Here is something you don’t see often; a hospital turning itself in for violating Medicare and the federal False Claims Act. It recently happened in Pennsylvania and happens more often than many people realize. Last week Philadelphia’s U.S. Attorney, Zane Memeger, announced that St. Mary’s Medical Center located in Langhorne, Pennsylvania agreed to pay $2,339,224.70 […]
SIGTARP, FIRREA and RMBS Fraud. Great News for Whistleblowers
Notwithstanding record settlements in the billions of dollars, federal prosecutors continue to hammer Big Banks for their role in the collapse of the housing market and resulting economic turmoil in 2007. Years later and many Americans are still unemployed, underemployed or earning significantly less than they were. For folks who lost their homes, some may […]
Whistleblower Payments in Money Laundering Cases? (FIRREA)
Years after the 2007 financial meltdown, we are finally seeing progress in the government’s efforts to hold bankers and Wall Street insiders responsible for this mess. Unfortunately, in many cases the statute of limitations is expiring making additional actions problematic for the government. Many of the biggest cases against lenders came from whistleblowers. Under several […]
Did You Work at MetLife Bank? – We Are Looking for Whistleblowers
If you visit the MetLife Bank website, there is a cute picture of Snoopy and a short statement that says MetLife Bank “no longer originates or services residential mortgage loans.” That is probably a good thing since HUD – the U.S. Department of Housing and Urban Development – says they have one of the highest […]
HUD Audits = Whistleblower Awards
The premise is simple. Under the federal False Claims Act and FIRREA (the Financial Institutions Reform Recovery and Enforcement Act), the federal government is able to pay whistleblowers for information about fraud committed by financial institutions. The programs are different but hundreds of millions of dollars of awards have already been paid. What does it […]
FINRA Lists 2014 Enforcement Priorities – Suitability, REITS & Cockroaches!
The Financial Industry Regulatory Authority – FINRA – outlined its 2014 enforcement priorities. Each January, the securities regulator publishes its list of priorities to highlight significant risks that could hurt investors and securities markets. Suitability Topping the list this year is suitability, something that has long concerned us. Stockbrokers and other financial professionals have a […]
More PIWM Infighting – Who Gets the Assets?
Those who lost money with PIWM and Nikolai Battoo already know there are several parallel proceedings pending in the courts, each trying to get money on behalf of investors. Last week, we reported that infighting had developed between the parties charged with recovering money for Battoo’s victims. Both the U.S. receiver and British Virgin Islands […]
Advisor to the Stars Barred from Securities Industry – REIT Fraud
The average stockbroker has no customer complaints or disciplinary actions on his or her record. A few have one or two complaints. And then there is Bambi Holzer. Her securities “rap sheet” is an astonishing 114 pages long. Finally, in late December the Financial Industry Regulatory Authority (FINRA) barred her from the securities industry. Her […]
Fraud Alert – Columbia Property Trust (REIT Fraud Post)
Investors in Columbia Property Trust, a popular nontraded REIT, got some bad news in late 2013. Columbia’s investors learned their investment had actually lost value while similar traded REITs doubled in value. Columbia began raising money in 2004. Like many non-traded REITs, it claimed a value of $10.00 per share. The real value of nontraded […]
REITs 101
Chances are good that if you are reading this article, you either lost money in a REIT or have questions about REITs. The purpose of this post is to provide a basic description of REITs. Subsequent posts talk about the many REIT frauds and scams in the marketplace. Interest rates have been quite low for […]
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