Following a recent expose in the Wall Street Journal, Massachusetts Senator Edward Markey called on the Securities & Exchange Commission to strengthen FINRA’s ability to fight stockbroker fraud. (FINRA is the Financial Industry Regulatory Authority, a self regulatory organization that derives its enforcement powers from the SEC.) The Journal reported that over 5000 stockbrokers are […]
Is Bambi Holzer A Fraud? Some People Think So
Bambi Holzer – investment adviser to celebrities and prolific author of books on money and investing. In 2007, she published “Financial Bliss.” According to one review, the book is a valuable “guide that helps couples solve money problems and create a life plan.” Dozens of former clients have a different opinion; they think she almost […]
Construction Tragedy Revisited – False Claims Act Post
June 2010. Jared Kellner, 15 years old, was looking forward to spending the day at Milwaukee’s Summerfest music festival. As he and a friend walked out of a county owned parking garage, a 27,000 pound slab of concrete fell without warning killing him and injuring his friend and friend’s mother. In an instant, his life […]
Employment Specialists of Maine Settles False Claims Suit
[Post updated through 2021] Employment Specialists of Maine, known locally as ESM, is a private community rehabilitation provider in Maine. It provides services for many Maine residents struggling with intellectual disabilities. The company relies heavily on funding from the federal Medicaid program as well as state tax dollars. Earlier this year ESM settled charges that […]
Supreme Court May Take Up False Claims Act Appeal
The United States Supreme Court is considering hearing an appeal of the dismissal of a False Claims Act case. Noel Nathan was a sales manager employed by Takeda Pharmaceuticals. He claimed his employer was committing Medicare fraud by overprescribing prescription antacids. A federal judge in Virginia dismissed his complaint saying that Nathan did not plead […]
Hospice Owner Convicted In $14 Million Medicare Fraud
The owner of a Pennsylvania hospice care business, Matthew Kolodesh, was convicted of Medicare fraud. Jurors found he billed Medicare for over $14 million in claims for patients that were not eligible to receive Medicare benefits. In many cases, the services were billed but never provided. Prosecutors say that Kolodesh spent $9.6 million of hospice […]
Lawyer Indicted For Estate Fraud And Tax Evasion
An attorney in Bucks County, Pennsylvania has been indicted on charges that he stole almost $2 million from a deceased client’s estate. Prosecutors charged attorney Randolph Scott, 70, with mail fraud, aggravated identity theft, tax evasion and failure to file tax returns. If convicted on all the charges, he faces a minimum of 2 years […]
SEC Charges Michael Enea With Investment Fraud
The Securities and Exchange Commission filed a complaint last week against Michael Enea, a Wisconsin business owner. Authorities say that he operated a Ponzi scheme bilking 18 investors out of $2.1 million. Although accused of investment fraud for selling unregistered securities, the SEC says he wasn’t licensed as an investment advisor or stockbroker. In fact, […]
Investment Fraud Roundup – September 2013
This post summarizes recent enforcement actions against stockbrokers. You may be able to recover your money if you suffered losses as a result of investment fraud, unregistered offerings of securities, excessive trades, unauthorized trades, bad investment advice (suitability rules), or broker misconduct. Kevin Cline, Robert Burr, Vincent Christopher & Thomas Gilleland – Source Capital Group Kevin […]
Seeking HFT Whistleblowers
If you are reading this post you are either curious or a sophisticated insider who knows all about HFT – High Frequency Trading. While high frequency trading is often legal, there is definitely a dark side to the industry – folks who combine ultra high speed computers with early access to inside information about earnings […]
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