If the figures coming from the North American Securities Administrators Association (NASAA) are correct, the number of fraud actions involving victims over the age of 50 is staggering. We don’t have 2020 data yet and with COVID, we expect 2020 will be another record breaking year for fraudsters. Sadly, regulatory agencies only have enough resources […]
Wells Fargo Pays Millions To Settle Elder Fraud Allegations
Wells Fargo Advisors has repeatedly been caught pushing unsuitable investments on their clients. One would think that after all the scandals that have engulfed the beleaguered bank, senior management would start taking their customers more seriously. Our first post on Wells Fargo selling unsuitable investments was in 2011. It’s now 2021 and we are still […]
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 […]
Affinity Fraud? SEC Charges Broker in Alleged $4.7 Million Ponzi Scheme
The Securities and Exchange Commission charged Larry Dearman Sr, an investment advisor working for Focus Group Advisors, with defrauding dozens of investors between 2008 and 2012. They say that many victims entrusted him with their savings because of his affiliation with a small town Oklahoma church. According to published reports, Dearman at one time served […]
Pension Plan Administrator Convicted Of Fraud (Employee Benefit Plan Scam)
by Brian Mahany Tens of millions of Americans invest for the future through employer sponsored 401(k) and other employee benefit plans. These plans allow workers to lower their taxes and provide retirement income. Depending on how the money is invested, there is always a risk of loss. In the case of Matthew Hutcheson, an Idaho […]
David vs Goliath (Bank Fraud Post)
by Brian Mahany The following post is an email from a client. It is reposted with permission. For privacy reasons, we have changed her name to “Jane” and redacted identifying information. Brian, I spent some time this AM reading your blog posts on my case and “Legal Abuse Syndrome”. Well done, and thank you. I […]
John Thomas Financial Under Watch – Again! (Stockbroker Fraud Post)
by Brian Mahany From the outside, John Thomas Financial appears to be a pretty respectable place. It’s main office is located at 14 Wall Street, a high rent building across the street from the New York Stock Exchange. It’s president, Anastasios “Tommy” Belesis, has been seen with former New York Mayor (and U.S. Attorney) Rudolph Guiliani. There […]
Updating The Allied Mortgage Saga – false claims post
by Joseph Bird It has been a while since we updated you on Allied Mortgage*, especially the US v Allied and Americus 2.5 billion dollar False Claims Act civil lawsuit. Since our last update, the case was transferred to a Houston, Texas Federal District Court. Many or the other peripheral cases have gone into hibernation […]
Michael Jackson's Will A Fake? – Probate / Estate Fraud Blog Post
by Brian Mahany Even years after his death, controversy still haunts Michael Jackson. No sooner was Michael buried, then Michael’s mother Katherine challenged his estate. Specifically, she challenged the two men who were acting as executors of the estate. That challenge was ultimately withdrawn but not before Michael’s father Joe file his own challenge. His […]
40 Cars + Private Jet + $6 Million Yacht = 225 Years In Prison
by Brian Mahany Some often complain that white collar criminals don’t spend much time in jail. Post Bernie Madoff, however, things are beginning to change. A U.S. Probation Office sentencing report recommends convicted Ponzi schemer Tim Durham be sentenced to 225 years in federal prison for his role in a mssive Ponzi scheme. Durham calls […]
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