the company’s data system was vulnerable and could have been exploited by those seeking access to customer information.
The FTC and state settlements with LifeLock bar deceptive claims, and prohibit the company from misrepresenting the “means, methods, procedures, effects, effectiveness, coverage, or scope of any identity theft protection service.” They also bar misrepresentations about the risk of identity theft, and the manner and extent to which LifeLock protects consumers’ personal information. In addition, the settlements require LifeLock to establish a comprehensive data security program and obtain biennial independent third-party assessments of that program for twenty years.
The Attorneys General of Alaska, Arizona, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Missouri, Mississippi, Montana, Nebraska, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, Washington, and West Virginia participated in this settlement.
In addition to LifeLock, the FTC complaint named co-founders Richard Todd Davis and Robert J. Maynard, Jr., who will be barred from the same misrepresentations as LifeLock.
The Commission vote to authorize staff to file the complaint and the settlement with LifeLock and Richard Todd Davis was 4-0. The Commission vote to authorize staff to file the settlement with Robert J. Maynard, Jr. was 3-1, with Commissioner J. Thomas Rosch dissenting. The documents were filed in the U.S. District Court for the District of Arizona.
The FTC will use the $11 million it receives from the settlements to provide refunds to consumers. It will be sending letters to the current and former customers of LifeLock who may be eligible for refunds under the settlement, along with instructions for applying. Customers do not have to contact the FTC to be eligible for refunds. Up-to-date information about the redress program can be found at 202-326-3757 and at www.ftc.gov/lifelock.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. Stipulated judgements are for settlement purposes only and do not constitute an admission by the defendant of a law violation. Consent judgments have the force of law when signed by the judge.
In addition to announcing the LifeLock case, the FTC’s Northeast Regional Office sponsored an event to kick off National Consumer Protection week. The goal was to alert consumers to the top complaint categories in the Northeast Region and to arm consumers with the tools to recognize and protect themselves against all types of fraud. Also participating were the Better Business Bureau serving Metropolitan New York, the New York Attorney General’s Office, the New York City Department of Consumer Affairs, and AARP.
The Federal Trade Commission works for the consumer to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, click http://www.ftccomplaintassistant.gov or call 1-877-382-4357. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to more than 1,700 civil and criminal law enforcement agencies in the U.S. and abroad. For free information on a variety of consumer topics, click http://www.ftc.gov/bcp/consumer.shtm.
MEDIA CONTACT:
Claudia Bourne Farrell
Office of Public Affairs
202-326-2181
STAFF CONTACT:
Maneesha Mithal or David Lincicum
Bureau of Consumer Protection
202-326-2771 or 202-326 2773
(FTC File No. 072-3069)
(Lifelock)
Tagged Alert creditors, Attorneys General, Better Business Bureau, Bureau of Consumer Protection, criminal law enforcement agencies, Deceptive claims, Federal Trade Commission, Fraud, Fraud-related complaints, FTC, FTC complaint, FTC press release, ftc.gov/idtheft, ID theft protection services, identity theft prevention, Identity thieves, LifeLock, LifeLock Identity Theft, Personal information, Press Release, Risk of identity theft, technorati, technorati.com, www.ftc.gov/lifelock
Pre-Paid Legal Services, Inc Announces Management Change
For Immediate Release – Wednesday, March 3, 2010
Company Steve Williamson
Contact: (580) 436-1234
Pre-Paid Legal Announces Management Change
[caption id="" align="alignleft" width="172" caption="CEO Harland C Stonecipher"]
[/caption]
ADA, OK, March 3, 2010 – Pre-Paid Legal Services, Inc. (NYSE:PPD), announced today that effective April 2, 2010, its founder and current Chief Executive Officer, President and Chairman of the Board, Mr. Harland C. Stonecipher, 71, will relinquish the title and responsibilities of Chief Executive Officer and President. At the suggestion of Mr. Stonecipher, the Board of Directors unanimously approved that the title and responsibilities of Chief Executive Officer will be shared equally by two co-CEOs – Randy Harp, 54, Pre-Paid’s current Chief Operating Officer, and Mark Brown, 56, Pre-Paid’s current Chief Marketing Officer. The Board also named Mr. Harp as Pre-Paid’s President. Mr. Harp was named Chief Financial Officer in March 1990 and served in that capacity until May 2000 and has served as Chief Operating Officer since March 1996. Mr. Harp served on the Board of Directors from March 1990 until May 2004 when he resigned from the Board of Directors as part of a corporate governance initiative required by the rules of the NYSE to have independent, outside directors comprise the majority of the Board. Mr. Harp will continue to serve as Chief Operating Officer.
