A year into his tenure and despite what his feckless critics claim, President Donald Trump’s Federal Trade Commission Chairman Andrew Ferguson is delivering monumental wins for competition and consumers.

I’ve known Ferguson for years. He’s a friend, a former colleague and exactly the kind of fighter President Trump promised to put in charge of the administrative state. And unlike the typical Washington bureaucrat, Ferguson isn’t interested in academic exercises, he’s interested in results. In just one year, he’s returned $3.2 billion to consumers, more than during the entire Biden administration.

Federal Trade Commission Chairman Andrew Ferguson testifies before the House Appropriations Committee Subcommittee on May 15, 2025, in Washington, D.C. (Kevin Dietsch/Getty Images)

Ferguson is delivering on President Trump’s agenda: lowering costs for American families, restoring competition, bringing back merit-based hiring, and taking on the entrenched monopolies that rigged our economy for decades.

For too long, trillion-dollar corporations – especially in Big Tech – have used their market power to crush competition, shutter small businesses and silence conservatives. Republicans are used to talking about this problem. Ferguson is actually doing something about it. 

Under his leadership, the FTC opened inquiries into whether platforms like Meta engage in practices such as “shadow banning” or viewpoint-based restrictions that may violate consumer protection and competition laws. At the same time, he has directly pressed dominant gatekeepers, including Google and Apple, warning that search bias and curated products like Apple News could expose them to liability if they mislead users about neutrality while exercising editorial control. 

His tenure has also included major consumer protection actions, including the FTC’s $2.5 billion settlement with Amazon. And he’s put companies across the sector on notice that complying with foreign censorship regimes or quietly suppressing lawful speech may run afoul of the FTC Act. This administration is sending a clear message to Silicon Valley: the era of consequence-free empire building is over. This is what real antitrust law enforcement looks like.

Amazon founder Jeff Bezos. (Stefano Rellandini/AFP via Getty Images)

Under Ferguson’s leadership, the FTC is driving down costs across critical sectors of the economy. In healthcare, he’s acting aggressively to protect patients from anticompetitive behavior that drives up prices. The FTC secured a landmark settlement to lower drug costs for American patients, blocked anticompetitive medical device mergers, and launched a healthcare task force to root out consolidation that hurts consumers.

This is what President Trump promised: lower prices, more competition and better outcomes for American families.

Ferguson is also going after illegal no-hire agreements that suppress wages and trap workers. He’s stopping mergers that would raise prices on everyday goods, from construction materials to medical devices. And he’s taking on housing-related collusion, including cases against companies like Zillow and Redfin for allegedly suppressing competition in rental advertising.

The FTC is putting a stop to unfair and anticompetitive bias against conservatives and conservative media, addressing antitrust concerns against advertisers to prevent collusion or coordination based on political or ideological viewpoints. And after decades of racist DEI and affirmative action policies pushed on the American people, the FTC is doing its part to aggressively scrutinize these practices, especially in hiring, using the agency’s antitrust and competition law authorities. In a step toward restoring sanity, the FTC also launched an inquiry into how Americans may have been exposed to fake and scientifically unsupported claims about so-called “gender-affirming care,” especially as it relates to children. 

These are key promises of President Trump’s 2024 campaign that his FTC is fulfilling. 

Ferguson understands that he works for the president of the United States – and through him, for the American people. He understands that the FTC is not an unaccountable independent agency, and it isn’t supposed to be a passive observer while markets get rigged. It’s meant to be an active enforcer of the law under the direction of the president.

We’re seeing historic enforcement actions, record-setting cases and a sustained streak of victories against anticompetitive conduct. Whether it’s halting major mergers, securing record settlements that deliver real relief to consumers or pushing forward in blockbuster litigation against Big Tech, this FTC is getting results at a level we haven’t seen in years.

If conservatives dismantle Big Government only to hand power over to giant monopolies, we haven’t solved the problem; we’ve just changed who’s in charge. Concentrated power without competition, whether in government or in the market, hurts the American people. President Trump’s FTC is making sure we don’t replace one form of unaccountable power with another.

