Variable annuities are losing favor with investors but they can still be a viable financial planning product under the right circumstances. We remain apprehensive about these products because they carry large commissions – typically up to 8% – and often must be held for five or more years to avoid a surrender penalty. A variable […]
Ex-Billionaire In Jail.. for Contempt
Is there justice in the world? The answer to that question is a bit complex but the answer is “Yes.” We know of many victims of Ponzi schemes that are still waiting for their money. Victims of Carlton Cabot who not only lost their life savings, but also find themselves as signatories on personal guaranties […]
Christmas Wishes and the Look Ahead
Christmas in Manhattan! After a busy week meeting with whistleblowers, prosecutors and other lawyers, today is a day to relax and reflect and New York City is the perfect place. Although the battle against fraud never stops, as individuals we all should pause to reflect on the blessings of the past year and think about […]
Light from the Right
Last August, Bank of America agreed to pay out nearly $17 billion to settle sixteen lawsuits over making and marketing fraudulent mortgages leading up to the start of the Great Recession, setting a record in the process. But the details, under the False Claims Act, remained sealed until last week….
Inside Trade
Bank of America Corp (NYSE:BAC) has definitely let itself open to further barbs as whistleblowers call the shots. The investment bank doled out nearly $170 million to three people, and one firm who helped bring to the public domain financial misdeeds of the bank. One firm will also receive part of…
The New American
Under the Whistleblower Act – also known as the False Claims Act, or FCA – the details behind 16 lawsuits involving the Bank of America, and that bank’s settlement for nearly $17 billion in August of this year, were kept secret, until Thursday, December 18, when they were “unsealed.”…
Value Walk December 2014
Being a whistleblower can be a lucrative retirement plan. Especially if you work in sensitive roles at selective financial services companies.
In one 2008 mortgage-related Bank of America court case, in which prosecutors commanded a $16.65 billion fine in exchange for not pressing criminal…
McAlvany Intelligence Advisor
Whistleblowers Get Paid, Countrywide Chairman Gets Off by Bob Adelmann | (141K) Last August, Bank of America agreed to pay out nearly $17 billion to settle sixteen lawsuits over making and marketing fraudulent mortgages leading up to the start of the Great Recession, setting a record in the process. But the details, under the False […]
The New York Times December 2014
The total payouts to whistle-blowers in the federal government’s $16.65 billion settlement with Bank of America over its mortgage business may approach $170 million.
Edward O’Donnell, a former executive at Countrywide Financial, and Robert Madsen, a former property appraiser for the bank…
Morningstar
There is a new winner in the biggest bank settlement to come out of the financial crisis: whistleblowers.
Four whistleblowers will collect a total of more than $170 million for helping investigators get a record $16.65 billion penalty against Bank of America Corp., among the biggest such…
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