Mr. Brown was named Senior Vice President and Chief Marketing
Officer in October 2006. Prior to his appointment to the new position,
Mr. Brown was our National Sales Director for Group Marketing and Senior
Regional Vice President for most of the State of Texas and has been one of
our independent associates for 15 years. Prior to his association with us,
Mr. Brown owned his own printing business for 18 years.
“Both Mark and Randy are ready and have earned the opportunity to assume the
responsibilities as Pre-Paid’s co-CEOs,” stated Mr. Stonecipher. “Randy has been
with us for 20 years and knows every aspect of our business. Randy’s primary
focus will continue to be on operations and I am completely confident in his
ability to continue to develop and maintain the efficiencies and excellence of
our operational capabilities. We are equally blessed to have someone with Mark’s
significant sales and extensive experience lead our marketing efforts. Mark’s
involvement has been an integral part of our success since he joined us in 1995
with a focus on both individual and group business. We look to Mark to implement
marketing strategies throughout our entire sales organization and play a key
role in the continued development of our company.”
Mr. Stonecipher will continue as Chairman of the Board and will remain actively
involved with the Company, focused entirely on Pre-Paid’s sales force and other
strategic areas. Mr. Stonecipher and his wife Shirley will also be working
towards the establishment of a memorial cathedral for parents that have lost a
child. The Stoneciphers want to build a memorial place where parents can come
from anywhere to establish a memorial to the children they have lost that will
live on even after the parents are gone, assuring those parents that even when
they are gone, the memory of their child or children will live on. The
Stoneciphers lost their youngest son, Brent, his wife, Tina, and only
granddaughter, Nikki, in an airplane crash in Ada in July, 2005.
- About Us
We believe our products are one of a kind, life events legal service plans. Our
plans provide for legal service benefits provided through a network of
independent law firms across the U.S. and Canada, and include unlimited attorney
consultation, will preparation, traffic violation defense, automobile-related
criminal charges defense, letter writing, document preparation and review and a
general trial defense benefit. We have an identity theft restoration product we
think is also one of a kind due to the combination of our identity theft
restoration partner and our provider law firms. More information about us and
our products can be found at our homepage at http://www.prepaidlegal.com.
- Forward-Looking Statements
Statements in this press release, other than purely historical information,
regarding our future plans and objectives and expected operating results,
dividends and share repurchases and statements of the assumptions underlying
such statements, constitute forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. The forward-looking
statements contained herein are based on certain assumptions that may not be
correct. They are subject to risks and uncertainties incident to our business
that could cause actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties are described in the
reports and statements filed by us with the Securities and Exchange Commission,
including (among others) those listed in our Form 10-K, Form 10-Q and Form 8-K,
and include the risks that our membership persistency or renewal rates may
decline, that we may not be able to continue to grow our memberships and
earnings, that we are dependent on the continued active participation of our
principal executive officer, that pending or future litigation may have a
material adverse effect on us if resolved unfavorably to us, that we may have
compromises of our information security, that consumer purchases of
discretionary items may be impacted by a downturn in the economy, that we could
be adversely affected by regulatory developments, that competition could
adversely affect us, that we are substantially dependent on our marketing force,
that our stock price may be affected by short sellers, that we have been unable
to increase our employee group membership sales, that our active premium in
force is not indicative of future revenue as a result of changes in active
memberships from cancellations and additional membership sales and that we have
repurchased more than half of our outstanding shares. Please refer to pages 16
through 19 of our 2009 Form 10-K for a more complete description of these risks.
We undertake no duty to update any of the forward-looking statements in this
release.
