by Brian Mahany As a prosecutor I always wondered why street thugs would risk years in prison by committing a purse snatching or other low level street crime. I am not suggesting that any robbery isn’t serious but armed with nothing more than a pen, a smart criminal can net far more money and face […]
Violence Vanquished? Fraud On The Rise!
by Brian Mahany I couldn’t help but smile when I read the full page headline on page C1 of the Weekend Edition of the Wall Street Journal – “Violence Vanquished.” The author of that piece, Steven Pinker, is actually correct; we don’t kill and maim our brother man nearly as much as we did in […]
Fraud – An Epidemic?
by Brian Mahany As fraud recovery lawyers, we follow trends and news of Ponzi schemes and frauds pretty closely. Lately criminals seem to stay one step ahead of the good guys, or so its seems. While few crimes are as large as Bernie Madoff, Alan Stanford and this week’s billion dollar fraud – Kweku Adoboli […]
God’s Unanswered Prayers – Wall Street Style
There is a popular country song by Garth Brooks suggesting that we should thank God for the prayers he doesn’t answer. Evidently a securities arbitrator had the same idea when deciding a case filed by investor Fred Holczer against Wells Fargo Investments. Holczer asked his Wells Fargo stockbroker to invest $207,000 of his 401(k) money […]
Citicorp Fined $500,000 For Failing To Supervise Stockbroker
by Brian Mahany Citicorp Global Markets was fined $500,000 by the Financial Industry Regulatory Authority (FINRA) for failure to supervise a stockbroker who stole hundreds of thousands of dollars from clients many of whom were elderly or infirm. According to regulators, one of the victims was her own father! Brokerage firms are responsible for supervising […]
Gold Fever Means More Gold Scams
by Brian Mahany Although many people don’t follow the price of gold, just about everyone knows it is selling at record prices. Turn on late night TV and you are guaranteed to see at least one jeweler offering to pay “top dollar” for your gold jewelry. Unfortunately, criminals watch TV and read the paper too. […]
Texas Man Accused of Defrauding 7000+ Deaf Investors
by Brian Mahany Last November I ran a post called “How Low Can You Go?” in which I described a Texas man accused of stealing real estate from the dead and disabled. Apparently Texas has produced another entrant for this year’s prize, Jody Dunn. The SEC has charged Dunn with ripping off over 7000 deaf […]
Former FBI Agent Sentenced To Prison In Ponzi Scheme Case
Lawyers do it. Stockbrokers do it. And apparently so do former FBI agents. What are we talking about? Stealing! The Jefferson County District Attorney’s Office and the Alabama Securities Commission prosecuted Cary Alan Burdette of Trussville, Alabama for securities fraud. They claim Burdette, a former FBI agent, defrauded many investors out of approximately $4 million. […]
IRS Warns of Payroll Processing Fraud
by Brian Mahany Just 2 months ago (July 5th) we warned of various payroll processing frauds that prey on small businesses. The IRS must have been listening since they too just issued a warning. Because these frauds can bankrupt a business, the warnings bear repeating. Many small and medium size businesses outsource their payroll processing […]
"Rat Thy Neighbor" Goes Mainstream
by Brian Mahany The headline on the front page of the Weekend Investor section of today’s Wall Street Journal reads “Should You Blow the Whistle on Your Neighbor?” Apparently some 10,000 people have done just that according to the IRS. Turning in tax cheats in the hopes of getting a cash reward is nothing new. […]
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