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Archive for category Fraud Recovery

Bank Director Fakes his Own Death, Gets 30 Years in Slammer

Aubrey Lee Price, 48, will be an old man when he is finally released from prison. That is especially fitting since he left so many elderly victims practically penniless. This week Price was sentenced to 30 years in prison for bank fraud. Price made national news when he wrote to several friends telling them of [...]

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Dems Urge Better SEC Whistleblower Protection

House Democrats urged the Securities and Exchange Commission to better protect whistleblowers. In a letter signed by the Democratic members of the House Committee on Financial Services, the SEC was urged to be more vigilant in protecting whistleblowers from retaliation. The 2010 Dodd Frank Wall Street Reform and Consumer Protection Act gave the SEC to [...]

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Customers Score Big Win Against FSC Securities

It’s nice to see the little guy win. Especially when the defendant is a big brokerage firm. Last week an arbitration panel ruled in favor of several people in claims against FSC Securities Corporation. Several former FSC Securities customers filed for arbitration last year claiming they were victims of breach of fiduciary duty, negligence, unsuitability [...]

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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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