Like every profession, stockbrokers make mistakes. When that happens, brokerage firms should do everything in their power to correct the problem and make the client whole. Unfortunately, that doesn’t always happen. Last week an arbitration panel took harsh action against Meyers Associates, a New York City brokerage firm licensed to do business in all 50 […]
New FBAR Indictment – Nominee Accounts (IRS Whistleblower Post)
[Post updated Jan. 2019] Victor Lipukhin is a Russian national who is also a U.S. green card holder. His business accomplishments are many and include serving as president of Severstal USA, a steel company headquartered in Elgin, United States. He also ran several property leasing companies in the Chicago area. Now Lipukhin has something new […]
Regulators Slam LPL Financial Over Nontraded REIT Sales… Again!
Billions of dollars of REIT investments are sold each year. Their sales continue to grow at record pace. Unfortunately, these products are often sold to the wrong investors. Earlier this month the Financial Industry Regulatory Authority (FINRA) fined LPL Financial $950,000 because of its failure to supervise REIT sales. REIT is short for Real Estate […]
DOJ Turning Up the Heat on Bank of America (Whistleblower Lawyer Post)
[Post updated] Recently the Justice Department received some bad publicity when a government watchdog report claimed the government wasn’t doing much in its efforts to clean up the lending industry. There may be some truth to those reports but you wouldn’t know it from looking at the impressive list of convictions and civil victories coming […]
Loan Officer Commission Programs May Give Rise to Whistleblower Awards
For years, mortgage companies and banks steered consumers to higher interest loans. Those loans were frequently less favorable to borrowers but more profitable to lenders. Adding to the problems, many lenders paid commissions or bonuses based on the profitably of the loan. As everyone still remembers, the mortgage industry collapsed in 2007 – 2008. Unfair […]
Tire Store Shut by State for Sales Tax Violations – Tax Evasion Post
The IRS is not the only sheriff in town. State revenue departments are getting increasingly aggressive against individuals and businesses they believe are cheating on taxes. This is especially true if the taxes are considered trust fund taxes – sales and withholding taxes. According to a prepared statement from the Indiana Attorney General’s Office, a […]
Hope for Investors Who Lost Money in Rye Select Funds – Madoff Fraud Post
The media attention surrounding Bernie Madoff is finally winding down. Although some of his former employees remain on trial, the public has largely relegated Madoff to the history books. As he serves his life sentence in a federal prison cell, thousands of investors will never forget the harm and evil Madoff caused. The two receivers […]
Feds Slam Radiology Co. – Whistleblower Lawyer Post
The Department of Justice announced it has fined Diagnostic Imaging Group $15.5 million after finding the company had billed Medicare for radiology services that were not preformed. The government also claims the company paid illegal kickbacks to doctors. The penalties are the result of whistleblower cases filed in New Jersey and Brooklyn. Under the terms […]
Court Awards Whistleblower $64 Million (Whistleblower Lawyer Post)
What would you do with $63,900,000.00? That is a question Keith Edwards is asking. Edwards is a former employee of J.P. Morgan Chase. In January 2013, Edwards filed a sealed complaint in a Manhattan federal court accusing banking giant J.P. Morgan of certifying bad home mortgage loans to both the Federal Housing Administration and the […]
REIT Funds – "Big Shiny Object With Sharp Edges"
Real Estate Investment Trusts – REITs – are one of the hottest commodities in the investment world. Unfortunately, a handful of stockbrokers are trying to sell them to the wrong group of investors. With many states and the SEC cracking down on improper REIT sales tactics, Wall Street has added a new wrinkle, illiquid alternative […]
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