President Donald Trump picked Ferguson to head up the Federal Trade Commission, which author Mike Davis says was a home run. (Aaron Schwartz/CNP/Bloomberg via Getty Images / Getty Images)

Under President Trump and Ferguson, we’re finally moving in the right direction. Critics from a bygone era of a Republican Party led by the Chamber of Commerce’s big-business-first, America-last faction will complain, as they always do. They’ll say this administration’s approach is too aggressive, too disruptive, too political. What they really mean is they don’t like being held accountable.

Too bad.

The American people deserve better. They deserve lower prices, more choices, and a level playing field for America’s entrepreneurs and small businesses. President Trump and Ferguson are delivering. He’s Trump’s all-star antitrust enforcer, bringing the fight to Big Tech, drug middlemen and corporate cartels. And he’s producing real, measurable wins for consumers and for the country.

That’s what leadership looks like. That’s what results look like. And that’s why Ferguson is one of the most effective leaders in President Trump’s administration today.

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Operator

Good afternoon, ladies and gentlemen, and welcome to the RGP conference call. [Operator Instructions] As a reminder, this conference call is being recorded. At this time, I would like to remind everyone that management will be commenting on results for the third quarter ended February 28, 2026. They will also refer to certain non-GAAP financial measures. An explanation and reconciliation of these measures to the most comparable GAAP financial measures are included in the press release issued today. Today’s press release can be viewed in the Investor Relations section of RGP’s website and filed today with the SEC.

Also, during this call, management may make forward-looking statements regarding plans, initiatives and strategies and the anticipated financial performance of the company. Such statements are predictions and actual events or results may differ materially. Please see the Risk Factors section in RGP’s report on Form 10-K for the year ended May 31, 2025, for a discussion of risks, uncertainties and other factors that may cause the company’s business, results of operations and financial condition to differ materially from what is expressed or implied by forward-looking statements made during this call.

I’ll now turn the call over to RGP’s CEO, Roger Carlile.

Roger Carlile
President, CEO & Director

Thank you, and welcome, everyone, to the RGP Fiscal Year 2026 Q3 Earnings Call. I have just completed my fifth month as Chief Executive Officer of RGP, and my optimism

Among Adani group stocks, Adani Green Energy led the gains with a 12% jump, followed by Adani Energy Solutions at 9%, Adani Enterprises at 8.6%, Adani Total Gas at 7.3%, Adani Ports and Special Economic Zone at 5%, and Adani Power at 3.66%.

Meanwhile, Adani Green Energy and Adani Ports got additional push from improving global cues, including easing geopolitical tensions.

On Tuesday, a district court in the US allowed Gautam Adani to schedule a hearing, where he is appealing to dismiss a civil fraud case by the US Securities and Exchange Commission.

In November 2024, the US SEC alleged Adani and his nephew Sagar Adani of violation of US securities laws citing that they promised to bribe Indian officials for the benefit of Adani Green Energy, a group company.

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“The court has received Defendants’ letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint,” judge Nicholas G Garaufis said in an order on Tuesday. “The court GRANTS that request and DIRECTS the parties to confer and to…schedule the pre-motion conference.”
In their plea to the United States District Court for the Eastern District of New York, the counsel for Gautam Adani said that the claim against them should be dismissed given the lack of personal jurisdiction and as the complaint fails to state a claim, among other things.

Americans reported losing a staggering $11.366 billion to cryptocurrency-related scams in 2025, a 22% increase from the previous year and the highest total on record, according to the FBI’s annual Internet Crime Complaint Center report released Monday.

The figure, drawn from 181,565 complaints involving cryptocurrency, accounted for more than half of the nearly $21 billion in total cyber-enabled crime losses reported to the IC3 last year. Cryptocurrency investment scams alone drove $7.228 billion in losses, making them the single most costly fraud category tracked by the agency.

The surge highlights the growing sophistication of digital asset scams, which often blend social engineering, fake investment platforms and promises of quick riches with emerging technologies like artificial intelligence. Overall, the IC3 received more than 1 million complaints in 2025, up from about 860,000 the year before, with losses rising 26% to approximately $20.87 billion.

