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Archive for category Fraud Recovery

Raw Meat, Prison Food Service and False Claims Acts

A former food service worker has filed a whistleblower complaint against food service giant Aramark. She claims the company is dishing out bad food in Michigan’s prisons. Aramark has a $145 million contract with the state. According to published reports, Amy McVay was hired last year by Aramark to work in the Gus Harrison Correctional [...]

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Ocwen – SS Carrying Out Financial Holocaust* for Banks?

Ocwen, one of the largest loan servicers in the United States, is getting plenty of big ink this week. One former mortgage company executive wrote, “Think of Ocwen as the SS Prison Guards carrying out the financial holocaust* for the large banks.” The New York Post wrote, “The latest news about Ocwen is so damning [...]

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Why Whistleblowers Make Banks Nervous

“The SEC’s mammoth whistleblower bounty offers a reminder that financial institutions should emphasize a culture of compliance and transparency, lest frustrated employees head to the government to find an audience that will listen.” That’s the opening line in an article published today by American Banker, the leading financial services trade publication. There is a touch [...]

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Structured Notes – A Bad Idea Resurfaces

“Principal protection,” “capital guarantee,” “absolute return,” and “minimum return” are all terms used to describe structured notes. Unfortunately, many structured note products are anything but safe. To better understand this post, let’s try and first define a structured note. Perhaps the simplest definition is:  ”A structured note is a hybrid security that includes several financial products, typically [...]

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FINRA: Stockbroker Improperly Marketed Private Placement

The first line of defense for victims of stockbroker fraud is FINRA, the Financial Industry Regulatory Authority. Although many people think that FINRA is a governmental agency, it is actually a private, self regulatory organization that operates under the auspices of the SEC. One of FINRA’s primary duties is to police the securities industry and [...]

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“Never Pay Tax!” – PPLI Post

“The World’s ‘Wealthy’ have a tax plan.  ’Never Pay Tax’! And South Dakota is teaching them how with virtual life insurance companies.   These companies (which are licensed and properly funded) provide a Private Life Insurance policy…” These were the opening words on an email I just received. The email is describing a private placed life insurance product or [...]

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Abusive Tax Shelters: Lawyers Have Higher Duty Than CPAs

This is a headline that will probably get me in trouble with my CPA friends. But according to a federal judge, it’s true.  To understand the ruling, some facts are needed. (Don’t worry, this isn’t a dry, boring post at all.) The Justice Department sought injunctive relief against two preparers in Texas. They wanted the [...]

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Doc Faces 175 Years in Tax, Medicare Fraud

This story made me sick to my stomach when I posted it. That takes a lot considering my earlier career as a cop in New Orleans. A Detroit hematologist-oncologist was convicted for a Medicare fraud scam involving giving patients dangerous and medically unnecessary chemotherapy.  Prosecutors say the man, Dr. Faid Fata of Oakland, Michigan,  performed the [...]

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Trio Convicted of Medicare Fraud in Detroit

Medicare fraud is rampant. Tens of billions are lost each year in scams around the country. The victims of these scams are ultimately taxpayers and those truly needy people who are denied essential medical care. Because Medicare is a federally funded program, whistleblowers who report fraud can earn large cash awards from the government. The [...]

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SEC Warns Companies to Not Interfere with Whistleblowers

The SEC’s whistleblower program is still in its infancy. Created by the Dodd Frank Act in 2010, it has only paid out about a dozen awards, although last month the agency announced a whopping $30 million award. The IRS and federal False Claims Act whistleblower programs have been around for decades and have paid out [...]

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