The Department of Defense released new cyber reporting rules this week after a rash of cyber hacking attacks on U.S. companies and government agencies. The Defense Department wants to know immediately when the computer systems of one of its contractors is attacked or hacked. Given the seriousness of hacking problems, the new rules may mean […]
SEC Slams Stockbrokers Over Risky Structured Products
Long before the current market “correction”, the SEC and the Financial Industry Regulatory Authority (FINRA) have been hot on the heels of stockbrokers and financial advisors over their sales of risky investments. Prophetically, the SEC released its long awaited analysis of sales of these so-called structured products. The results are scary. A structured product is […]
Compliance Officers: Heroes or Targets?
Compliance officers are getting a lot of press these days. Not all of it good. A series of recent enforcement actions found individual compliance officers personally liable for the misdeeds of their company. A recent Wall Street Journal article says that some folks are so frightened that they are leaving the profession. Like most things […]
Oil at $38.24 per Barrel! Bad News for Shale Bonds
The long anticipated stock market “correction” may be upon us. Stocks have been taking a beating in recent days. They aren’t the only things being battered in the marketplace, however. Crude oil prices have fallen to $38.24 per barrel, a price that hasn’t been seen since February of 2009. That’s great news for motorists but […]
Florida Hospitals Fight Medicare Fraud Kickback Case
Medicare fraud is a huge national problem. Cases that involve billing for treatments and services never performed are relatively straightforward. Medicare fraud involving hospital – physician kickbacks, however, cost taxpayers billions of dollars annually and can be very difficult to prove. Four Florida hospitals and several healthcare practices are fighting back against a whistleblower complaint […]
Shale Bonds, Oil & Gas Fraud and the $4 Trillion Hole
If you think the size of the national debt is big, wait until you hear how much revenues the world’s oil producers will lose over the next few years. According to the Wall Street Journal, oil producers will lose about $4.4 trillion over the next 3 years. That is over $1 trillion per year! With […]
UBS to Pay Elderly Couple $2.5 Mil in Investment Fraud Case
A couple in there 70’s. Much of their entire life savings and all of their liquid assets invested in a UBS closed end Puerto Rico bond fund. After you accuse your broker of investment fraud for losing your money he elects to “plead the Fifth” and not testify. Do you see a problem here? Fortunately […]
Medicare Fraud – Why Kickbacks Hurt Patients
Medicare fraud is a huge problem in the United States. The FBI calls it an epidemic. The cost of Medicare fraud has been estimated by some to be $80 billion per year. Because Medicare is funded by tax dollars, all of us become victims when physicians get greedy. Often there is also a personal side […]
Homeless Whistleblower Gets $140,000!
We have long said that whistleblowers are the new American heroes. Most of the folks we encounter are hard working women and men who grow tired of seeing fraud, greed and corruption in their work place. Until this morning, we never heard of a homeless whistleblower. This is America, however, and anyone can rise up […]
We Will Give a Loan to Anyone Who Can Fog a Mirror
“We will give a loan to anyone who can fog a mirror.” That quote comes from former Countrywide Financial Services executive, Michael Winston. Winston later became a whistleblower against Countrywide and its successor, Bank of America. He is but one of many heroes in the battle to root out in greed and fraud in our […]
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