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 […]
JPMorgan Securities Fined for Unsuitable Investments, Misconduct
JP Morgan Securities – Big Doesn’t Mean Better JPMorgan Chase is the largest bank in the United States and the 7th largest in the world. With assets of $2.86 trillion, it certainly is big. It also claims to be one of the oldest financial institutions in the country. But that doesn’t mean its brokerage arm […]
Brit Established Cayman Fund AFTER US Court Arrest Warrant
[Originally posted in October 2010, now updated through 2021.] (Editors note: One of the best investigative journalists in the business is David Marchant. This story was first reported by David.) British citizen Sencer Sevket formed a mutual fund in the Cayman Islands after a U.S. federal court issued a warrant for his arrest on charges […]
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 […]
Medicare Fraud Whistleblower Opportunity?
Periodically, we review the Centers for Medicare & Medicaid Services enforcement action docket. There are literally tens of thousands of healthcare providers across the country. Most participate in the Medicare or Medicaid health programs. The government periodically audits a small percentage of these providers each year. When a significant problem is uncovered, the government can […]
Alliance & Nikolai Battoo – “Figment of Criminal Imagination”
The U.S. Securities and Exchange Commission has charged yet another player in the massive Ponzi scheme orchestrated by Nikolai Battoo. Marketed as PIWM, Maven Assurance or Maven Life, the Ponzi scheme is estimated to have raked in over $150 million dollars. Already the principals, Nikolai Battoo and his chief marketer Tracy Sunderlage, have been charged […]
Israeli Tax Cop Indicted for Fraud, Theft
We normally don’t write stories about corrupt cops. But when the cop is a lead investigator in the Israeli Tax Authority and the Israeli Police, we take notice. When we learn that he allegedly targeted the victims of cases he was assigned, we really take notice. The Times of Israel reported earlier this summer that […]
Ex San Diego Mayor Squanders $1 Billion But Too Ill To Stand Trial (Fraud Post)
by Brian Mahany Politicians can be greedy like anyone else. Unfortunately, society is filled with people who would rather steal, cheat and commit fraud… anything but a hard days work. Former San Diego Mayor, Maureen O’Connor, is a bit different. She inherited millions after her husband Robert Peterson died in 1994. (Peterson was the founder […]
Fraud Auditor Steals From Fraud Group
by Brian Mahany This is a story we simply couldn’t pass up. Robin Howard, former president of the Washington DC chapter of he Institute of Internal Auditors (IIA), has been accused of embezzling $30,000 from the Institute! An arrest warrant has issued. The job of an internal auditor is to insure adequate internal controls are […]
Dow Chemical Suffers Billion Dollar Tax Shelter Loss – Accounting Malpractice
by Brian Mahany When will they learn? Three times this month we have reported on big banks and corporations that have suffered major court defeats after attempting to claim questionable tax deductions. This week’s IRS victory against Dow Chemical is just one more nail in the coffin of abusive tax shelters. Wall Street bad boys […]
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