[Arabis translation below – الترجمة العربية أدناه] Beginning in 2007, the IRS began cracking down on Americans and other U.S. taxpayers with unreported foreign accounts. Owning an offshore account isn’t illegal but failing to report the account is. First, Swiss banks began to be the targets. The government accused UBS and several other Swiss banks […]
FBI, SEC Lose Focus on Recovering Assets for Fraud Victims
by Brian Mahany “With the FBI focusing its efforts on gathering intelligence and information, and the Securities and Exchange Commission dogged by accusations of failing to go after the pocketbooks of the largest Wall Street offenders, it may be time for the private sector to pick up the sword in the fight to recover assets […]
Securities Watchdog Issues List of Common Investment Scams
by Brian Mahany The North American Securities Administrators Association released their list of most common investment schemes this week. It’s good reading and a good reminder of things to watch out for. Many of the scams on this years list mirror events taking place in the economy. With gold and silver at record highs, many […]
Ponzi Scheme Defrauds Longshoreman's Union
by Brian Mahany A former investment adviser traded his pinstripes for prison stripes last week. Carlo Chiaese of New Jersey was sentenced to 58 months in prison for defrauding a tug boat workers union and other investors in the New York / New Jersey area. Chiaese solicited investors with promises of safe returns from conservative […]
Hollywood Fraud – The Reality Show Not Seen By The Public
by Brian Mahany A Hollywood star arrested for drunk driving, showing up in divorce court or having a meltdown, is front page news. What rarely becomes news are the many agents, producers, accountants and even lawyers who often pray on Hollywood’s biggest stars. Within the last several years we have represented two well known celebrities […]
Angry Investors!
by Brian Mahany Jason Zweig is one of my favorite columnists at the Wall Street Journal. Minutes ago I read his column in today’s WSJ, “Too Flustered to Trade: A Portrait of the Angry Investor.” Zweig’s premise is that as flustered and angry as individual investors are today, many are simply sitting on the sidelines […]
Citibank Debt Collectors Kill Customer?
by Brian Mahany Fraud stories never cease to amaze me but after years of prosecuting fraudsters or helping victims recover their money, the stories sometimes lose some of their excitement. Especially with bank fraud, the stories are often pretty complex and quite dry. Not this one. According to a press report, Citibank is being sued […]
Woman in Her 80's Wins $880,000 from Merrill Lynch
by Brian Mahany Everyone loves a good David versus Goliath story, especially where the winner is a woman in her 80’s and the villain is a Wall Street giant. Harriet Baker and her son won $880,000 against Merrill Lynch for mismanaging her brokerage account. The sad news is that she died the day the award […]
Financial Advisers As Protectors of Elderly Clients
by Liz Skinner [Ed. Note: I write about fraud recovery and getting money for investors after it has been lost. This story is a verbatim copy of a story written by Liz Skinner at InvestmentNews, one of my favorite publications. Liz discusses how brokers and financial professionals can protect their elderly clients. Her ideas on […]
When Auditors Lie
by Brian Mahany In recent months we have run several stories about the sloppy auditing practices of several accounting firms. From David Friehling, the solo practitioner who served as Bernie Madoff’s auditor, to Arthur Andersen LLP, once one of the “big 5” accounting firms and auditors of Enron, sloppy auditing is nothing new. Investors and […]
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