Safeguard Properties… an Ohio based property management company that manages and preserves at-risk and foreclosed properties. Sounds pretty legit, right? Many homeowners and the Illinois Attorney General say otherwise. In the words of the Lisa Madigan, Illinois Attorney General, “Safeguard has unlawfully dispossessed legal occupants of their homes by breaking into their houses, locking the […]
Archives for 2013
Electronic Wills – Convenience or Recipe for Fraud?
There are many probate lawyers in this country but few litigators that handle forged wills and undue influence cases. We support making it easier for bedridden people to craft a last will to assure their last wishes are heard and understood. There is a very small but growing trend for people to craft electronic wills. […]
PIWM – Nikolai Battoo… More Bad News
An article published on December 24th in the Bahamian online news service Tribune 242 reports that U.S. and BVI liquidators are again squabbling over who should be eligible to receive monies recovered from suspected fraudster Nikolai Battoo. As regulators readers of this website know, Battoo and marketing partner Tracy Sunderlage have been accused by the […]
Medicare Fraud Out Of Control
Medicare is a lifeline for millions of Americans. It is the only way many folks can afford to see a physician or purchase prescription drugs. Unfortunately, Medicare fraud costs U.S. taxpayers billions per year. A recent investigative journalism report by the public interest group ProPublica documents just how bad fraud has become. Using Medicare’s own data, […]
"Picking Up Pennies In Front of a Steamroller" – REIT Fraud Post
“Picking up pennies in front of a steamroller” is a quote from the weekend edition of the Wall Street Journal. It refers to the phenomena of investors chasing high yielding (and overpriced) REITs. We have long written about the dangers of REITs, particularly when they are thinly traded or illiquid. Many industry experts expect to […]
REIT Fraud Cases Increasing
We have written many articles about REITs and REIT fraud. A REIT is a Real Estate Investment Trust. While a good way for some folks to invest in large real estate projects and portfolios, they are not for everyone. One of the largest downsides is the lack of a secondary market for many REITs. That […]
Stockbroker Booted For REIT Fraud
Stockbroker fraud cases are nothing new. We are presently helping victims of Nikolai Battoo and PIWM get back millions in lost monies. Like the PIWM cases, many cases today against stockbrokers involve nontraditional or alternative investments. These include REIT fraud cases. A decision by the Financial Industry Regulatory Authority (FINRA) last week is unusual in […]
New Assets for Nikolai Battoo / PIWM Fraud Victims?
In any big Ponzi scheme, rumors usually fly. The hundreds of victims often scour the Internet hoping to get information about newly found assets and or potential criminal prosecutions. The frenzy surrounding Nikolai Battoo and Tracy Sunderlage is no different. Recently a victim told me that he once flew on Sunderlage’s private jet and wondered […]
Financial Elder Abuse = Big Suspension for Broker
Financial professionals are usually on the forefront of efforts to protect older Americans from financial fraud and elder abuse. They are often the first to spot unusual bank activity or suspicious withdrawals. Not Shelby Lee Bowles, however. Bowles was a stockbroker who until his termination in 2012, worked for Securities Service Network. According to the […]
The Deductibility of Life Insurance Premiums – Abusive Tax Shelter Post
For many insurance agents and promoters the “Holy Grail of insurance schemes”* is finding a product that allows the insured to deduct life insurance premiums. (Hat Tip to Professor Beckett Cantley for the quote.) To date, we haven’t seen any that pass IRS muster. Let me repeat that statement. We haven’t seen any such schemes […]
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