For years the world’s biggest asset managers have tried everything to slow Vanguard’s meteoric rise. Now a startling lawsuit, dismissed by some legal experts but credited by others, is accusing the low-cost investment company of building its empire on nothing less than systematic tax…
“Roll Your Own” Scheme Leads to Cigarette Tax Evasion Charges
(The author of this post suggests listening to the 1960’ folk legend Hoyt Axton’s Roll Your Own while reading this post.) This post comes courtesy of the Wisconsin Department of Revenue which announced this week charges against two men for cigarette tax evasion. After reading the DOR’s press release, I suspect we will be seeing […]
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 […]
LNR Partners – Storm Clouds Brewing for Special Servicers (CMBS Post)
Imagine that you are a borrower on a major commercial real estate project. Your project has plenty of equity but cash flow is tight. Despite the tough economy, you manage to hold on. As things get worse, the designated special servicer on your loan invites you to miss a payment so they can get involved […]
SEC Slams Ex LPL Broker for Elder Financial Abuse
A stockbroker who delivers medication to a terminal cancer patient in a snowstorm… sounds like a great guy, right? In most situations it would be wonderful. In this case, the man wearing the hero’s disguise was nothing more than a common thief and villain. Last week the SEC obtained a $1.8 million judgment against former […]
Inside Counsel
A civil RICO (Racketeer Influenced Corrupt Organization) complaint has been filed against Wells Fargo, US Bank and two other entities in the latest wrinkle in a complex financial case involving investors.
Representing over 200 people who were investors in the alleged Cabot Ponzi scheme,…
NASAA Takes Aim At REIT Sales
The North American Securities Administrators Association has once again taken aim at REIT sales practices. According to the Wall Street Journal, the group wants to push legislation that would limit the percentage of an individual ‘s net worth that could be invested in nontraded REITs. The REIT concentration limit proposal “would add a uniform concentration […]
Is 60% Lost Value “Good”? Behringer Harvard (Monogram Residential) REIT Loss Post
Regular visitors to this website know we watch nontraded REITs very closely. Although the industry attracts over a billion dollars per month in new money, nontraded REITs are not suitable for most ordinary investors. There are several reasons for our opinion including their lack of transparency and liquidity. Case in point? Monogram Residential Trust, formerly […]
Private Prisons – Next Wave of Whistleblower Cases?
Many states now house prisoners in privately run facilities. Last year, there were 27,920 federal prisoners in private prisons and an additional 16,500 immigration detainees held privately. These numbers don’t include the tens of thousands of state prisoners. All told, there are an estimated 130,000 inmates today under the control of private jailers. Those jails, […]
CNBC
Bank of America on Thursday agreed to pay $16.65 billion to end investigations into that the bank and its units sold in the run-up to the financial crisis.
The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash…
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