If you are a commercial real estate borrower and your loan isn’t in trouble, chances are you haven’t heard of a special servicer. With many commercial loans in default, however, the special servicer business is booming. A master servicer typically services commercial mortgages. That entity typically collects rent and makes sure bills get paid. Most […]
The Wall Street Journal Publication
Bank of America Corp. is expected to pay nearly $17 billion to settle U.S. Department of Justice accusations it packaged shoddy mortgages into securities and sold them to investors in the run-up to the financial crisis, according to a person familiar with the negotiations.
The agreement,…
Morgan Stanley Loses $4.5mm Stockbroker Fraud Arbitration
Morgan Stanley & Co. suffered a $4.5 million arbitration loss before the Financial Industry Regulatory Authority (FINRA) after a customer complained that the brokerage firm had committed fraud. The customer, Banamex, claimed Morgan Stanley improperly pledged the assets of a wealthy family. Banamex acted as the family’s trustee. The family’s trust claimed the trustee never […]
Lawyers As Whistleblowers – An Ethical Conundrum
[Updated June 2020] Lawyers have a duty to protect their clients. Under our legal system, even the worst and most depraved criminals are entitled to legal representation. Our Founding Fathers wisely decided that the right to counsel was so important, that it needed to be part of the constitution and protected for all time’s sake. […]
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 […]
Hospital Group Settles Whistleblower Claim for $98 Million!
Community Health Systems is the nation’s largest operator of acute care hospitals. Based in Franklin, Tennessee, the company operates 206 hospitals in 29 states. Earlier this month, the company settled 7 whistleblower suits all accusing the hospital chain of massive healthcare fraud. Nine whistleblowers had filed seven lawsuits across the United States. All were filed […]
New Guidance for REITs = New Opportunities for Taxpayers
A year ago we discussed the attempt by Lamar Advertising and Iron Mountain to convert many of their income generating properties into Real Estate Investment Trusts or REITs. When we of REITs, most people think of investment companies that own office buildings, hotel properties and shopping centers. But why not billboards (Lamar Advertising) or storage […]
Agenda
The Department of Justice has raked in more than $2 billion already this year in settlements and judgments over acts of fraud perpetrated against the government, and the number of cases is expected to rise.
The issue has been brought to a head over allegations that software company Symantec…
TD Banker May Be Liable In Rothstein Ponzi Scheme Case
Chasing Ponzi scheme defendants is not an easy business. By the time they are caught, the coffers are usually dry. Unlike many law firms that pursue the fraudsters directly, we get involved when the money is hard to find. Our preferred targets are stockbrokers and investment advisers (the ones selling the investments), accountants and auditors […]
Tobacco Tax Evasion
The average price of cigarettes in New York City is now $14.50 per pack. Drive just 598 miles to Kentucky and the price of cigarettes drops to $4.96. That means that you can buy 3 packs of cigarettes for each pack purchased in New York. You may not even have to drive 600 miles to […]
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