Read more: http://www.faqs.org/sec-filings/100303/PRE-PAID-LEGAL-SERVICES-INC_8-K/#ixzz0hdlJ1cP0
Tagged automobile-related criminal charges defen, Benefits, Board of Directors, CEO, Chief Executive Officer, For Immediate Release, Forward-Looking Statements, Harland C. Stonecipher, Identity Theft, Mark Brown, Mr. Harland C. Stonecipher, NYSE: PPD, Pre-Paid Legal Announces, Pre-Paid Legal's Identity Theft Shield, Press Release, Randy Harp, Traffic violation defens, Traffic violation defense, Unlimited attorney consultation, Will preparation
Pre-Paid Legal Services Advanced Product Training
- Press Release:
Pre-Paid Legal Services Launches Seventh Year of Advanced Product Training
Quarterly Training Program Offers Associates Road Map to Success
ADA, Okla., Feb. 26 /PRNewswire-FirstCall/ — On Saturday, Feb. 27, Pre-Paid Legal Services, Inc. (NYSE: PPD) will complete the first quarter 2010 program of Advanced Product Training (APT), an initiative designed to help PPL associates (the external sales organization) succeed in marketing PPL’s legal service product offerings to individuals, employee groups and small business owners throughout the U.S. and four provinces of Canada.
Since its launch in February 2004, more than 144,000 attendees have participated in APT events which are now held in more than 60 U.S. and Canadian markets served by PPL. On average, the quarterly events draw an estimated 6,000 attendees from among the base of independent PPL associates.
The four-hour program — the first in a series of in-service training and educational programs offered by PPL — includes detailed summaries on the company, its products and services, the member base and the independent provider law firm network. Of equal importance, the APT offers associates keys to success in building a successful business and in sustaining quality member relations. Each local market APT event is conducted by a PPL-qualified trainer and on average the trainers have nine years of experience with the company. Most APT events also include a presentation by an attorney from one of the 40 independent provider law firms that provide legal services to PPL members (customers).
“Advanced Product Training provides a concrete foundation for the success of Pre-Paid Legal Services associates,” said Keith Davis, PPL’s manager of Group Marketing and the coordinator for the APT events. “Based on internal research, we have found that associates who participate in the APT out perform non-participating associates by a considerable margin. In the month following an APT event, participating associates outsell non-participating associates in new memberships by a margin of 14 to one and recruit more new associates by a margin of six to one,” Davis said.
Through February 20, 2010, 50 separate first quarter 2010 APT events have been conducted and the remaining 15 events will be held on Saturday, February 27 at various U.S. and Canadian locations such as, Florida; Hillside, Illinois; Baton Rouge, Louisiana; Phoenix, Arizona; and Toronto, Ontario.
Other quarterly APT events for 2010 are scheduled for May 15, August 21 and November 13. The fee for the APT is $20.
About PPL — We believe our products are one of a kind, life events legal service plans. Our plans provide for legal service benefits provided through a network of independent law firms across the U.S. and Canada, and include unlimited attorney consultation as well as will preparation, traffic violation defense, automobile-related criminal charges defense, letter writing, document preparation and review and a general trial defense benefit. We have an identity theft restoration product we think is also one of a kind because of the combination of outside vendors and our provider law firms. More information about us and our products can be found at our homepage at http://www.prepaidlegal.com.
Forward-Looking Statements — Statements in this press release, other than purely historical information, regarding our future plans and objectives and expected operating results, dividends and share repurchases and statements of the assumptions underlying such statements, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained herein are based on certain assumptions that may not be correct. They are subject to risks and uncertainties incident to our business that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described in the reports and statements filed by us with the Securities and Exchange Commission, including (among others) those listed in our Form 10-K, Form 10-Q and Form 8-K, and include the risks that our membership persistency or renewal rates may decline, that we may not be able to continue to grow our memberships and earnings, that we are dependent on the continued active participation of our principal executive officer, that pending or future litigation may have a material adverse effect on us if resolved unfavorably to us, that we may have compromises of our information security, that consumer purchases of discretionary items may be impacted by a downturn in the economy, that we could be adversely affected by regulatory developments, that competition could adversely affect us, that we are substantially dependent on our marketing force, that our stock price may be affected by short sellers, that we have been unable to increase our employee group membership sales, that our active premium in force is not indicative of future revenue as a result of changes in active memberships from cancellations and additional membership sales and that we have repurchased more than half of our outstanding shares. Please refer to pages 16 through 19 of our 2009 Form 10-K for a more complete description of these risks. We undertake no duty to update any of the forward looking statements in this release.
