We recently worked with a couple who made literally over a hundred calls to their bank after problems developed with their home mortgage. Although they received a letter saying their application for a HAMP mortgage modification had been accepted, there was apparently no communication within the bank, let alone with the bank’s mortgage servicing folks. […]
Yes! The Government Really Does Pay Whistleblowers
There are several whistleblower programs that pay cash awards to folks who come forward and report fraud. Some programs, such as the SEC’s whistleblower program, have received bad press lately because so few awards have been paid. Not all the news is bleak, however. There are four major federal whistleblower programs that offer compensation. The […]
IRS Probes Swiss Insurance Products – FBAR – PPLI Post
By now, most readers know that foreign bank accounts must be reported annually to the IRS. Failure to report an account carries huge civil penalties and could even be a felony involving prison time if the IRS deems the failure to report as “willful.” Over the last several years, over 38,000 taxpayers have come forwarded […]
Four REITs Fined $1.5 Million By SEC – Apple REIT Loss Post
[BREAKING NEWS- Can David Lerner Associates keep their doors open much longer? Be sure to visit our latest post.] The Apple Real Estate Investment Trust is a group of three nontraded REITs and is one of the largest REIT families in the nation. Together they hold billions of dollars of income producing properties such as […]
Corrections Corp of America Settles Claims – Whistleblower Post
Tens of thousands of inmates nationwide are housed in privately run prisons. The operators of those facilities; Corrections Corporation of America, the GEO Group and Management and Training Corporation, are all for profit entities. Like most for profit businesses, the private prison industry needs to turn a profit to keep investors happy. Sometimes that leads […]
TARP Fraud or Bad Luck?
Remember TARP (short for the Troubled Asset Relief Program)? Once upon a time it was a household word. While millions of Americans were losing their homes or unemployed or both, banks were lined up at the feeding trough collecting billions. That statement sounds a bit negative; we acknowledge that TARP may or may not have […]
FHFA Remains Critical of Mortgage Industry – Whistleblower Post
Since the financial crisis of 2007 – 2008, both Fannie Mae and Freddie Mac have operated under a conservatorship by the federal government. The federal agency responsible for overseeing both mortgage credit companies is the Federal Housing Finance Agency (FHFA). Most residential mortgage in the United States are backed by either Fannie Mae or Freddie […]
Non-Traded REITs $20 Billion and Growing – REIT Loss Post
According to InvestmentNews, the leading securities industry trade publication, a record $20 billion in new non-traded REIT investments were made last year. That number is nearly double the $10.3 billion sold in 2012. While the vast majority of these investments are solid, or at least suitable to those whom they are offered, record numbers of […]
Two Men Sentenced to Jail in Tobacco Tax Evasion Scheme
During the spring, stories about tax evasion prosecutions are in the news almost every day. A couple claims a home buyer or child care credit they aren’t entitled to receive… a business owner keeps two sets of books or someone simply stops filing returns; almost all criminal tax evasion cases relate to income tax, employment […]
PIWM Loss? Have You Registered With The Receiver Yet
Although there are still is much fighting about the proposed disbursement of funds, this month U.S. court appointed receiver Robb Evans & Associates submitted a detail distribution proposal to U.S. District Court Judge Edward Chang in Chicago. That means monies may soon be going to former PIWM / Nikolai Battoo investors. Before any distribution can […]
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