[Original post Feb 2011, Updated and Reposted Feb. 2021] The U.S. Attorney’s Office in Manhattan has charged a hedge fund manager with insider trading. Donald Longueuil was charged with conspiracy to commit securities and wire fraud and obstruction of justice. The obstruction charge stems from Longueuil’s middle of the night efforts to destroy computer hard […]
JPMorgan Securities Fined for Unsuitable Investments, Misconduct
JP Morgan Securities – Big Doesn’t Mean Better JPMorgan Chase is the largest bank in the United States and the 7th largest in the world. With assets of $2.86 trillion, it certainly is big. It also claims to be one of the oldest financial institutions in the country. But that doesn’t mean its brokerage arm […]
Precious Metals Scams on the Rise – Gold, Silver or Rusty Scrap?
[Updated through 2020] Recently there has been a glut of advertisements promoting investment in precious metals. Internet websites, infomercials, radio ads, cold calls and TV ads – many promise quick riches through the investment of gold, silver and platinum. It’s no wonder that with COVID-19 worries roiling the market, many believe that gold and silver […]
Medicare Fraud Whistleblower Opportunity?
Periodically, we review the Centers for Medicare & Medicaid Services enforcement action docket. There are literally tens of thousands of healthcare providers across the country. Most participate in the Medicare or Medicaid health programs. The government periodically audits a small percentage of these providers each year. When a significant problem is uncovered, the government can […]
Morgan Stanley Loses $4.5mm Stockbroker Fraud Arbitration
Morgan Stanley & Co. suffered a $4.5 million arbitration loss before the Financial Industry Regulatory Authority (FINRA) after a customer complained that the brokerage firm had committed fraud. The customer, Banamex, claimed Morgan Stanley improperly pledged the assets of a wealthy family. Banamex acted as the family’s trustee. The family’s trust claimed the trustee never […]
Alliance & Nikolai Battoo – “Figment of Criminal Imagination”
The U.S. Securities and Exchange Commission has charged yet another player in the massive Ponzi scheme orchestrated by Nikolai Battoo. Marketed as PIWM, Maven Assurance or Maven Life, the Ponzi scheme is estimated to have raked in over $150 million dollars. Already the principals, Nikolai Battoo and his chief marketer Tracy Sunderlage, have been charged […]
Israeli Tax Cop Indicted for Fraud, Theft
We normally don’t write stories about corrupt cops. But when the cop is a lead investigator in the Israeli Tax Authority and the Israeli Police, we take notice. When we learn that he allegedly targeted the victims of cases he was assigned, we really take notice. The Times of Israel reported earlier this summer that […]
Ex Wells Fargo Adviser Convicted of Senior Abuse
Adorean Boleancu, a former financial adviser with both Wells, Fargo and Morgan Stanley, pleaded guilty yesterday to stealing $1.8 million from one of his elderly clients. According to a statement from the Department of Justice, he faces 30 years in prison when sentenced later this year. Often bankers, stockbrokers and financial advisers are the ones […]
3 Whistleblowers Receive Awards in Hedge Fund Scam
The Securities & Exchange Commission announced 3 whistleblowers would be receiving approximately $125,000 for providing information about a hedge fund scam. The 3 provided helped the SEC shut down Locust Offshore Management and its CEO, Andrey Hicks. Hicks was sentenced to 40 months in federal prison on related criminal fraud charges. Although it did not […]
Court Denies Hedge Fund Loss In Ponzi Scheme Case
A federal judge in Tampa has barred a Swiss hedge fund from making claims against an alleged Ponzi scheme. In an opinion that could have far reaching implications in other investment fraud cases, the court said the fund shouldn’t be allowed to participate in the claims process because it missed too many red flags before […]
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