by Brian Mahany As the Dow Jones industrial index pushes new highs and comes off the longest winning streak in 17 years, I paused to think today why our phones continue to ring off the hook with new fraud claims. When the markets and economy collapsed in 2007 & 2008, many Ponzi schemes were exposed. […]
Another CPA Firm Sued For Failing to Spot Ponzi Scheme
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 […]
Merrill Lynch Tagged for Over Concentration Violation (Failure to Diversify)
It certainly seems we are picking on Merrill Lynch these days for not properly supervising their brokers. This post is no exception. [Ed. Note – the author of this piece maintains a small IRA account at Merrill. Because of the sheer size of Merrill Lynch – it employs thousands of stockbrokers – there are always […]