Blog
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...
Donald Anthony Walker Young
An investment adviser from the Philadelphia area is accused of misappropriating more than $23M of client funds. The proceeds were allegedly used to pay personal expenses related to horse ownership and racing, construction, boats, limousines, chartered aircraft and...
Stanford Requests $10M to be Unfrozen to pay Lawyers
The request for $10M in funds to pay his defense team as he defends himself against allegations of a potentially massive fraud. The full NYtims.com article can be read here.
Jadis Capital Inc.
Seven members of a Queens, NY church defrauded more than $12M from elderly parishioners. The SEC says that returns up to 75% were promised and the money was used to by luxury cars, jewelry, and for traveling. More can be read at crainsnewyork.com.
The biggest tax cheats: Rich folks
The Forbes.com article writes about a study that shows that the wealthy are most likely to cheat on their taxes. Of those who make between $500K and $1M, incomes are understated by a net of 21%. The article has a link to a list of some of the biggest tax cheats of all...
FBI swamped by financial fraud cases
Discussion of future and current financial fraud as the Obama stimulus package gets into the hands of fleecers. A transcript of the audio can be found at abc.net.