by Brian Mahany Japan’s Financial Services Agency ordered KPMG affiliate KPMG Azsa to dramatically improve the quality of their audits. The Japanese regulator had similar words for Ernst & Young ShinNihon as well. This action comes on the heels of one of the worst accounting scandals in Japanese history, last year’s revelation that Olympus, a […]
New Rules Good For Defrauded Brokerage Clients
by Brian Mahany On Monday, new rules are in effect for stockbrokers, rules that benefit customers. The Financial Industry Regulatory Authority, or FINRA, issued new rules in late May to enhance due diligence requirements for stockbrokers. Those rules take effect July 9th. Investment advisers have long owed a fiduciary duty to their clients. Customers of […]
Cash Back / Downpayment Mortgage Fraud Scheme Leads To Prison
by Brian Mahany It’s the Fourth of July as I write this post. As we celebrate Independence Day and this great democracy, I am reminded that one of the fundamental values of this nation is that no man is above the law. Alejandro Cubelo of Miami was sentenced last week to 54 months in federal […]
Predatory Lending – Refinancing & Personal Guarantees
by Brian Mahany After the mortgage meltdown in late 2007 and 2008, many small community banks suddenly found their commercial loan portfolio was undercollateralized. The better banks gave borrowers plenty of notice that they would be requiring additional collateral – often in the form of personal guarantees and mortgages on the borrower’s residence. Some small […]
Predatory Lending – Refinancing: Have You Been Defrauded by Element Funding?
by Brian Mahany Predatory lending is defined as unfair, deceptive or fraudulent practices during the loan origination process. We have expanded that view to also encompass loan modifications and refinances. Most of our posts are geared to helping people navigate tough tax, fraud and mortgage foreclosure problems. Occasionally, however, we announce companies we are investigating […]
Time Running Out For Holders Of 419 Welfare Benefit Plans
[Post updated through 2021] More than a decade ago, so called welfare benefit plans were the rage for small business owners. Insurance agents, financial planners and even tax attorneys were all out hustling clients to invest heavily in these plans. According to the promoters, business owners could contribute and sock away hundreds of thousands of […]
Lawyers Latest Targets In Mortgage Fraud Mess
by Brian Mahany Lawyers that profited from the halcyon days of the housing industry are now finding themselves on the other side of the law. Several lawyers have been sued for their role in the mortgage crisis and many more are likely to find themselves in jail or in court. We have long suspected that […]
Treasury Hunting Nominee Accounts – IRS Whistleblower Post
[Updated 2021] The U.S. government is getting quite sophisticated in its hunt for unreported foreign accounts and those they believe are laundering money. While most people who haven’t reported their offshore bank and brokerage accounts don’t have a clue about the disclosure rules, some do. The people who have decided not to cooperate with the […]
More Audit Fraud – Tiny Illinois Town Loses $50 Million!
by Brian Mahany The little Illinois town of Dixon has less than 16,000 residents. Located in rural Lee county, Dixon was best known for being the boyhood home of former President Ronald Reagan. Now it is known for being the city that lost $50,000,000.00. That’s quite a feat considering the per capita income of Dixon is […]
Ally Latest Lender To Admit Foreclosure "Problems"
by Brian Mahany Ask any court clerk and you will hear dozens of tales of missing documents, forgeries and even lenders foreclosing on homes when the borrower never missed a payment. The banks, however, are a bit more reluctant to come clean. Recently Ally FInancial and its servicing unit, GMAC Mortgage, identified thousands of problem […]
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