An Information Letter Memorandum issued by the Chief Counsel of the IRS (ILM 201146017) says the IRS can summons metadata from taxpayers. Just about everything we do on a computer carries a trail of metadata. This stored information tells how data was formatted, modified and created. For those not familiar with metadata, we take our […]
Unregistered Broker Caught… Again
by Brian Mahany The ink isn’t even dry on my last post about the SEC’s new initiative to ferret serial fraudsters and now a story from the Texas State Securities Board. Regulators in the lone star state say that William Byrne confessed to being an unregistered broker selling investments. Of course, the securities he was […]
SEC's New Approach to Enforcement
by Brian Mahany It’s easy to pick on the SEC… just think Madoff and all the times that the agency failed to heed warning signs and whistleblowers in that case. Since then, the SEC has rolled out a powerful whistleblower cash award program and has initiated dozens of new enforcement actions. While we still criticize […]
Can I Sue an Accountant for Failing to Report My Offshore Accounts?
Accounting Malpractice Post The IRS Offshore Voluntary Disclosure Initiative (OVDI) and other foreign account amnesty programs are long over. Between the 2009 and 2011 tax amnesty programs, roughly 30,000 taxpayers have come forward and reported their offshore accounts. Most have paid severe penalties of 20 to 25% of the value of their offshore holdings. That […]
Accounting Malpractice (Can I Sue My Accountant?)
The term “malpractice” strikes fear in the minds of many professionals… doctors, lawyers and accountants. For most people, their only interaction with an accountant occurs during income tax filing season. People make that once a year visit, drop off a box of receipts and that’s it. For many other people, however, their accountant is also […]
Prominent Lawyer Guilty of Stealing From 94 Year Old Client
by Brian Mahany Although all cases of elder financial abuse are sad, it is especially depressing when the perpetrator is someone sworn to uphold the law. Like police officers, lawyers take an oath of office in which they pledge to uphold the law and protect their clients. In this case, a Milwaukee County jury convicted […]
Massachusetts Securities Regulators Slam Broker For Elder Fraud
by Brian Mahany Massachusetts state securities regulators took action against a stockbroker for defrauding an 83 year old woman suffering from Alzheimers. According to a complaint filed by the Massachusetts Securities Division, Paul Dumochel is charged with securities fraud. Regulators say that Dumochel learned that an elderly million had $1.5 million in bank accounts and […]
It Must Be True, I Heard It On TV
by Brian Mahany My grandmother would often say “It must be true, I heard it on TV.” That was years ago but people still believe things they see or hear on the TV, radio or Internet. Now a federal grand jury in Los Angeles has indicted a radio talk show host and charged him with […]
Another CPA Firm Sued For Failing to Spot Ponzi Scheme
by Brian Mahany Eleven months ago, we reported on Frederick Berg and the reportedly largest Ponzi scheme in Seattle’s history. Berg was indicted at the close of 2010 after federal prosecutors say he bilked hundreds of investors out of $130 million. Much of that money was frittered away on Berg’s lavish lifestyle – the Seattle […]
Now’s the time to learn about FINRA
As in Wisconsin Law Journal For attorneys who never have heard of the Financial Industry Regulation Authority before, now might be a smart time to learn the basics. Wall Street has been a tumultuous place of late, and chances are, sometime soon a client will lament losing his shirt because of a broker’s bad calls. […]
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