Bank of America is back in the headlines, this time after being ordered to pay $1.27 billion for its both its sins and that of Countrywide Financial Corp. In October of 2012, we first reported on the massive false claims act case originally filed against the bank by a whistleblower. Today’s headlines talk about the […]
4 Strippers and a Priest Walk Into the SEC – Whistleblower Post
Kudos to the Wall Street Journal. Through a freedom of information request, they obtained the demographics of some 6500 whistleblowers who have come forward to the SEC. Those folks range in occupation from adult entertainers (four of them) to an “ex-wife” and a pastor. What they all have in common, however, is their decision to […]
Value Walk July 2014
A former Vanguard Group employee sued the largest U.S. mutual fund company, accusing it of operating an illegal tax shelter for around 40 years by providing services at prices designed to avoid federal and state income tax.
The complaint was filed under the False Claims Act, a whistleblower…
Tax Analysts
A former associate counsel with Vanguard Group Inc. turned whistleblower has alleged that the investment management company has evaded more than $1 billion in taxes.
In a qui tam action under New York’s False Claims Act (FCA), David Danon filed a lawsuit in New York state court claiming that…
Credit Suisse Trader: "I Was Acting Under Orders" – Bank Fraud Post
Salmaan Siddiqui will be sentenced by a New York federal judge in a little more than 24 hours. He was convicted of one count of conspiracy to falsify books and wire fraud for helping Credit Suisse AG hide mortgage losses in the run up to the financial crisis. He faces years in prison, however his […]
The Philadelphia Inquirer July 2014
A lawsuit filed in New York last year by a then-Vanguard Group Inc. tax attorney, and unsealed Friday in state court in Manhattan, alleges that Vanguard, the nation’s largest mutual fund company, has wrongly avoided paying federal and state income taxes since its creation in the…
Receiver Recovers 110% For Victims – Fraud Recovery Post
Moments ago I posted a story about the dismal recovery success rate from court appointed receivers. We stand by that comment. In doing our research, however, we came across an interesting article from our friends at ponzitracker.com. Whereas receivers typically only recover pennies or nickels on the dollar, sometimes they are quite successful. Case […]
The Wall Street Journal July 2014
A former employee of Vanguard Group Inc. has sued the mutual-fund company in New York, saying it has avoided paying federal and state taxes and sheltered hundreds of millions of dollars annually.
The civil suit, unsealed in the Supreme Court of New York on Friday, accuses the Malvern,…
Good Guys 1, Bad Guys 0 – Fraud Recovery Post
In Ponzi schemes and other fraud recovery efforts, we tend not to be big fans of the court appointed receiver process. It is not that we dislike receivers – in full disclosure we sometimes do receivership work. We don’t like the process because too often victims wait for years only to receive pennies on the […]
Investment News
The Vanguard Group Inc. is facing whistleblower allegations that it has avoided paying $1 billion in state and federal taxes over the last decade, according to a copy of the complaint.
“Vanguard has operated as an illegal tax shelter for nearly 40 years” by providing services “at prices…
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