Mississippi is considering qui tam (whistleblower) legislation that would allow whistleblower awards for unpaid state taxes. The federal False Claims Act specifically excludes taxes from the law. Presently New York and Illinois are the only two states that permit such awards and although Illinois excludes income taxes. So what is the big deal and why […]
Personal Real Estate Investor
A giant Ponzi scheme described by one attorney as “the worst I have ever seen,” involving perhaps up to 1,000 small real estate investors across the country and more than $250 million, is starting to come to light following a fraud complaint filed June 18 against Cabot Investment Properties by the…
Do Whistleblowers Pay A Price? Unfortunately, Many Do
There is a wonderful feature article in the Financial Times by William Cohan. The article starts with these words, “Whistleblowing is not for the fainthearted, especially on Wall Street.” Are those words true? Unfortunately, in many cases they are. President Obama and many politicians publicly praise whistleblowers who expose corruption and fraud but industry hates […]
The Arrogance of Wall Street – Plenty of Whistleblower Opportunities
One of my favorite LinkedIn groups is CompliancEx. Why? Because the discussions are some of the most interesting and lively. For example, a post today reports that a former Goldman Sachs bond trader, Deeb Amin Salem, is suing his former employer because his bonus was “only” $8,250,000. From what we can piece together, Salem was […]
Green Bay Press Gazette
Several Northeastern Wisconsin residents were among those who had millions of dollars stolen by investors to fund a lavish New York lifestyle, according to their attorney.
The local investors – some of them elderly people who risked significant parts of their life savings for what was billed…
Breaking News – Carlton Cabot Charged With Fraud
It is a bittersweet day in many households. After many agonizing years of waiting, Carlton Cabot has been charged with fraud. Civil fraud that is. Massachusetts Secretary of State William Galvin sued Cabot in an administrative proceeding brought by Massachusetts securities regulators. At best, Cabot will be fined and must pay the handful of Massachusetts […]
More Info On Embassy Security and Whistleblower Claims
Several days ago we posted a piece about the poor state of embassy security. According to a State Department Inspector General report released last week, many contractors do a poor job of vetting the folks they hire to protect US diplomats in embassies spread around the world. A new feature article in today’s Chicago Tribune […]
Bad Embassy Security Equals Whistleblower Opportunities
The United States government relies heavily on private contractors for a wide variety of services. While most do a great job, we know of contractors that cut corners – companies that do phantom security clearance investigations, companies that use low quality, imported steel in federally funded bridge projects and Medicare providers that bill the government […]
Just How Bad Is Your Brokerage Firm? IAA Financial
A recent story from Investment News says it all, “Broker-Dealer a Magnet for Brokers from Troubled Firms.” According to that story, 31 of the 37 stockbrokers employed by the small, independent brokerage firm IAA Financial come from firms that were expelled by regulators. What is even more amazing is that 7 of those brokers apparently […]
Next On DOJ Radar – 2nd & 3rd Tier Banks – Whistleblower Award Post
Since the 2008 mortgage meltdown, whistleblowers have been making millions. A record number of whistleblowers have come forward and the courts have awarded their efforts: Keith Edwards (JPMorgan Chase) $63,900,000.00 Sherry Hunt (Citigroup) $31,000,000 Lynn Szymoniak (Wells Fargo) $18,000,000.00 And of course, who can forget the record $104,000,000.00 whistleblower award paid to former UBS banker […]
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