CONTACT:
George Snyder of Pre-Paid Legal Services, Inc.,
1-580-421-6339, cell, 1-580-310-4067
georgesnyder@pplsi.com
Tagged Advanced Product Training, Attorney consultation, Employee Groups, Employer benefits, Group Specialists, Independent law firms, Life Events, Pre-paid legal Services, Pre-Paid Legal Training, Press Release, Product Training, Provider law firms, Sccessful Business, Securities and Exchange Commission, Small Business, Small Business Plan, technorati, technorati.com, Vraffic Violation Defense
Top Five Most Ridiculous Lawsuits
Here’s living proof that lawsuits are out of control.
In the Press Release below ILR has announced the top five vote getters of its 1st Annual Most Ridiculous Lawsuit of the Year Poll.
FOR IMMEDIATE RELEASE – December 30, 2009
Contact: Mark Szymanski
202-463-5874
Top Five Most Ridiculous Lawsuits of 2009 Announced
Voters Give Top ‘Honor’ to Lawsuit Brought by Illegal Immigrants Who Sued Rancher for Turning Them Over to U.S. Border Patrol
WASHINGTON, D.C.—The U.S. Chamber Institute for Legal Reform (ILR) announced today the top five vote getters of its 1st Annual Most Ridiculous Lawsuit of the Year Poll. Nominees were drawn from the monthly Most Ridiculous Lawsuit poll winners, chosen by visitors to FacesofLawsuitAbuse.org, a public awareness campaign Web site that aims to show how abusive lawsuits affect small businesses and average families in very real ways. “
While ridiculous lawsuits may be easy fodder for late-night television hosts, they are no laughing matter for the defendants targeted,” said ILR President Lisa Rickard.
The top five Most Ridiculous Lawsuits of 2009 are:
5. Neighbor sues woman for smoking in her own home;
4. Double-murderer sues to claim his victims’ classic Chevy pickup;
3. Holocaust denier sues Auschwitz survivor, alleging memoir contains “fantastical tales;”
2. Tourist sues hotel, claiming swimming pool got daughter pregnant;
1. Illegal immigrants sue rancher who stopped them on his property at gunpoint and turned them over to the Border Patrol.
Links to the news stories about these lawsuits can be found at: http://facesoflawsuitabuse.org/polls-archive/.
Throughout the year, the monthly and annual polls collectively received more than 50,000 votes.
ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.
The U.S. Chamber is the world’s largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
Caution this video contains anger and foul language.
FTC Staff Seeks Your Comments on Credit Freezes
Released: January 10, 2008
FTC Staff Seeks Your Comments on Credit Freezes:
The Impact and Effectiveness Federal Trade Commission staff is seeking comments on the impact and effectiveness of credit freezes as part of a multi-pronged approach to combat identity theft.
There are thirty-nine states and the District of Columbia have enacted laws providing consumers the right to place credit freezes, and each of the three nationwide consumer reporting agencies (“CRAs”) is offering a commercially-developed credit freeze option. In general, once a consumer initiates a credit freeze with a CRA, the freeze prevents that CRA from releasing a consumer report (i.e., a credit report) about that consumer unless the consumer temporarily lifts or permanently removes the freeze. A credit freeze may help prevent identity thieves from opening new accounts in consumers’ names, because businesses typically will not extend new credit (or provide certain other benefits) without first viewing the consumer’s credit report.
Back in April 2007, the President’s Identity Theft Task Force (“Task Force”) issued a strategic plan to make the federal governments effort’s more effective and efficient in the areas of identity theft awareness, prevention, detection, and prosecution, www.idtheft.gov/reports/StrategicPlan.pdf. As part of its strategic plan, the Task Force recommended that the FTC, with support from the Task Force member agencies, assess the impact and effectiveness of credit freeze laws and report on the results, in order to assist policymakers in considering the appropriateness of a federal credit freeze law.
