Blog
Girls Just Want to Have Fun
Wells Fargo Senior Vice President Cheronda Guyton hosted guests at a lavish $12 million beach house. The only problem was that the home didn’t belong to Ms. Guyton. The 3800 square foot home was turned over to the bank by its owners who were victimized by Bernard...
Tales of Woe from the Nursing Home
Nursing home resident and 20-year client of John Edward Mullins was swindled out of more than $11,000. The 97-year-old client was admitted to a nursing home in 2006 and soon after, Mr. Mullins began taking advantage of the elderly client’s assets. The former Morgan...
Going once, going twice… $12.7 Million Settlement
The state of Texas gets a whopping $12.7 million settlement from Merrill Lynch following the state’s investigation of the firm’s questionable marketing of auction rate securities (ARS) as cash-like and easy-to-access. The securities resulted in great failures for...
Slam Dunk Case Against Morgan Keegan & Co.
Former NBA all-star Horace Grant prevailed over Morgan Keegan & Co. during a hearing in LA, awarding the athlete a record $1.45 million in compensatory damages. Mr. Grant’s lawsuit claimed breach of fiduciary duty and fraudulent misrepresentation following a 90%...
Voodoo Failed Former AIG Advisor
Despite his best efforts fabricating voodoo dolls and employing psychics, Barry R. Stokes was unable to ward off incriminating testimony by victims of his financial fraud. The ex-AIG advisor of did however manage to steal $19 million from his clients’ 401(k), health...
Prison Could be Future Residence for Merrill Advisor
New Jersey has a bad reputation for wise guys. Stephen Severio is case in point. He’s a former Merrill Lynch advisor who is accused of bilking clients of $500,000. Read more from Investment News about Mr. Severio’s shady investment strategy....
Bankers Seek Death Profits
In the wake of the economic meltdown, Wall Street bankers are pursuing their next great idea, albeit a bit morbid. The concept involves life insurance policies of ill or elderly owners, sold to bankers for a fraction of the policy’s death benefit prior to death....
Danny Pang
Danny Pang of The Private Equity Management Group is being charged with defrauding investors out of hundreds of millions of dollars since 2003. In addition to his fraud the SEC complaint says that he lied about his education and prior career saying he was a former...