by Brian Mahany We have been following the overtime pay debate involving loan officers and the financial service industry in general. Presently we have several cases brought on behalf of present or former loan officers. In this economy, it’s not unusual to work long, long hours and for very little pay. Employees say they are […]
Archives for 2013
Unpaid Overtime Claims Against Banks and Brokers Spike – FLSA Post
by Brian Mahany Most people have not heard of the Fair Labor Standards Act or FSLA (it was passed post-Depression in 1938) but everyone knows when they have been wrongfully denied overtime or pay. Lately it seems one of the worst offenders are bankers and stockbrokers. Working in a factory on a time clock mens […]
Brits Fine Lloyds Banking Group For Payment Delays
by Brian Mahany We don’t discuss offshore stories very much unless it involves taxes. Seeing one of Great Britain’s leading dinged by regulators is worth discussing, however. Lloyd’s is one of the largest banks in Great Britain. Like some U.S. banks, Lloyds decided to offer payment protection insurance (PPI). This is the type insurance that […]
From STARS to SLOTS – More Tax Shelter Woes For Accountants (Accounting Malpractice Post)
by Brian Mahany Last weekend we wrote about STARS, a controversial tax shelter program recommended by accounting giant KPMG. That “star” exploded like a super nova earlier this week when a U.S. Tax Court upheld an assessment of approximately $800 million against Bank of New York – Mellon. Today, Accounting Today reports that another KPMG […]
More News On Phone Subsidy Mess – Whistleblower Opportunity
by Brian Mahany Just one week ago we posted an article about the developing controversy with the federal cellphone Lifeline program. A report first published in the Wall Street Journal said that as many as 41% of the 6 million participants in the program may not meet federal eligibility guidelines. This number was based on […]
"Too Big To Fail" or "Too Big For Trial" – bank fraud post
by Brian Mahany Anybody who reads this blog knows that we are not fans of the banking industry. While we know some great regional and community banks and bankers, we also know many more – including the big banks – that have done an abysmal job. In our humble opinion, they are responsible for the […]
IRS Wins Tax Shelter Case – Will Claims Of Accounting Malpractice Follow?
by Brian Mahany Earlier this week the United States Tax Court ruled in favor of the IRS in a widely watched corporate tax shelter case. The test case, involving Bank of New York Mellon, could cost the bank $800 million. Although BONY has promised to appeal, the loss may create a waive of accounting malpractice […]
Cell Phone Lifeline Program Great Whistleblower Opportunity
[Post updated January 2019] Today’s Wall Street Journal says it all. Millions of Americans illegally claimed eligibility to the Lifeline program. Now that the FCC has cracked down on the the eligibility guidelines and misspending, the question becomes who to blame. Is it solely the fault of greedy program participants who lied on applications or […]
IRS: No One is Too Old, Too Poor or Too Sympathetic to Avoid Prosecution
Author Brian Mahany published by Escape Artist Asset Protection We have long said that the IRS and Justice Department is not letting up in their assault on taxpayers with unreported foreign accounts. Despite our warnings, many people with offshore wealth are still sitting on the fence. That “wait and see” approach could land them in […]
US-Swiss tax evasion chess game advances, as three Swiss bankers face US criminal charges
By: ACFCS Staff Date: February 5, 2012 When Swiss bankers Stephan Fellman, Otto Huppi and Christof Reist began their six-year campaigns to lure US taxpayers into opening accounts at the Swiss financial institution Kantonal Bank Zurich (KBZ), they advertised their services as discreet and operating under the radar of US agencies, particularly the Internal Revenue […]