The big news last week in the securities industry was the apparent termination of James “Jeb” Bashaw, a legendary stockbroker most recently employed by LPL Financial. Several years ago, Barron’s magazine ranked Bashaw as the top financial adviser in Texas with a client portfolio of almost $4 billion. When we checked with FINRA last week, […]
Offshore PPLI Life Insurance Scams Still Alive
Back in May, we wrote about an abusive tax shelter masquerading as a sophisticated private placed life insurance (PPLI) product. One of the companies marketing the product, SwissPartners, entered into a non prosecution agreement with the U.S. Department of Justice. Except for any audits of the dozens of American clients who purchased their PPLI products, […]
Government Settles Record "Inadequate Care" Whistleblower Case
Extendicare Health Services, a Canadian nursing home conglomerate, has agreed to pay $38 million to settle a whistleblower suit claiming violations of the federal False Claims Act. The U.S. Department of Justice says the settlement is the largest ever for substandard care. The suit was brought by Tracy Lovvorn, a rehabilitation manager at the company. […]
Bankruptcy Trustee Sues BMO Harris for $27 Billion
We have been involved in several billion dollar lawsuits. Those numbers are still a rarity. So last months lawsuit by the bankruptcy trustee of Palm Beach Finance Partners seeking $24 billion against BMO Harris caught our attention. The case offers great insights into how banks often turn a blind eye towards criminal activity appearing right […]
CMBS Special Servicers – Main Street's True Power Brokers
CMBS special servicers – they are responsible for tens of billions of troubled commercial real estate projects. Until very recently they escaped all media and regulatory scrutiny. Because of their expansive powers, they have the ability to dramatically impact the future of the commercial real estate market and maybe even the entire economy. They are […]
"Lawsuits Rattle Nursing Home Chains" – Whistleblower Post
“Lawsuits Rattle Nursing Home Chains,” that was the title of a feature story in the weekend edition of the Wall Street Journal. We call it “Profits over Patients.” Things are so bad at some nursing home chains that they are apparently closing their doors in certain states because of the risks of lawsuits. The nursing […]
Presidential Security and the Need for Whistleblowers
The press has been buzzing lately about lapses in Presidential security. An armed fence jumper walks right into the unlocked door of the White House and wanders around until being tackled. A man with three felony convictions is hired as an armed security guard at the CDC and gets on an elevator with Obama. How […]
How Big the Bounty to Catch the Fraudster? (FIRREA Post)
[Ed. Note – This is a guest post from my former law partner and friend Joseph Bird. Joe took the laboring oar on several of our biggest False Claims Act and FIRREA cases. By now, everyone knows that Attorney General Eric Holder is leaving government service. He leaves a legacy that pundits and armchair quarterbacks […]
VSR Financial Settles DBSI TIC Fraud Case For Millions
Tenant in Common interests. Once the rage in the brokerage community, they quickly fell from grace after promoters like Donald Swenson (DBSI) and Carlton Cabot scammed investors of hundreds of millions of dollars. Roughly half the brokerage firms that sold these investments have been shuttered; unable to pay claims from angry investors. We thought all […]
3 Women Get Prison in Medicare Fraud Case
Medicare fraud is a huge problem in this country. While millions of Americans struggle to make ends meet and receive proper healthcare, a few folks try to scam taxpayers and the government with massive Medicare fraud cases. Recently, a federal judge in Miami, Florida sentenced three women affiliated with a home health agency to between […]
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