The Commission staff invites interested parties (you) to submit written comments on the impact and effectiveness of state credit freeze laws, as well as the credit freeze options offered by the nationwide consumer reporting agencies. Comments must be received on or before February 25, 2008. For detailed information on how to submit comments and the specific questions and topics FTC staff would like addressed in the comments, please see: http://www.ftc.gov/opa/2008/freeze.pdf.
MEDIA CONTACT:
Office of Public Affairs
202-326-2180
To protect yourself and your family you may want to consider purchasing Identity Theft Shield - From Pre-Paid Legal Services Inc.
Click here to secure your protection now!
Pre-Paid Legal Announces 2009 4th Quarter & Year-End Results
Year 2009 New Memberships Produced Up 2.9%, New Sales Associates Enrolled Up 52.2%
ADA, Okla., Jan. 4 /PRNewswire-FirstCall/ — Pre-Paid Legal Services, Inc. (NYSE: PPD) reported new memberships produced and new sales associates enrolled for the fourth quarter and for the year ended December 31, 2009. During the 4th quarter of 2009, new sales associates enrolled increased 89.4% to 61,623 from the 32,533 enrolled in the 4th quarter of 2008 and new memberships produced increased 11.8% to 148,248 during the 2009 quarter compared to 132,641 for the 2008 quarter.
For the year 2009, new sales associates enrolled increased 52.2% to 186,064 compared to 122,255 enrolled during 2008 while new memberships produced were 568,095, up 2.9% from 552,327. Our active memberships decreased less than 1.0% during 2009 from 1,559,154 to 1,547,585. From the 3rd quarter of 2009 to the 4th quarter of 2009, our active memberships increased by 2,030 memberships.
|
Three Months Ended: |
Year Ended: |
|||||
|
New Memberships: |
12/31/2009 |
9/30/2009 |
12/31/2008 |
12/31/2009 |
12/31/2008 |
|
|
New legal service membership sales |
139,076 |
166,377 |
124,629 |
541,138 |
521,522 |
|
|
New "stand-alone" IDT membership sales |
9,172 |
8,645 |
8,012 |
26,957 |
30,805 |
|
|
Total new membership sales |
148,248 |
175,022 |
132,641 |
568,095 |
552,327 |
|
|
New "add-on" IDT membership sales |
85,095 |
112,653 |
85,221 |
348,607 |
344,869 |
|
|
Average Annual Membership fee |
$316.87 |
$325.60 |
$321.00 |
$322.77 |
$324.52 |
|
|
Active Memberships: |
||||||
|
Active legal service memberships at end of period |
1,454,661 |
1,455,492 |
1,469,315 |
1,454,661 |
1,469,315 |
|
|
Active "stand-alone" IDT memberships at end of period |
92,924 |
90,063 |
89,839 |
92,924 |
89,839 |
|
|
Total active memberships at end of period |
1,547,585 |
1,545,555 |
1,559,154 |
1,547,585 |
1,559,154 |
|
|
Active "add-on" IDT memberships at end of period (see |
711,131 |
710,795 |
680,862 |
711,131 |
680,862 |
|
|
New Sales Associates: |
||||||
|
New sales associates recruited |
61,623 |
75,398 |
32,533 |
186,064 |
122,255 |
|
|
Average enrollment fee paid by new sales associates |
$71.31 |
$79.31 |
$49.02 |
$87.41 |
$71.53 |
|
|
Average Membership fee in force: |
||||||
|
Average Annual Membership fee |
$302.51 |
$302.86 |
$300.80 |
$302.51 |
$300.80 |
|
|
Note – reflects 4,494 net transfers from |
||||||
Our total active membership premium in force decreased less than 1% to $468.2 million at December 31, 2009 from $469 million at December 31, 2008. The membership persistency rate (defined as the number of memberships in force at the end of a 12 month period as a percentage of the total of memberships in force at the beginning of such period, plus new memberships sold during such period) was 72.8% for 2009.
