Posts Tagged fraud
Troubles In Paradise
Posted by admin in Fraud Recovery on January 6, 2012
by Brian Mahany
Aloha and greetings from Maui. We are here for a short family vacation - a few days to unwind, regroup and plan the new year. As I ate breakfast this morning I was struck by the headline in the local daily newspaper, The Maui News, “Heavy Surf Continues.” Life is a bit more [...]
Met Life Pays Wrong Beneficiary, Refuses to Correct Error
Posted by admin in Fraud Recovery on December 24, 2011
by Brian Mahany
We see many cases of insurance bad faith claims and this story is no exception. In a recent lawsuit, Jose Herrera sued Met Life after learning that Met Life paid the wrong person the proceeds of his late wife’s insurance policy. That sort of thing does happen and in most cases, the insurance [...]
Did TD Bank Help Ponzi Schemer Bilk Millions?
Posted by admin in Fraud Recovery on December 23, 2011
by Brian Mahany
Scott Rothstein is serving a 50 year prison term for operating the largest Ponzi scheme in Florida history, a massive $1.2 billion fraud. Now that he is effectively serving the rest of his life behind bars, Rothstein says he is setting the record straight and naming names. Is he really setting the record [...]
SEC’s New Approach to Enforcement
Posted by admin in Fraud Recovery on December 20, 2011
by Brian Mahany
It’s easy to pick on the SEC… just think Madoff and all the times that the agency failed to heed warning signs and whistleblowers in that case. Since then, the SEC has rolled out a powerful whistleblower cash award program and has initiated dozens of new enforcement actions. While we still criticize the [...]
Prominent Lawyer Guilty of Stealing From 94 Year Old Client
Posted by admin in Fraud Recovery on December 17, 2011
by Brian Mahany
Although all cases of elder financial abuse are sad, it is especially depressing when the perpetrator is someone sworn to uphold the law. Like police officers, lawyers take an oath of office in which they pledge to uphold the law and protect their clients. In this case, a Milwaukee County jury convicted attorney [...]
Wells Fargo Pays Millions To Settle Elder Fraud Allegations
Posted by admin in Fraud Recovery on December 15, 2011
by Brian Mahany
Wells Fargo Advisors agreed to pay $2 million to settle charges that one of its brokers sold unsuitable investments to clients in their 80’s and 90’s. The Financial Industry Regulatory Authority (FINRA) claimed Alfred Chen sold reverse convertible notes to many of his elderly clients. Reverse notes (RCN’s) are a complex investment vehicle [...]
Another CPA Firm Sued For Failing to Spot Ponzi Scheme
Posted by admin in Fraud Recovery on December 12, 2011
by Brian Mahany
Eleven months ago, we reported on Frederick Berg and the reportedly largest Ponzi scheme in Seattle’s history. Berg was indicted at the close of 2010 after federal prosecutors say he bilked hundreds of investors out of $130 million. Much of that money was frittered away on Berg’s lavish lifestyle - the Seattle Times [...]
Regulators Pursue Stockbrokers For Private Placement Abuses
Posted by admin in Fraud Recovery on December 4, 2011
by Brian Mahany
The title of this post sounds rather boring - unless you are one of the tens of thousands of Americans burned by private placement scams. Ponzi schemes and fraud have been with us since the beginning of time. As much as we stress prevention and due diligence on this website, unfortunately bad people [...]
Judge to SEC - I’m Not Your Handmaiden
Posted by admin in Fraud Recovery on November 30, 2011
by Brian Mahany
Anyone interested in knowing about whistleblowers and the law should visit whistlewatch.org. That is the website of Whistle Watch - the Brown Center for Public Policy organization, an IRS recognized nonprofit. The organization is a clearing house for current information about whistleblower actions, laws and protections for whistleblowers facing retaliation. In the words [...]
A Rolling Stone May Gather No Moss But A Rolling Stones Concert Promoter Gathers 9 Year Sentence
Posted by admin in Fraud Recovery on November 29, 2011
by Brian Mahany
Day after day and the fraud stories keep rolling in. This one comes to us from Arizona where promoter Miko Dion Wady received a 9 year prison sentence for running a Ponzi scheme.
Prosecutors say Wady lured investors into his scheme with promises of high returns and the chance to be involved in the [...]
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