[Ed. Note – the following article was written by Tracy Coenen, a CPA located in Chicago and Milwaukee and is reprinted in its entirety from her blog. As Tracy notes at the end of her story, an asset recovery attorney can help you get back money no matter where it is hidden. Finding the money […]
FINRA Notifies Brokers of "Heightened Supervision of Complex Products"
by Brian Mahany The Financial Industry Regulatory Authority issued a formal notice to stockbrokers earlier this week. The notice (12-03) advises of “heightened supervision” of complex financial products and echoes what we have said for years; don’t buy something if your broker can’t explain or you don’t understand it! FINRA defines a complex product as […]
The Real Victim of Political Stalemate? The American Consumer
by Wassim Malas, JD, LLM Despite the “I’m right and you’re wrong” rhetoric commonly heard in the political arena, most decisions by government officials probably lie somewhere between the two, at least when assessed from strictly objective principles. Richard Cordray’s appointment as Director of the Consumer Financial Protection Bureau (CFPB) is no different. Using the […]
Troubles In Paradise
by Brian Mahany Aloha and greetings from Maui. We are here for a short family vacation – a few days to unwind, regroup and plan the new year. As I ate breakfast this morning I was struck by the headline in the local daily newspaper, The Maui News, “Heavy Surf Continues.” Life is a bit […]
What Does It Take To Become A Stockbroker? Apparently Nothing!
by Brian Mahany Most of our stockbroker fraud stories involve investment advisers failing to perform due diligence, stockbrokers making unsuitable recommendations, churning of accounts or failures to disclose conflicts of interest. Not this story. This week the SEC says Anthony Fields, along with his two “companies” Anthony Fields & Associates and Platinum Securities Brokers, simply […]
SEC Targets Investment Advisers For Providing Inaccurate Info
by Brian Mahany The U.S. Securities and Exchange Commission has started a “cease and desist” proceeding against a Chicago investment adviser firm, Calhoun Asset Management LLC, and its principal, Krista Ward. The complaint was filed on December 29th. The SEC says that the firm deceived investors by “grossly exaggerating” assets under management and making misleading […]
NFL QB Sues Law Firm Over Bad Tax Advice
Phony Tax Credits Wind Up with Jail, Legal Malpractice Lawsuit [Post Updated] Taxes are complicated. During a recent trial we asked all of the IRS agents in attendance if any of them had ever read the entire tax code. Not one had. With thousands of forms and tens of thousands of pages of statutes, rules […]
Met Life Pays Wrong Beneficiary, Refuses to Correct Error
by Brian Mahany We see many cases of insurance bad faith claims and this story is no exception. In a recent lawsuit, Jose Herrera sued Met Life after learning that Met Life paid the wrong person the proceeds of his late wife’s insurance policy. That sort of thing does happen and in most cases, the […]
This Week's Sore Loser – Citigroup
by Brian Mahany It’s hard to have sympathy for banking giant Citigroup. Earlier this year, a group of investors won almost $50 million in damages against Citigroup Capital Markets. The award was made by an arbitration panel of the Financial Industry Regulatory Authority (FINRA). Most all disputes between the public and stockbrokers are required to […]
Did TD Bank Help Ponzi Schemer Bilk Millions?
by Brian Mahany Scott Rothstein is serving a 50 year prison term for operating the largest Ponzi scheme in Florida history, a massive $1.2 billion fraud. Now that he is effectively serving the rest of his life behind bars, Rothstein says he is setting the record straight and naming names. Is he really setting the […]
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