[Original post Feb 2011, Updated and Reposted Feb. 2021] The U.S. Attorney’s Office in Manhattan has charged a hedge fund manager with insider trading. Donald Longueuil was charged with conspiracy to commit securities and wire fraud and obstruction of justice. The obstruction charge stems from Longueuil’s middle of the night efforts to destroy computer hard […]
First Successful COVID PPP Fraud Whistleblower Case Announced
Since the government first announced the Payroll Protection Program, tens of thousands of businesses and self-employed individuals have signed up. Because the program was rushed in order to get relief to businesses hurt by the pandemic, neither the government nor the SBA did much due diligence. We trusted applicants to be honest. Most applicants were […]
Feds Accuse Deutsche Bank of Fraud (Bank Whistleblower Post)
Whistleblower Rewards for Information about Banks Peddling Phony Tax Shelters [Post updated and rewritten January 2021] Back in 2014 we announced that the IRS and Justice Department had filed a civil suit against Deutsche Bank seeking to collect $190 million in taxes. The government accused the German bank of using shell companies in a complex […]
Bad Day for Wedbush Securities – Stockbroker Fraud Post
We first began writing about Wedbush Securities in 2011. Back then, a headline indicating that Wedbush was ordered to pay $3.5 million to one of its own former employees. The amount alone was enough to warrant some investigation. It turns out that Wedbush has a long and sordid history with regulators. One that continues through […]
Baby Boomers Wearing Bulls Eyes
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 […]
Wells Fargo Pays Millions To Settle Elder Fraud Allegations
Wells Fargo Advisors has repeatedly been caught pushing unsuitable investments on their clients. One would think that after all the scandals that have engulfed the beleaguered bank, senior management would start taking their customers more seriously. Our first post on Wells Fargo selling unsuitable investments was in 2011. It’s now 2021 and we are still […]
Surgeon Pleads to Blood Vessel Scam (Whistleblower Reward Post)
It’s Christmas Day and here I am writing about one of the most twisted Medicare fraud scams to date. A doctor in Tallahassee, Florida pled guilty on December 18th to performing unnecessary heart procedures. When I was a prosecutor, we didn’t like proceeding with major felony cases between Thanksgiving and Christmas. It’s not that folks […]
LPL Financial In Trouble – (LPL Stockbroker Fraud Lawyer Post)
[Updated through 2021] LPL Financial is certainly not a bucket shop or “boiler room” in the tradition of the Wolf of Wall Street and Stratton Oakmont Securities but lately, its beginning to behave like one. An industry leader with over 16,000 representatives, LPL is a big brokerage firm with offices throughout the United States. Recent […]
World’s First Robo Lawyer Sued for SPAM Text Messages
The late physicist Stephen Hawking, one of the smartest people in the world, openly worried that robots could “spell the end of the human race.” Yet despite those fears, our society continues to march towards more automation. Self driving cars are here. Amazon is already testing pilotless drones to deliver packages. Passenger planes without pilots […]
Shell Companies, Money Laundering and Whistleblower Rewards
Most whistleblower rewards are paid to those reporting frauds against the government. Unless that fraud involves a pharmaceutical giant (Medicare fraud) or big defense contractor, the typical reward is modest. By modest we mean under $1 million. We still love those cases and have dedicated our careers to chasing down fraudsters of all sizes. Like […]
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