Wilmington – Attorney General Beau Biden’s Investor Protection Unit today issued an investor advisory cautioning investors to consider the risks associated with Bitcoin and other virtual currencies.  Read the advisory online.

“Investing and trading in virtual currencies carries substantial risks,” Biden said.  “Unlike traditional currency, these alternatives are not issued by a governmental authority or backed by governmental guarantees and are subject to little or no oversight.”

Virtual currencies, which include digital and crypto-currencies, are gaining in both popularity and controversy. Virtual currencies are electronic mediums of exchange that are bought or sold through virtual currency exchanges and can be used to purchase goods or services where accepted.  Growing numbers of merchants, businesses and other organizations currently accept Bitcoin, a popular virtual currency, in lieu of traditional currency. Recently, one of the largest Bitcoin exchanges, MtGox, shut down after claiming to be the victim of hackers and losing more than $350 million of virtual currency. Despite the controversy, proponents of virtual currencies continue to purchase and hold virtual currencies, often to their detriment.

The Investor Protection Unit’s advisory alerts Delawareans to the risks associated with investing in any financial offering containing virtual currency.  They include:

• Virtual currencies are not legal tender and companies do not have to accept them as a form a payment.  For example, if no one accepts Bitcoins, Bitcoins can become worthless.
• Virtual currency holdings are vulnerable to hacking attacks; there may be no way to recover stolen virtual currency.
• Virtual currency accounts are not insured by the FDIC, which insures traditional bank accounts up to $250,000 per account.
• Virtual currencies are extremely volatile, and may be unsuitable for most investors.
• Investors in virtual currencies must rely on unregulated companies that may lack appropriate internal controls and may be more susceptible to fraud and theft than established financial institutions.
• Unlike stocks, bonds, treasury bills, or other traditional investments, virtual currencies are not backed by any assets, legal rights or guarantees.

For more information about the risks associated with virtual currency, call the Attorney General’s Investor Protection Hotline at (302) 577-8424 or e-mail investor.protection@delaware.gov.

The Attorney General’s Office, through its Investor Protection Unit, enforces the Delaware Securities Act, which governs the sale of investment products and the activities of investment professionals in Delaware.  The Unit investigates and prosecutes securities fraud and licensing violations by investment brokers and advisers.  Visit the Unit’s webpage at http://www.attorneygeneral.delaware.gov/fraud/ipu to review a variety of investor education resources, a searchable broker/dealer registration database, and information about filing an investor complaint.

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On Wednesday, April 30, 2014 at 1:00 p.m., Lieutenant Governor Matt Denn will announce this year’s winners of his 5th annual “Excellence in Parental Involvement Award.” He will be joined by staff, parents, students and teachers from both winning schools. The announcement will be held at Postlethwait  Middle School, located at 2841 S. State St., Camden-Wyoming, DE 19934.

The Excellence in Parental Involvement award was created by Lt. Governor Denn as a way to honor schools and parents that have successfully expanded parental involvement through innovative programs. Media will learn more about these programs and their implementation at Wednesday’s press conference.

Wednesday, April 30, 2014 at 1:00 p.m.
Postlethwait Middle School
2841 S. State St.
Camden-Wyoming, DE 19934

Dover, DE–Insurance Commissioner Karen Weldin Stewart suggests that parents set aside time to discuss the importance of safe driving practices, especially in regards to attending prom and related after-parties, as motor vehicle crashes are the leading cause of death for 15- to 20-year olds in the U.S (1). Safe driving practices are important to enforce year-round but parents can help their teens make better decisions by discussing specific driving guidelines, and the consequences of violating those rules, especially when it comes to attending special events like prom.

Many teen drivers simply lack the experience to recognize and respond to hazardous driving situations and are thus more likely to engage in dangerous practices like speeding and becoming distracted by passengers in their car. Teens are more likely to be in an accident if other teens are present in the vehicle. It’s important to set clear limits on how many occupants are allowed in your teen’s car.

It should also be noted that under Delaware’s Level One Learner’s Permit restrictions the law states, “No passengers other than an adult supervisor and 1 other passenger can be in the vehicle during the entire first 12 months of valid driving authority. However, the passenger restrictions of this paragraph do not apply to immediate members of the driver’s family as long as the adult supervisor is in the car.” The law further states, “During the second 6 month period of unsupervised driving, when a supervisor is not present, only 1 other passenger in addition to the driver can be in the vehicle.”

Commissioner Stewart added, “One of the biggest distractions of all is often a driver’s cellphone. Delaware law forbids the use of handheld cellphone use and texting while driving for drivers of all ages. Nationally, 20% of teens and 10% of adults admit that they have extended text message conversations while driving (2). Nobody should text and drive, no matter their age.” Young drivers on the Level One Learner’s Permit are forbidden from cellphone use entirely. In 2011, 11 percent of all drivers age 15 to 19 involved in fatal accidents were distracted at the time of crash; 21 percent of those drivers were distracted by their cellphone (3).

