by Brian Mahany While everyone makes mistakes from time to time (including attorneys), civilized society has no room for thieves. This is especially true for lawyers who take an oath of office to uphold justice. Earlier today, the Wisconsin Lawyers’ Fund For Client Protection Committee announced that 17 victims were receiving checks from the state […]
IRS Wins Tax Shelter Case – Will Claims Of Accounting Malpractice Follow?
by Brian Mahany Earlier this week the United States Tax Court ruled in favor of the IRS in a widely watched corporate tax shelter case. The test case, involving Bank of New York Mellon, could cost the bank $800 million. Although BONY has promised to appeal, the loss may create a waive of accounting malpractice […]
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 […]
FINRA Busts Brokerage Firm For Misleading the Elderly
by Brian Mahany David Lerner Associates, Inc is the latest stockbroker to come under scrutiny by the Financial Industry Regulatory Authority (FINRA). Regulators say the company targeted elderly and unsophisticated investors and improperly recommended investment in real estate investment trusts (REIT’s) shares without informing their customers of the difficulty in later cashing in these investments. Specifically, […]
Lose Your Securities License Due To Fraud? Don’t Worry, Sell Insurance
[Updated 2020] Unfortunately the financial services industry attracts fraudsters and scam artists like sh*t attracts flies. If you have money, rest assured there are plenty of criminals out there who want to take it from you. Thankfully, the securities industries does a fair job of policing its own. At least those who are registered with […]
CPA Jailed for Misusing Client Funds (What to Do When a CPA Steals)
What to Do When Your Accountant Steals An Oregon CPA pleaded guilty to charges that he conspired to commit wire fraud and money laundering. Brian Stevens of Bend, Oregon entered the guilty at his arraignment. According to the government’s complaint, Stevens misused $44 million of his client’s money. When his business collapsed, 91 customers lost […]