CMBS Fraud Allegations Met With Skepticism From Market Players by Kerri Panchuk, Bisnow (76K) At a time when the coronavirus pandemic is derailing the commercial mortgage-backed securities landscape, a whistleblower in Seattle has thrown another wrench into the CMBS market. But financial services experts said there isn’t enough information to draw definitive conclusions about whether the complaint is credible or if it is, whether it […]
Private Placement Fraud – Sophisticated and Accredited Investors
Private placements are investments not offered to the general public. The SEC says that certain financial products can only be offered to so-called “sophisticated” or “accredited” investors. That’s because the risks of these investments can be quite high. Examples of opportunities restricted to sophisticated investors include pre-offering securities and some hedge fund investments. Within the […]
Insurance Companies Tell Courts – Slow Roll Business Interruption Claims
If you watch television commercials, insurance companies are your friends. Take a look at their slogans. “You’re in Good Hands with Allstate”, “Like a Good Neighbor State Farm Is There”, Progressive – “Get the Support and Protection You Need” and Farmer Insurance’s “#SeenItCoveredIt.” All those taglines sound great. But just see what happens when you […]
Belviq Recall – Why Did It Take 8 Years?
We first wrote about Belviq in January 2020, weeks before the FDA asked Belviq’s US distributor, Eisai, to voluntarily recall the drug. In announcing the recall on February 13th, the FDA said, “FDA has requested that the manufacturer of Belviq, Belviq XR (lorcaserin) voluntarily withdraw the weight-loss drug from the U.S. market because a safety […]
How to Sue Your Insurance Company (Business Interruption Claim)
You diligently paid insurance premiums for years. Maybe you once had a small claim when a customer slipped or an employee claimed a wrongful termination. Fast forward to the spring of 2020 when our country basically stopped. Unless you were an essential business, you probably had to close your doors. If you kept your doors […]
Law360 May 4, 2020
Hotel Operators Say PPP Shouldn’t Jeopardize Old Loans by Jon Hill, Law360 (57K) Operators of hotels in several states have asked New York and Florida federal courts to rule that they can participate in the Paycheck Protection Program without fear of triggering a default on prior loans whose terms forbid taking on more debt. In […]
Alternative Investment Fund Due Diligence – Better Safe Than Sorry
[Ed Note: This guest post on alternative investment fund due diligence was written by our good friend L. Burke Files. We have known and worked with Burke for many years. His resume is impeccable as is his work. Burke currently serves on the Management Committee of INTERFIMA, Luxembourg, Co-Founder of the International Due Diligence Organization, […]
Telemedicine Fraud – Medicare’s Newest Fraud Frontier
Many hospitals and physicians are now using telemedicine. Doctors hope to reduce the number of sick patients in their waiting areas. Hospitals are now turning to telehealth to keep patients worried that they may have coronavirus from clogging emergency rooms. Unfortunately, newly loosened rules spurred by the coronavirus pandemic have also attracted fraudsters. Today millions […]
Revictimizing the Victims – "Reloading" Common in Ponzi Schemes
[Original post October 2010, post supplemented and republished April 2020] Recently an unemployed woodsman from Washington state was convicted of nine federal offenses including blowing up his own mailbox (destruction of a mail box is a federal crime.) What was he doing? Trying to convince victims of a Ponzi scheme to give him money in […]
Thinning the Herd: IRS Plans 2,500 Preparer Inspections
[Updated April 2020] The IRS has identified 10,000 tax return preparers who they say make too many errors. Errors that ultimately cost their clients money. The IRS plans to visit approximately 2,500 of those preparers over the next several months. Many people use professional tax preparers for their returns. Wealthier individuals often use CPAs while […]
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