[Updated through 2021] Yesterday we posted a story about WFG Investments, a Texas based independent broker dealer that is struggling after it reported to the SEC that it faces a $650,000 penalty. We expressed our concern, then, about many indie brokerage firms and their ability to survive if faced with a large claim. Less than […]
WFG Investments Faces $650,000 Fine
WFG Investments, an independent broker dealer based in Dallas, is facing a $650,000 fine from the Financial Industry Regulatory Authority (FINRA). Just last year the firm paid a $200,000 fine in connection with a stock fraud scheme. Since that time, the firm also paid two smaller penalties this year. In none of these cases did […]
Barclays Capital Sanctioned $15 Million (Stockbroker Fraud Post)
Barclays Capital Inc was for many years a stock brokerage firm. After the bankruptcy of Lehman Brothers in 2008, Barclays decided to enter the investment advisory business by purchasing Lehman’s advisory unit. Virtually overnight, Barclays found itself running an entirely new line of business. Unfortunately, the company wasn’t ready and immediately suffered many large compliance […]
NY Man Arrested for Tax Fraud and TARP Fraud
A Westchester, New York man was arrested and charged with tax fraud and other crimes in connection with a sophisticated mortgage scam that allowed him to obtain $146 million from 3 banks. Published reports say that Selim Zherka was charged with tax fraud, wire fraud, witness tampering and bank fraud. Because one of the banks […]
New FHFA Watchdog Reports Offers Whistleblower Opportunities
A scathing report from the Inspector General of the Federal Housing Finance Agency claims the agency isn’t properly equipped to monitor loan buybacks from banks and mortgage companies. While the Inspector General criticizes the agency, we worry that some banks will take advantage of the lack of the agency’s readiness. That means plenty of opportunities […]
Family of Slain SEAL Glen Doherty Seeks Damages
The family of former Navy SEAL Glen Doherty has filed a claim against the U.S. State Department and Central Intelligence Agency claiming inadequate security at the US Consulate in Benghazi, Libya. As we have previously reported in June, the State Department Inspector General concluded that “none of the six security contractors selected for review fully […]
Global Wealth Protection
The United States and Canada have long enjoyed very close ties. That relationship isn’t likely to change in the near future, although FATCA – the Foreign Account Tax Compliance Act – has angered many Canadians. Some equate FATCA with U.S. imperialism and say the law threatens Canada’s…
Great News for Whistleblowers
September 2008. The housing and financial markets were in a tailspin. Lehman Brothers had just filed for bankruptcy. In a month, the government would be doling out tens of billions of dollars to troubled banks through the TARP program. In certain ways, we have come along way but in others respects, it is still business […]
Where Are They Now? Anderson Scott Hall
We received a phone call this week from an interested party in the Anderson Scott Hall prosecution. The caller wanted to know what ever happened to Mr. Hall. Great question. According to the clerk for the U.S. District Court for the Middle District of Florida, Anderson Hall (a/k/a Scott Hall) is cooling his heals in […]
Tax Evasion and Shell Companies – IRS Whistleblower Reward Post
[Updated through December 2020] The world is becoming more transparent by the day. As more banks and governments exchange financial information, thousands of innocent folks are getting caught in government drag nets designed to identify those with unreported offshore accounts. Many, however, are not innocent. Most folks with offshore accounts are dual nationals, foreign born […]
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