by Brian Mahany The SEC charged a Massachusetts based offshore hedge fund, Locust Offshore Management LLC and its operator Andrey Hicks with misleading investors. Criminal charges have not yet been filed. According to the complaint, Hicks told prospective investors that he had two degrees from Harvard. He also claimed to have previously worked at Barclay’s […]
Georgia Bishop Accused in Ponzi Scheme
by Brian Mahany Just when I say nothing shocks me comes this story from DeKalb County Georgia. Bishop Eddie Long, spiritual leader and pastor of a Georgia megachurch, the New Birth Missionary Baptist Church, was sued in a state court yesterday and accused of participating in a massive Ponzi scheme. The victims? Church parishioners. While […]
Texas Man Accused of Defrauding 7000+ Deaf Investors
by Brian Mahany Last November I ran a post called “How Low Can You Go?” in which I described a Texas man accused of stealing real estate from the dead and disabled. Apparently Texas has produced another entrant for this year’s prize, Jody Dunn. The SEC has charged Dunn with ripping off over 7000 deaf […]
Former FBI Agent Sentenced To Prison In Ponzi Scheme Case
Lawyers do it. Stockbrokers do it. And apparently so do former FBI agents. What are we talking about? Stealing! The Jefferson County District Attorney’s Office and the Alabama Securities Commission prosecuted Cary Alan Burdette of Trussville, Alabama for securities fraud. They claim Burdette, a former FBI agent, defrauded many investors out of approximately $4 million. […]
Securities Watchdog Issues List of Common Investment Scams
by Brian Mahany The North American Securities Administrators Association released their list of most common investment schemes this week. It’s good reading and a good reminder of things to watch out for. Many of the scams on this years list mirror events taking place in the economy. With gold and silver at record highs, many […]
Ponzi Scheme Defrauds Longshoreman's Union
by Brian Mahany A former investment adviser traded his pinstripes for prison stripes last week. Carlo Chiaese of New Jersey was sentenced to 58 months in prison for defrauding a tug boat workers union and other investors in the New York / New Jersey area. Chiaese solicited investors with promises of safe returns from conservative […]
Hollywood Fraud – The Reality Show Not Seen By The Public
by Brian Mahany A Hollywood star arrested for drunk driving, showing up in divorce court or having a meltdown, is front page news. What rarely becomes news are the many agents, producers, accountants and even lawyers who often pray on Hollywood’s biggest stars. Within the last several years we have represented two well known celebrities […]
The Origins of Fraud
by Brian Mahany Unfortunately, there is a great deal of job security for asset recovery lawyers. Fraud has always been with us but in recent years, the size and number of frauds have reached all-time highs and with no end in sight. Just look at Bernie Madoff and the Ponzi schemes orchestrated in Washington D.C., […]
Brokerage Giant Raymond James In Court Over Suitability Decision
by Brian Mahany Raymond James is a large broker dealer with dozens of offices nationwide. Occasionally one of their stockbrokers makes a mistake. No surprises there. Raymond James’ handling of the case, however, is shocking. Hurshel Tyler is in his late 80’s. In May he won a $1.7 million award from a FINRA arbitration panel. […]
Ohio Bankruptcy Court: Creditors 1, Deadbeats 0
by Brian Mahany When creditors hear the word “bankruptcy,” most just throw up their hands, file a proof of claim and hope for the best. Aggressive creditors rights lawyers can sometimes still win on behalf of their clients, even in bankruptcy court. One of the more interesting frauds that got shot down comes from the […]