by Brian Mahany Waiting for your slice of the $25 billion mortgage foreclosure settlement monies? You might be waiting for a long time. Like forever. While I realize the term “steal” as used in this title is a pretty serious accusation, even HUD is upset at what many states have done with the settlement funds. […]
Former Sunwest CEO Indicted For Fraud
by Brian Mahany Former Sunwest Management CEO Jon Harder was indicted for fraud in connected with an alleged Pozi scheme. Prosecutors say he bilked investors out of over $130 million. Harder was CEO of Sunwest, a constellation of companies that purchased and operated nursing homes and assisted living facilities. Several years ago, his company went […]
NY Judge Rules Against KPMG In Massive Fraud Suit
by Brian Mahany If we aren’t critical of big banks and mortgage lenders, then we are probably writing about the Big 4 audit firms. Everyday we read another lawsuit or complaint accusing these giants of fraud, negligence or worse. Some claim these big institutions are “too big to fail.” We simply think they have become […]
Judge Refuses To Throw Out Suit Against Bank Of America
by Brian Mahany A federal judge in Manhattan again refused to dismiss a suit brought by a group of investors who purchased stock in the nation’s largest bank, Bank of America. They say the beleaguered lender lied about its foreclosure practices and misled them. They also say that the bank hid billions of dollars worth […]
Allied Home Mortgage and Pinocchio
by Joe Bird, Esq. Many of us were introduced to the concept of lying and its destructive powers through the story of little Pinocchio. A wooden puppet magically animated, yet unable to lie without his wooden nose growing longer and longer with each lie. Real life often mimics classic tales. Take for example little Jim […]
Accounting Firms Chosen To Monitor National Mortgage Settlement
by Brian Mahany Joseph Smith is a powerful guy. He is the monitor of the $25 billion national mortgage settlement hammered out by 49 states, the federal government and several large lenders including our perennial “favorites”, Bank of America, Wells Fargo, Citi and Chase. As part of the settlement, several major lenders promised to clean […]
Insurance Agent Indicted In Novel Scam
by Brian Mahany According to records obtained from the clerk of the Federal District Court in Baton Rouge, Louisiana, Timothy Schlatre was indicted earlier this week in a novel insurance scam designed to generate huge commissions by making false statements and fraudulent applications. Schlatre was charged with both money laundering and mail fraud. If convicted […]
Bank of America & The Mexican Drug Cartels
by Brian Mahany Around our Detroit office, we often refer to Bank of America as the “Death Star.” Sci-fi fans understand the reference but for those who haven’t seen Star Wars, the Death Star is a huge space station with a death beam capable of destroying a planet. Bank of America isn’t quite that powerful […]
More Audit Fraud – Tiny Illinois Town Loses $50 Million!
by Brian Mahany The little Illinois town of Dixon has less than 16,000 residents. Located in rural Lee county, Dixon was best known for being the boyhood home of former President Ronald Reagan. Now it is known for being the city that lost $50,000,000.00. That’s quite a feat considering the per capita income of Dixon is […]
Mortgage Industry Workers Often Ripped Off
by Brian Mahany We are honored to be partnered with the government in the largest federal false claims act case in the U.S. involving a mortgage lender – our $2.4 billion false claims case against Allied Home Mortgage. How did we get that case? By helping Allied’s employees who weren’t properly paid. Although we often […]
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