In 2011, 32 percent of drivers aged 15 to 20 involved in a fatal automobile crash were drinking (4). In a study by Mothers Against Drunk Driving (MADD), it was found that when parents used clear “no use” messages, teens were 80 percent less likely to drink(5). Parents should discuss specific plans for where their teen will be going after the prom and confirm with other adults that alcohol and drug-use will not be allowed in any of those settings. Parents are encouraged to set a curfew as well, and many require that their son or daughter call them before they drive home, or are driven home, to ensure that no drivers have been drinking.

One of the most important, and easy, safety practices to follow is to always use a seatbelt. In 2010, 56% of drivers age 15 to 20 who were killed in car crashes after drinking and driving were not wearing a seat belt(6). Seat belts should always be worn by anyone riding in a vehicle, no matter what.

Commissioner Stewart added, “Going to the prom is a fun and exciting occasion for teens, and parents can help make sure that their sons and daughters will make it home safely at the end of the night. Taking just a few minutes to discuss your teen’s after-prom plans, curfew and driving expectations can have a large, positive impact on their decision making process.”

Parents are encouraged to visit the “Parents Are the Key” website run by the Centers for Disease Control, at www.cdc.gov/parentsarethekey/. This website has a “Parent-Teen Driving Agreement” that you can print out and review with your teen. It’s a great tool for guiding a discussion about safe driving expectations and the consequences of breaking the rules that you put in place.

(1) Source: National Center for Health Statistics
(2) Source: Univ. of Michigan Transportation Research Institute
(3) Source: National Highway Traffic Safety Administration
(4) Source: National Highway Traffic Safety Administration
(5) Source: MADD online survey, September 2013
(6) Source: National Highway Traffic Safety Administration

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Delaware Department of Insurance: “Protecting Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.”

Wilmington – Attorney General Beau Biden announced that a Wilmington man convicted of shooting Wilmington Police Officer Justin Wilkers last year was sentenced today to life in prison.

“This case is a reminder of the sacrifice our police officers and their families make every day to keep us safe,” Biden said.  “We are thankful that the quick thinking of Officer Wilkers’ fellow officers who rushed him to the hospital and the excellent emergency medical care he received saved his life.  The dangerous criminal who committed this heinous act demonstrated a complete and callous disregard for the life of a police officer and for the law and has forfeited his right to ever walk the streets again.  This life sentence sends a clear message to others who would consider using a gun to commit a crime or to foolishly attempt to resist arrest.”

On February 2, 2013, Frederick Gray robbed the clerk of a Shell gas station on South Walnut Street in Wilmington at gunpoint.  The next day Gray was a passenger in a vehicle pulled over by Wilmington Police Officer Justin Wilkers and his partner in the City’s Southbridge neighborhood.  After the car came to a stop, as the other occupants of the vehicle fled, Gray exited the vehicle, pulled a handgun, pointed it at Officer Wilkers, and shot three times, seriously wounding the Officer in the head with one shot.  At the time of these crimes Gray was on probation following a five year prison sentence he served for shooting a victim during an assault.

Gray was convicted at trial in January, 2014 on one count of Attempted 1^st Degree murder, three weapons charges, and Resisting Arrest for the February 3, 2013 attempted murder of Officer Wilkers.  Following a separate trial last month Gray was convicted of assault for the February 2, 2013 armed robbery.

Today, Gray, age 22, was sentenced on both of his offenses.  New Castle County Superior Court Judge Calvin L. Scott, Jr. sentenced Gray to life in prison for the attempted murder and imposed an additional 52 year prison sentence for the additional offenses.

Biden praised Deputy Attorneys General Joseph Grubb, Matthew Frawley, and Brian Robertson for leading the prosecution of the attempted murder case, and Deputy Attorneys General Kate Keller and Julie Finocchiaro for securing Gray’s conviction in the armed robbery case.  He also recognized the Wilmington Police Department for the outstanding investigation it conducted in these cases under difficult circumstances.

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DOVER – As a guest host for the Governor’s weekly message, filmed at the St. Jones Reserve, Delaware Tourism Director Linda Parkowski highlights the recently-launched Delaware Outdoor Trail.

“Active and outdoor-oriented vacations are growing in popularity – and Delaware has a lot to offer,” said Parkowski. “To help everyone take advantage of our natural resources, we’ve launched a new way to enjoy Delaware’s great outdoors. It is a step-by-step guide that not only encourages appreciation of the environment, but also gets people out of their cars and into nature.”

Every week, the Governor’s office releases a new Weekly Message in video, audio, and transcript form. The message is available on:

YouTube: http://youtu.be/73QpmTrDUMU
Delaware.Gov:  http://governor.delaware.gov/podcast_video.shtml
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Transcript of the Governor’s Weekly Message: Promoting Delaware’s Great Outdoors