Fake Goods, Stolen Secrets Cost U.S. Firms Billions
An industrial spy tries to steal $20 million in trade secrets from Minnesota-based Valspar paints. The kingpin of a Houston-based drug counterfeiting ring makes millions plugging his fake pharmaceuticals into the pipeline of Britain's socialized medical system. In Washington, the Defense Department unwittingly buys and installs knockoff Cisco computer software to track troop movements.
The theft of intellectual property has grown into an organized crime wave that costs U.S. businesses up to $250 billion a year in lost revenue and pilfered ideas, officials estimate. The problem extends from charade Chanel perfume to pirated movies to bogus cancer drugs. It includes the theft and marketing of chemical formulas and designs for medical devices.
For full story, please visit The Republic.
Fake Pesticides' Trade Grows in Europe
LONDON—The illegal trade in counterfeit pesticides has grown into a multimillion-euro industry in Europe, putting consumers' lives and farmers' livelihoods at risk as unregulated and often toxic chemicals enter the food chain.
These untested and frequently substandard products can be hazardous to anyone handling them or to consumers buying contaminated food. Last year, for example, 28 metric tons of counterfeit pesticides destined for Lithuania were seized in Hamburg.
To read more, please visit The Wall Street Journal.
Bill Would Help Combat Copyright Offenders on the Internet
CITY SIDEWALKS ONCE were lined with merchants peddling counterfeit designer handbags or second-rate copies of popular movies. Such vendors are less commonplace today, but counterfeit goods have proliferated more than ever, thanks to the Internet.
Fake goods — from sneakers to pharmaceuticals — are produced half a world away but can be marketed to U.S. consumers through foreign Web sites. Some sites stream pirated U.S.-produced or -owned movies and television shows. Such theft costs the copyright- or trademark-holders billions of dollars each year and thwarts the ability of writers, producers, songwriters and others in the creative arts to earn the royalties they are due. Consumers often find themselves saddled with shoddy goods and little or no recourse to get their money back. Unlike domestic sites, these foreign-registered businesses are often out of reach of U.S. laws.
For full story, please visit The Washington Post.
Counterfeit Bag Warehouse Busted
THE Bureau of Customs raided a warehouse in Binondo, Manila that was allegedly being used by counterfeit smugglers as storage area for imitations of expensive brands of handbags.
Customs Commissioner Angelito Alvarez, who personally led the raid Wednesday, said the confiscated goods bore the trademarks of Louis Vuitton, Gucci, Chanel, and Burberry, and had a retail value of at least P700 million.
Read more at Manila Standard Today.
Man Arrested at Flea Market for Selling Counterfeit Goods
SUSSEX - A 57-year-old Montreal man has been arrested for selling counterfeit goods at a major annual flea market that was held in Sussex over the weekend.
Members of the New Brunswick RCMP Federal Enforcement Section seized a variety of counterfeit products from the vendor at the Sussex Flea Market on Friday.
Police say they believe the total retail value of the goods - which included several hundred T-shirts, hoodies and purses - would have been approximately $15,000.
For full story, please visit The Telegraph-Journal.
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