by Brian Mahany Losing one’s life savings to a Ponzi scheme promoter would be devastating to anyone. We often see courtroom footage of victim’s families attacking defendants at sentencing hearings when emotions are the highest. Usually these assaults occur in connection with a homicide or sex crime. In Longwood, Florida it was the victim of […]
"Should I Stay or Should I Go" – FINRA's New Suitability Rules (Stockbroker Fraud)
by Brian Mahany “One day is fine, next is black So if you want me off your back Well come on and let me know Should I stay or should I go? … If If I go there will be trouble An if I stay it will be double… Should I stay or should I go…” […]
Hook ‘Em and Book ‘Em – Former Texas Longhorn Star Charged WIth Affinity Fraud
by Brian Mahany Three days ago I was in Bandera, Texas participating in my first “Cowboy Mardi Gras.” As a new Texas landowner and soon to be resident, it was fitting to begin spending time in my new hometown. (It was also 80 degrees while Milwaukee was a frigid 8!) Football is king in Texas […]
Victims in Stanford Ponzi Scheme To Receive Less Than 1 Penny On The Dollar
by Brian Mahany Talk about depressing story titles. Sir Allen Stanford was convicted of the second largest Ponzi scheme in American history. In 2012 he was sentenced to 110 years in federal prison, a life sentence. His crime? A Ponzi scheme that caused $7 billion in losses, mostly to American investors. Suing Stanford to recover […]
The Dark Side Of The Legal Profession (Ethics and Legal Malpractice)
by Brian Mahany A shocking 78-page complaint filed in a San Francisco federal court last week opens a rare window into the inner workings of some law firms. Like that old adage about watching sausage being made, the plaintiff does not paint a pretty picture. From excessive billing practices to conflicts of interest and false […]
FINRA Arbitration Panel Slams Oppenheimer For Churning Customer's Account
by Brian Mahany Although the stock market has been doing relatively well in recent months, not everyone makes money. For every winner there is a loser. For retired Texan Lloyd Gillespie, he was the big loser while Oppenheimer and his brokers were the winners. An arbitration panel from the Financial Industry Regulatory Authority (FINRA) agreed […]
Crisis Of Confidence – America's "Too Big To Care" Banks
by Brian Mahany It’s been a half decade from the dark days of the 2007-2008 financial crisis. Since then, most banks have paid back their TARP monies, government regulators have subjected banks to numerous “stress tests” to insure they are financially stable and Congress passed dozens of new laws to better regulate banks. There is […]
HSBC Whistleblower Sues Bank For Retaliation
by Brian Mahany We have long called whistleblowers the new American heroes. It’s must be awful lonely to stand up against a huge multi-national corporation and defend what is right. More and more people are doing it, however. Unfortunately, sometimes big business thinks they are above the law and retaliate. Recently, HSBC was in the […]
Whose Responsible For The Housing Market Meltdown? FDIC Settles With IndyMac CEO
by Brian Mahany There is plenty of blame for the housing market meltdown. Ask anyone on Main Street, America and most will quickly (and correctly) point the finger at the Wall Street and the big banks. Those folks, however, will likely deny everything. Last week the FDIC was successfully able to hold one big bank […]
"I Don't Recall" – Confessions Of Bank Of America CEO Brian Moynihan
by Brian Mahany Bank of America chief executive officer Brian Moynihan’s deposition was just filed with the court after Thanksgiving. It reminds of some of the transcripts I have read dealing with mobsters. If there was an Academy Award or Oscar for the most stonewalling, Moynihan would be a shoe-in. Insurance giant MBIA sued Countrywide […]