Our fourth quarter 2009 corporate finance focus has again been on share repurchases. During the 4th quarter, we returned $35.9 million to shareholders through the repurchase of 902,697 shares of common stock, at an average per share price of $39.75. Since April 1999, we have returned $457.9 million to shareholders through the purchase of 15.1 million shares, average price of $30.32 per share, and $17.1 million in dividends for a combined total of more than $475 million representing more than 100 percent of our net earnings during the same timeframe. We have reduced the number of shares outstanding by approximately 57% from 23.6 million at March 31, 1999 to 10.1 million today.
We anticipate announcing our 2009 fourth quarter and annual earnings on February 22, 2010 after the market closes and hosting a conference call to discuss such earnings on February 24, 2010.
About Us – We believe our products are one of a kind, life events legal service plans. Our plans provide for legal service benefits provided through a network of independent law firms across the U.S. and Canada, and include unlimited attorney consultation as well as will preparation, traffic violation defense, automobile-related criminal charges defense, letter writing, document preparation and review and a general trial defense benefit. We have an identity theft restoration product we think is also one of a kind because of the combination of outside vendors and our provider law firms. More information about us and our products can be found at our homepage at http://www.prepaidlegal.com.
Forward-Looking Statements
Statements in this press release, other than purely historical information, regarding our future plans and objectives and expected operating results, dividends and share repurchases and statements of the assumptions underlying such statements, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained herein are based on certain assumptions that may not be correct. They are subject to risks and uncertainties incident to our business that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described in the reports and statements filed by us with the Securities and Exchange Commission, including (among others) those listed in our Form 10-K, Form 10-Q and Form 8-K, and include the risks that our membership persistency or renewal rates may decline, that we may not be able to continue to grow our memberships and earnings, that we are dependent on the continued active participation of our principal executive officer, that pending or future litigation may have a material adverse effect on us if resolved unfavorably to us, that we may have compromises of our information security, that consumer purchases of discretionary items may be impacted by a downturn in the economy, that we could be adversely affected by regulatory developments, that competition could adversely affect us, that we are substantially dependent on our marketing force, that our stock price may be affected by short sellers, that we have been unable to increase our employee group membership sales, that our active premium in force is not indicative of future revenue as a result of changes in active memberships from cancellations and additional membership sales and that we have repurchased more than half of our outstanding shares. Please refer to pages 18 through 20 of our 2008 Form 10-K/A and pages 7 and 8 of our September 30, 2009 Form 10-Q for a more complete description of these risks. We undertake no duty to update any of the forward-looking statements in this release.
SOURCE Pre-Paid Legal Services, Inc.
Lawsuit over bathroom mirror 2 inches too high
This video by Faces of Lawsuit Abuse gives us an idea how litigious our society really is.
“In today’s environment…this kind of a cost is certainly something that’s very, very difficult to recoup. This will just be a large loss for us.”
-Ron Piazza · Small Business · Restaurant Owner · Downey, CA
Child Identity Theft
More than 400,000 children are victims of identity theft each year. Kids are a target because of their clean record. Susan Koeppen reports on what parents can do to keep safeguard their minor’s identity.
If you have a Social Security Number you can be a victim of identity theft.
THE FIVE MAJOR TYPES OF
IDENTITY THEFT INVOLVE:
• Driver’s licenses
• Social Security Numbers
• Medical information
• Character/Criminal actions
• Financial transactions
No one expects Identity theft to happen to them, but it affects
millions of people in North America each year.
Pre-Paid Legal’s Identity Theft Shield (SM) is an affordable solution to combat a growing crime that knows no boundaries.
Tagged CBS News, CBS News Video, Character/Criminal actions Identity Theft, Child Identity Theft, Driver’s licenses Identity Theft, Financial transaction Identity Theft, Identity Theft, Medical information Identity Theft, Minor Identity Theft, Pre-Paid Legal's Identity Theft Shield, safeguard minor's identity, Social Security Numbers Identity Theft, Susan Koeppen, technorati, victim of identity theft, Videos
Power Dream Team is BACK!
After a 3 year hiatus’ the Power Dream Team is back and in full swing!
Tagged Power Dream Team, technorati