“Cryptocurrency remains the preferred method of payment for many fraud schemes because of its perceived anonymity and the difficulty in recovering funds once transferred,” the FBI stated in its press release accompanying the report.

Investment Scams Dominate Losses

Crypto investment fraud, frequently referred to as “pig butchering” schemes, topped the list with 61,559 complaints and $7.228 billion stolen — a 25% increase in losses and 48% rise in complaints from 2024. Scammers typically initiate contact via text messages, social media, dating apps or online advertisements, then move victims to private messaging platforms. Victims are lured into fake investment groups or apps showing fabricated profits, sometimes encouraged to take loans to invest more.

When victims attempt withdrawals, funds vanish. Many schemes now incorporate AI-generated content, deepfake videos or chatbots to build trust and maintain long-term relationships with targets.

Recovery scams added another layer of harm, generating $1.4 billion in losses across 10,516 complaints. These often target previous victims by impersonating government officials, law firms or “recovery experts” promising to retrieve lost crypto for upfront fees.

Crypto ATM and kiosk fraud also grew sharply, with 13,460 complaints and $389 million lost — a 58% jump in losses. Scammers convince victims to deposit cash into machines or scan QR codes to send funds, frequently targeting older adults.

Seniors Hit Hardest

Adults aged 60 and older suffered disproportionately. This group filed 44,555 crypto-related complaints and lost $4.432 billion — nearly 40% of total crypto losses. The average loss per complaint involving cryptocurrency was $62,604, with 18,589 victims reporting losses exceeding $100,000.

Younger age groups were not immune. Those aged 50-59 lost $1.383 billion, while the 40-49 bracket reported $924.6 million. Losses spanned all demographics, but the elderly’s higher vulnerability to social engineering tactics amplified the toll.

California, Texas, Florida, New York and Oregon led states in reported crypto losses, consistent with population size and high adoption rates of digital assets.

Broader Cybercrime Picture

The 2025 IC3 report painted a grim portrait of online threats. Investment fraud as a broader category generated $8.65 billion in losses, with crypto playing a central role in 72% of those cases. Tech support scams and government impersonation schemes also increasingly demanded payment in cryptocurrency.

AI-related complaints exceeded 22,000, with adjusted losses topping $893 million. Scammers used generative tools to create convincing phishing emails, voice clones and fraudulent websites.

Ransomware and business email compromise remained serious threats, though they accounted for smaller shares of total reported losses compared to consumer-facing investment scams.

The FBI emphasized that reported figures likely understate the true scale, as many victims never file complaints due to embarrassment, lack of awareness or the belief that recovery is impossible.

FBI Response and Prevention Efforts

The agency has ramped up proactive measures. Operation Level Up, launched in 2024, has notified more than 8,000 potential victims of ongoing crypto investment scams and helped prevent over $500 million in additional losses. The initiative uses data analytics to identify at-risk individuals and intervene before funds are fully transferred.

In 2026, the FBI introduced Operation Winter SHIELD to bolster digital security awareness among organizations and individuals.

Law enforcement continues to pursue international partnerships, as many large-scale crypto scams originate from organized groups in Southeast Asia and other regions. Sanctions and takedowns have targeted some networks, but the decentralized nature of cryptocurrency and rapid evolution of tactics make enforcement challenging.

The FBI urged the public to verify investment opportunities independently, avoid sending crypto to unsolicited contacts and report suspicions immediately through ic3.gov.

Industry and Regulatory Context

The record losses come as cryptocurrency markets have matured, with Bitcoin and other assets gaining mainstream acceptance. Yet the same accessibility that draws legitimate investors also attracts fraudsters.

Regulators, including the Securities and Exchange Commission and state attorneys general, have increased scrutiny of crypto platforms and promoted investor education. Some platforms have enhanced anti-fraud tools, but critics argue more must be done to address the “Wild West” perception of digital assets.

Consumer advocates called for stronger “know your customer” rules, mandatory reporting of suspicious transfers and clearer warnings on exchanges and social media platforms where scams proliferate.

For victims, recovery remains difficult. Once cryptocurrency is sent to a scammer-controlled wallet, tracing and seizing funds requires international cooperation and technical expertise. Many losses are permanent.

