by Brian Mahany Although the stock market has been doing relatively well in recent months, not everyone makes money. For every winner there is a loser. For retired Texan Lloyd Gillespie, he was the big loser while Oppenheimer and his brokers were the winners. An arbitration panel from the Financial Industry Regulatory Authority (FINRA) agreed […]
Archives for 2013
For Profit Colleges – Next Big Opportunity For Whistleblowers (False Claims Act)
by Brian Mahany The feature article in this month’s Milwaukee magazine was intriguing. There are up to 40 for profit colleges (sometimes called proprietary schools) in the Milwaukee area and many of them have abysmal track records. High costs and little prospect of a paying job at the end of 2 or 4 years of […]
Ultimate Inheritance Fraud? Cops Exhume Chicago Lottery Winner, Fear Cyanide Poisoning
by Brian Mahany The registered trademark of the Illinois Lottery is the slogan, “Anything’s Possible.” Apparently that includes murder. This story comes courtesy of today’s Chicago Tribune. Cops in Chicago exhumed the body of Urooj Khan, a recent million dollar lottery winner. The medical examiner’s office originally ruled in July that Khan die of hardening […]
Crisis Of Confidence – America's "Too Big To Care" Banks
by Brian Mahany It’s been a half decade from the dark days of the 2007-2008 financial crisis. Since then, most banks have paid back their TARP monies, government regulators have subjected banks to numerous “stress tests” to insure they are financially stable and Congress passed dozens of new laws to better regulate banks. There is […]
Lawyer, Accountant Implicated in Estate Fraud Case
by Brian Mahany Although I still believe the practice of law is a noble profession, the ambulance chasers and ethically challenged members of the Bar keep us pretty far down in public opinion polls. This story from Tennessee is not going to help change that undeserved reputation. Paul Porter and his son Joe built up […]
State Farm Agent Pleads Guilty To Inheritance Fraud
by Brian Mahany Ordinarily the inheritance fraud cases we see involve caregivers or family members that coerce an aging parent into signing a new will. Often it is an alert banker or financial professional that discovers the fraud. In this story, it is an insurance agent that apparently committed the fraud. Thomas Smith was an […]
US Tax Court Disallows Xėlan 419 Plan
At least once a month we receive a call from a business owner or physician who lost money in a 419 plan. The “lucky” simply have made a lousy investment in some unneeded insurance. The unlucky receive a huge tax bill from the IRS and / or lost their money in some sort of investment […]
JP Morgan Chase Faces Sanctions Over Refusal To Cooperate In Madoff Probe – Bank Fraud
by Brian Mahany America’s “Too Big To Fail, Too Big To Jail” banks have always been favorite targets of ours. Not a day goes by without one of the big banks being in some sort of legal trouble or regulatory hot water. We have heard countless stories of how these lenders have abused their business […]
David v Goliath – Homeowners Beat Wells Fargo, Freddie Mac In Foreclosure
[Post updated related to COVID-19 forbearances] We like rooting for the underdog. Particularly when the underdog has no lawyer and takes on the Federal Home Loan Mortgage Company (“Freddie Mac”). Freddie Mac is a government sponsored enterprise with over $2 trillion in assets. They certainly can afford great lawyers and take on small homeowners who dare […]
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