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 […]
Legal Abuse Syndrome and Foreclosure Fraud
Until a client sent us a clipping today, I had never heard the term “Legal Abuse Syndrome.” If you look in the Diagnostic and Statistical Manual of Mental Disorders, you won’t find the term. Yet. The DSM is the official “blue book” used by mental health professionals. Whereas many of the CEOs of major banks […]
Ex Wells Fargo Adviser Convicted of Senior Abuse
Adorean Boleancu, a former financial adviser with both Wells, Fargo and Morgan Stanley, pleaded guilty yesterday to stealing $1.8 million from one of his elderly clients. According to a statement from the Department of Justice, he faces 30 years in prison when sentenced later this year. Often bankers, stockbrokers and financial advisers are the ones […]
Estate Fraud – Breach of Fiduciary Duty
As the first baby boomers are now reaching retirement age, we are seeing an increase in the numbers of powers of attorney given to a relative or close family friend. Under the law of most states, the person who holds that power of attorney has a fiduciary duty to the person who granted the power. […]
IRS Cracks Down On Captive Insurance Arrangements
Accountants and tax lawyers are seeing a rise in IRS audits directed at companies using captive insurance arrangements. While big businesses have long used captives as a way of managing risk, IRS efforts appear to be directed at smaller companies that rely on section 831(b) of the tax code. (In July we reported on the […]
Anderson Scott Hall Faces New Charges In Abaco Securities Scam
In June we wrote about Anderson Scott Hall, head of Abaco Securities International. At the time, Hall was awaiting trial on 20 counts of wire and mail fraud. Prosecutors say he bilked millions of dollars from teacher and school district employees near Jacksonville, Florida. Hall’s case was scheduled for trial in August but a federal […]
PharMerica Whistleblower Suits – (Some Companies Just Don’t Learn)
[Updated through 2020] We originally wrote this post in August 2013. That is when the federal government filed suit against PharMerica Corp, a major long-term care pharmacy. The lawsuit was originally begun in 2009 by a former PharMerica employee turned whistleblower. Eleven years and 31.5 million later, the company still hasn’t learned its lesson. That […]
Whistleblowers to Receive $361,000 in Land Mine Detector Case
Two former executives of CyTerra Corporation became whistleblowers and are now slated to receive $361,000 for their efforts in uncovering pricing problems with their former company. CyTerra manufactures portable land mine detectors for the U.S. military. Earlier this month federal prosecutors settled with the company for $1.9 million. In 2003, the Army contracted with CyTerra […]
Stock Fraud Post – "Outside Business Activities"
Stock fraud is a hot topic these days. With interest rates at all time lows, investors are demanding higher returns. Financial professionals such as stockbrokers and investment advisers have limited options. Although there are some high yield alternative investments available, most are too risky for the average investor. Good brokers are honest with their clients […]
TIC Awards Still Haunt Brokerage Firms
Claims for failed Tenants in Common (TIC) investments still haunt stockbrokers and investment advisers according to a story in InvestmentNews. According to the report published on Friday, arbitration awards continue to be made against broker dealers. TICs were a popular investment vehicle several years ago. An IRS ruling allowed individuals to pool their monies and […]
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