by Brian Mahany Usually when potential clients come to us wanting to sue their stockbroker they become quite surprised and suspicious that all claims must be arbitrated. Questions almost always arise. This blog post hopes to answer some of those questions. FINRA is short for the Financial Industry Regulatory Authority. It is the largest independent […]
The Origins of Fraud
by Brian Mahany Unfortunately, there is a great deal of job security for asset recovery lawyers. Fraud has always been with us but in recent years, the size and number of frauds have reached all-time highs and with no end in sight. Just look at Bernie Madoff and the Ponzi schemes orchestrated in Washington D.C., […]
Uncle Sam Goes After Another Welfare Benefit Plan Scheme
by Brian Mahany The IRS and U.S. Department Justice Department have a special relationship with welfare benefit plan promoters and the brokers and insurance agents that sell them. They hate them. For over a decade, the IRS has declared that many welfare benefit plans are fraudulent and abusive tax shelters. Many of the promoters are […]
Brokerage Giant Raymond James In Court Over Suitability Decision
by Brian Mahany Raymond James is a large broker dealer with dozens of offices nationwide. Occasionally one of their stockbrokers makes a mistake. No surprises there. Raymond James’ handling of the case, however, is shocking. Hurshel Tyler is in his late 80’s. In May he won a $1.7 million award from a FINRA arbitration panel. […]
FINRA to Wedbush Securities – "Morally Reprehensible Failure"
by Brian Mahany Are you a customer of Wedbush Securities? Did you know that a Financial Industry Regulatory Authority (FINRA) arbitration panel found that Wedbush Securities called the company’s behavior a “morally reprehensible failure.” Although the dispute involved monies owed by the company to one of its traders, the criticism is quite harsh. This case […]
Stockbroker Conflicts of Interest Often Lead to Customer Losses
by Brian Mahany Stockbrokers do not have a fiduciary obligation to customers. At least not today. But they do have consider the best interests of their customers when making recommendations and they do have to make suitable recommendations. The line gets pretty fuzzy when stockbrokers have a conflict of interest – lining their pockets versus […]
Payroll Processing Fraud
by Brian Mahany Many small businesses hire payroll processing companies to avoid the volumes of paperwork associated with weekly payrolls. Cutting checks; deducting state, unemployment, social security and federal taxes; keeping track of year-to-date deductions; filing various tax returns and remitting the taxes on a timely basis takes quite a bit of time. It’s almost […]
America's Tax Gap – Who Is At Fault And What Should We Do About It
by Brian Mahany America’s tax gap – the difference between what the IRS collects and what it should collect. Estimates differ widely but everyone agrees that it is measured in the hundreds of billions of dollars annually. In the last comprehensive study, the IRS estimated it collects 84% of what is due each year. President […]
Florida CPA Today
The April 15 filing deadline has passed and plenty of time remains for clients on extension. Another deadline is quickly approaching, however. For tens of thousands of Florida residents it may mean the difference between peace of mind and criminal prosecution.
Aug. 31 is the deadline to…
SEC A Joke? One Leading Financial Publication Says So
by Brian Mahany Hats off to Jonathan Wall at Investment News. He writes a featured article this week suggesting the SEC is “a joke” because it consistently fails to enforce its own orders. Since the Madoff debacle, the SEC learned just how bad its public image had become. Financial experts kept scratching their heads wondering […]
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