A former Vanguard Group Inc. in-house attorney and ex-Sullivan & Cromwell LLP associate has hit the investment manager with a False Claims Act suit in New York state court alleging it illegally evaded more than $1 billion in federal and state taxes over the past decade, the plaintiff’s attorney…
Breaking News – Tax Whistleblower Suit Against Vanguard Unsealed
Vanguard is the world’s largest mutual fund company with $2.4 trillion invested through many funds. According to a complaint just unsealed, it may owe the government over a billion in taxes as well. The complaint filed in the New York Supreme Court* claims that Vanguard failed to file returns and pay taxes for several years […]
Trouble for Strategic Realty Trust Investors (Nontraded REIT)
Mahany Law, a national boutique law fraud recovery law firm, is investigating potential claims against stockbrokers who sold shares of Strategic Realty Trust, a popular nontraded Real Estate Investment Trust (REIT) once run by noted real estate investor Tony Thompson. Strategic Realty Trust – once known as TNP Strategic Realty Trust – was formed in […]
New Legal and Accounting Malpractice Legal Website
New Legal and Accounting Malpractice website launched and we are pretty excited. There are very few law firms specializing in legal malpractice and until now, we never heard of any involving accounting malpractice. Sure, some law firms will accept the occasional case against a CPA but it is usually ancillary to their main practice. This […]
Small Business Captive Insurance Company, Life Insurance and the IRS
For many years, folks in the insurance industry have been conjuring ways to make life insurance premiums tax deductible. Over the years we have seen many schemes that have failed IRS scrutiny. Welfare benefit plans set up under I.R.C. section 419, 412(e) plans and Producer Owned Reinsurance Companies (PORCs) are all common examples. When one […]
New Opportunities for Mortgage Company Whistleblowers
Federal law allows whistleblowers to receive huge cash awards for reporting fraud or false statements in connection with federally insured loans. The False Claims Act allows whistleblowers to collect up to 30% of whatever the government collects from mortgage companies or banks that have defrauded the FHA, VA, Fannie Mae or Freddie Mac. That means […]
CWCapital Asset Management Hit With Billion Dollar Suit
The battle against special servicers is heating up. Just last week we reported that the New York State Department of Financial Services was investigating three of the largest special servicers – LNR Partners, CWCapital Asset Management and C III Asset Management – over allegations of conflicts of interest and double dealing. Days later, several junior […]
Investigation of Paul Larsen – TIC Fraud Recovery
[Updated 2020] We encounter a fair amount of bad brokers in our fraud cases involving failed tenant in common (“TIC”) investments. Most just gave bad advice or allowed the lure of big commissions to overcome common sense. It really doesn’t matter, however, as stockbrokers are responsible if they fail to conduct proper due diligence or […]
Whistleblowers – America's True Patriots
July 4, 1776 – Thomas Jefferson, Ben Franklin, John Adams, Robert Livingston and Roger Sherman penned these words – “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” Those […]
LNR Partners, CWCapital – New Concerns in the CMBS Servicing Arena
[For the ultimate coverage about special servicers, LNR Partners, CWcapital and CMBS loans, visit our new lender liability site, Lender Liability Lawyers.] Special servicers – these are the folks that take over the handling of loans that are delinquent or in default. In large, commercial mortgages, special servicers are typically given sweeping powers to protect […]
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