Claims for failed Tenants in Common (TIC) investments still haunt stockbrokers and investment advisers according to a story in InvestmentNews. According to the report published on Friday, arbitration awards continue to be made against broker dealers. TICs were a popular investment vehicle several years ago. An IRS ruling allowed individuals to pool their monies and […]
Abusive Tax Shelter Results In $100 Million Assessment (IRS Whistleblower Post)
None of us enjoy receiving letters from the IRS. Some might argue and claim a refund is a nice thing to receive from the IRS but those checks come from the U.S. Treasury. While often a letter from the IRS signals an audit or notice saying that you owe more money, former HP board member […]
Whistleblower Leads To Fed Probe Of Prominent Miami Developer
Many federal investigations begin with a complaint from a concerned employee or citizen; a whistleblower. From a story in today’s Miami Herald, it appears two whistleblowers are behind the federal investigation of Carlisle Development Group and its CEO, Matthew Greer. Until now, both the company and Greer had spotless reputations. Press reports say the feds […]
Mortgage Brokers Entitled To Overtime
The Fair Labor Standards Act dates back to 1938. Although many people have not heard of the law, they are familiar with its terms. Non management and not administrative employees are entitled to overtime pay for work in excess of 40 hours. That includes overtime pay for many mortgage, banking and stockbrokerage employees. Many mortgage […]
Tenants In Common Fraud Leads To Award Against Broker
A Tenants in Common fraud claim resulted in an award against a major brokerage firm earlier this month. According to records obtained from the Financial Industry Regulatory Authority (FINRA), ProEquities was hit with a $448,000 arbitration award last week after a customer complained about a failed tenant in common investment. Suzy Asad filed a complaint […]
Stockbroker Fraud – Another Broker Dealer In Dire Straits
Stockbroker fraud is a hot topic these days. Thousands of investors make claims each year about investment scams and Ponzi schemes. In many cases, when the dust settles, the only “deep pocket” is the brokerage firm that facilitated the sale of the investment. Other times, registered reps simply don’t take the time to know their […]
Whistleblower Law Used To Prosecute Section 8 Housing Fraud
Over 3 million households rely on HUD’s Section 8 rent subsidy program. The law was designed to insure that low income families have access to safe, decent and sanitary housing. Landlords receive a subsidy from the the government and agree to charge those eligible for the program a below market rental rate. Unfortunately, some landlords […]
Feds Charge 89 With Medicare Fraud – Whistleblowers Rejoice
Earlier this month, federal officials arrested 89 people in Miami, Detroit, Tampa, Houston, New York and Los Angeles and charged them with health care fraud. The action was a coordinated effort involving the FBI, Postal Inspectors, IRS, Department of Health and Human Services and local officials. Historically, many of these cases come to light because of […]
LPL Broker Charged With Securities Fraud
Less than 24 hours ago we wrote a story about securities fraud and the need for brokerage firms to protect clients against advisers who rip off clients by “selling away.” Today the SEC announced it charged a former LPL Financial stockbroker, Blake Richards, with securities fraud after accusing him of stealing $2 million in client […]
Will Contests – What Works And What Doesn't
Recently we received several calls about will contests – that is what happens when someone wishes to challenge the beneficiaries of an estate. It is a legal proceeding usually brought by a beneficiary or someone who feels they should have been a beneficiary. There are generally only a few grounds to challenge a will or […]
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