Lessons and Warnings for 2026

As crypto adoption grows and AI tools become more accessible to criminals, experts predict continued pressure on losses unless prevention efforts scale rapidly. The FBI’s report serves as both a stark warning and a call to action.

“Education remains our best defense,” one senior FBI official noted. “If it sounds too good to be true — especially when it involves quick crypto profits — it almost certainly is.”

With total cybercrime losses approaching $21 billion in a single year, the human and economic cost extends far beyond the dollar figures. Families face financial ruin, retirees lose life savings and trust in emerging technologies erodes.

The 2025 numbers underscore a sobering reality: as cryptocurrency moves from fringe investment to mainstream financial tool, the scams exploiting it have scaled accordingly — leaving billions in shattered dreams in their wake.

The FBI recently released its annual report on internet crime and found that cryptocurrency-related scams accounted for the most reported losses among all scam categories last year.

The Internet Crime Complaint Center (IC3) received 1,008,597 complaints in 2025, up from 859,532 in 2024, with Americans’ reported losses nearing $21 billion last year.

Crypto scams accounted for over half of the $20.877 billion total losses reported by IC3, with over $11.366 billion in losses described as being related to cryptocurrency. Additionally, there were 181,565 complaints described as being related to cryptocurrency out of the roughly 1 million complaints received last year.

The annual report showed that crypto investment fraud was the highest source of financial losses to Americans in 2025, with $7.2 billion in reported losses. 

IRS WARNS AMERICANS TO BEWARE OF DANGEROUS NEW SCAMS THIS TAX SEASON

Crypto scams accounted for over half of Americans’ losses last year, the report detailed. (Getty Images)

Crypto investment scams typically begin via social media, text messages, advertisements or dating platforms, with scammers introducing the victims to investment groups purporting to be knowledgeable industry insiders.

Victims are then enticed to send cryptocurrency to fake investment scam platforms or apps and are shown fake profits or offered loans to encourage larger investments. When they try to withdraw their money, they will be charged taxes and fees as the scammers make a final attempt to exploit them before disappearing with the victims’ funds. Victims may also be targeted through recovery scams that claim to help them recover lost funds.

“These scams are often devastating because they can leave victims with significant loss and emotional distress,” the report explained.

CRYPTO EXPERT EXPLAINS WHY BITCOIN MAKES ‘PERFECT RECORD’ FOR TRACKING DOWN CRIMINALS

The FBI is cracking down on crypto scams. (Graeme Sloan/Bloomberg via Getty Images)

In early 2024, the FBI launched Operation Level Up to proactively identify and inform people who are falling victim to cryptocurrency investment fraud. The initiative has notified over 8,000 victims since its inception and has reduced losses by over $500 million, according to the report. 

In 2025, it notified 3,780 victims of crypto investment fraud and 78% of those victims were unaware they were being scammed. The estimated victim savings amounted to more than $225 million, while 38 people who were exploited by those scams were referred to a victim specialist for suicide intervention who maintained contact with them until local law enforcement arrived.

Some examples of prevented losses included stopping a victim from cashing out $750,000 from his 401(k) retirement plan, stopping a victim from selling her house to invest $500,000, and stopping a victim from obtaining a loan to send $400,000 to the scammer.

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Crypto investment scams may take different forms. (iStock)

The report added that there were multiple instances in which the FBI intervened through the Financial Fraud Kill Chain (FFKC) to reverse wire transfers and return funds to victims.

The surge in losses related to crypto investment scams prompted the formation of the U.S. Attorney’s Office District of Columbia Scam Center Strike Force, which merged the resources of the U.S. Attorney’s Office with the Justice Department’s Criminal Division, the FBI and the Secret Service to track down and disrupt those scams.

The Scam Center Strike Force is investigating scam compounds located in Southeast Asia, identifying and pursuing key leaders, including Chinese organized crime affiliates that operate in Cambodia, Laos and Burma to bring them to justice.

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It’s also working to seize and disable U.S.-based facilities and infrastructure that provide the manner and means to execute those scams, which includes internet service providers and social media accounts, to prevent them from being weaponized against Americans.