The alleged mastermind behind a billion dollar Ponzi scheme has been accused of causing a Bahamian brokerage firm, Alliance Investment Management, to issue false financial statements. On December 9th, the U.S. court appointed receiver for Battoo’s BC Capital Group accused Alliance of issuing fabricated financial statements. In a court filing, the receiver said, “Battoo caused […]
Archives for 2013
New Details on Brian Borakowski & George Kardaras Fraud
On November 29th we listed several stockbrokers who had their tickets pulled by the Financial Industry Regulatory Authority (FINRA). Included on that list were two Arizona residents, Brian Borakowski and George Kardaras. Until recently, Borakowski worked at Berthel Fisher while Kardaras was a broker with J.P. Turner. FINRA claims the two men defrauded investors in a promissory note […]
Whistleblower Post – Navy Worker Gets 10 Years For Kickback Scheme
Recently I addressed a group of accountants at a conference in San Diego. While there, I picked up the local newspaper, the U-T San Diego. San Diego is a big navy town so its no surprise that a story about a U.S. Navy engineer sentenced to prison for fraud was big news. A federal judge […]
Stark Law as Basis for False Claims Act (Whistleblower) Suit? Yes!
The federal Stark law prohibits physicians from referring Medicaid or Medicare patients to businesses in which the physician holds an interest. The law includes hospitals as well as clinical laboratory services, physical therapy services, occupational therapy, radiology, MRIs, CAT scans, prosthetics, home health services, outpatient prescription drugs, and outpatient hospital services. Critics have long argued that […]
Phony Nonprofits? – Whistleblower Post
If there was ever a situation highlighting the need for whistleblowers, it may be Relief Resources, Inc, a New York City nonprofit that receives millions in tax dollars. A New York Post story this weekend questions whether the agency provides any services for the millions in tax dollars it receives. The details are still being […]
Nikolai Battoo – Lies and Deceptions
Because we have handled many PIWM / Maven cases, we have accumulated thousands of pages of written materials regarding Tracy Sunderlage and Nikolai Battoo. This includes documents from the SEC, liquidators, correspondence, internal audits and some rather unique documents from the PIWM “mastermind” himself, Nikolai Battoo. Battoo, and the folks doing his marketing such as […]
Bad News for PIWM Investors
An attempt by the U.S. Securities Exchange Commission and the Commodity Futures Trading Commission to intervene in a case pending in Guernsey was unsuccessful. All is not lost, however. The Bailiwick of Guernsey, as the tiny island nation is formally known, is a British Crown dependency. Regulators believe that there are millions of dollars belonging […]
Net Branch Fraud 101 – Allied Home Mortgage Opinion Provides New Insights
The largest pending false claims act (whistleblower) case against a lender or bank is United States of America v. Allied Home Mortgage. [Full disclosure – we proudly represent the whistleblower in that case.] HUD claims that Allied and its control person, Jim Hodge, owe $2,400,000,000.00 to taxpayers. That’s right, over $2 billion! Hodge and company […]
2012 – Record Year for False Claims Act Whistleblowers
The results are in. According to data released by the U.S. Department of Justice, last year was a record year for whistleblowers (called “relators”) under the federal False Claims Act. Since 2009, the Justice Department has recovered more than $14.5 billion under the Act. The False Claims Act, sometimes called a “qui tam” or the […]
New Details Emerge Regarding Ellwood Jones
We have been contacted by several people who were former clients of Ellwood Jones. Presently, Jones works for an investment advisory firm in Folsom, California called Capital Region Financial Group. The Financial Industry Regulatory Authority (FINRA) says that Jones previously worked as a stockbroker for NFP Securities. While at NFP between 1997 and 2011, we […]
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