by Brian Mahany Just when I say nothing shocks me comes this story from DeKalb County Georgia. Bishop Eddie Long, spiritual leader and pastor of a Georgia megachurch, the New Birth Missionary Baptist Church, was sued in a state court yesterday and accused of participating in a massive Ponzi scheme. The victims? Church parishioners. While […]
Looking To Evade Taxes? There Are Plenty Of People Still Willing To Help You!
by Brian Mahany Last spring I had the opportunity to represent a client with pending criminal charges in three different Arab emirates. While 7 emirates are loosely joined into the United Arab Emirates, the individual countries are very different. Most Americans are immediately familiar with Dubai and Abu Dhabi but cannot name the others. Although […]
Why Hire An Asset Recovery Lawyer? Glad You Asked!
Many of our fraud victim clients come to us late in the game; that is long after they have lost their money. Invariably there are several common themes and reasons for waiting so long. First, most fraudsters continue to make promises of payments even though the investors’ money is long gone. For the fraudsters, the […]
Treasury’s FinCEN Joins Fight Against Elder Exploitation
Red Flags of Elder Financial Abuse [Post updated through 2021] The Treasury Department’s Financial Crimes Enforcement Network, better known as FinCEN, has joined the fight against financial exploitation of the elderly. FinCEN has long been the lead law enforcement agency detecting and combating money laundering. Because banks, retailers and many others are required to report […]
Ed May: A Sentence That Ends a Dour Chapter
[Ed. Note: This story was written by Bruce Kelly and appeared on October 7th in Investment News. It is reprinted with permission. As readers of our blog already know, we love Investment News for breaking fraud stories that mainstream media often doesn’t. We especially enjoy Bruce Kelly for his unique ability to share the “story […]
Merrill Lynch Tagged for Over Concentration Violation (Failure to Diversify)
It certainly seems we are picking on Merrill Lynch these days for not properly supervising their brokers. This post is no exception. [Ed. Note – the author of this piece maintains a small IRA account at Merrill. Because of the sheer size of Merrill Lynch – it employs thousands of stockbrokers – there are always […]
Merrill Lynch Fined $1mm For Fraud
by Brian Mahany Brokerage giant Merrill Lynch was fined $1 million by the Financial Industry Regulatory Authority (FINRA) for failing to supervise one of its stockbrokers. That broker, Bruce Hammonds, defrauded investors out of over $1 million through a Ponzi scheme he conducted while working at Merrill Lynch. In addition to the fine, Merrill will […]
NBA Player Arrested For Alleged Ponzi Scheme
by Brian Mahany Ponzi schemes are a dime a dozen these days. It’s been 2 years since the Bernie Madoff scandal rocked the world yet people still become victims of investment fraud every day. Most of us believe that people are inherently good. Sure, we may be a bit more skeptical these days but if […]
Stock Traders More Reckless Than Psychopaths? Yes Says Study!
by Brian Mahany German news source Spiegel says that according to a recent Swiss university study, stock traders are more reckless than psychopaths! Unfortunately, that news may take away what little remaining confidence investors have in the marketplace. According to a study conducted by the University of St. Gallen, stockbrokers are both more reckless and […]
Edward Jones Brokers Under FBI Scrutiny
by Brian Mahany Two former stockbrokers employed by Edward Jones are under investigation for selling investments in an alleged Ponzi scheme. That’s the big news today from InvestmentNews Daily. Every large brokerage firm has the occasional bad apple – and with 12,000 brokers Edward Jones is one of the largest brokerage firms in the country. […]
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