A California businessman, Gary Mach, has pleaded guilty to conspiracy to defraud the Internal Revenue Service in a scheme that undoubtedly will be known as the Quintessential Tax Fraud. Mach, who operated Crystal Springs Pool Service (CSPS), admitted... Read More
We mentioned that it might happen ( see http://www.financialfraudlaw.com/content/will-lawyers-have-comply-ftc%E2%80%99s-red-flag-rule-aug-1-not-if-aba-has-its-way ) and it did: the American Bar Association has brought suit against the Federal Trade Commission... Read More
Do New Yorkers hate Wall Street enough to forgive a disgraced politician who frequented prostitutes, and who was an incompetent governor of New York to boot? That’s the question that arises from Eliot Spitzer’s new ad, in which he acknowledges... Read More
More than one million consumers have been hit with one time charges of $10 or less, and their payments were routed through dummy corporations in the United States to bank accounts in Eastern Europe and Central Asia, according a complaint filed in federal... Read More
Attorney General Schneiderman intends to sue Bank of America and Wells Fargo because, he says, they “repeatedly” violated the terms of the National Mortgage Settlement. According to Schneiderman’s office, since October 2012, there have... Read More
Federal District Court Judge Jed Rakoff today sentenced disgraced attorney Marc Dreier to 20 years in prison – substantially less than the 145 years sought by the prosecutors – and ordered him to pay $387.7 million in restitution. The court’s... Read More
The Securities and Exchange Commission today announced three senior appointments at its newly-established Division of Risk, Strategy, and Financial Innovation. The Division was created in September to enhance the agency's capabilities and help identify... Read More
Leveraged bets as high as 30 to 1 on risky investments with little equity cushion against potential losses are what helped bring down the likes of Lehman Brothers, Bear Stearns, Fannie Mae and Freddie Mac. Think it can't happen again? According to... Read More
In a joint letter to Congress, 41 state attorneys general are urging Congress to reject H.R. 6139, the Consumer Credit Access, Innovation and Modernization Act, contending that the bill would “eliminate crucial protections for consumers” and... Read More
A ticket and a dream? Maybe, but the lottery also can lead to trouble. Consider the allegations that have just been filed against Massachusetts resident James Gregson. According to the government, in 2002, Gregson purchased a $1 million winning lottery... Read More
The Detroit Division of the Federal Bureau of Investigation says it has been informed of a new check scam that has affected multiple individuals across the United States. The scam involves a check that looks like it was issued by the Consulate General... Read More
Under federal law, the Bureau of Land Management (BLM) in each state with eligible lands is required to auction off oil and gas leases on a quarterly basis. At these auctions, the minimum bid is two dollars per acre, but the amount of the winning bid... Read More
We know it’s wrong and in fact we know it’s illegal. But we didn’t know that odometer tampering can lead to federal prison. Well, that’s what Jay Lee (aka Michael Smith; John Marks; Ricky Marks; and Anthony Romero) has just learned... Read More
Four Florida men have been arrested on charges that they defrauded homeowners in Massachusetts and elsewhere in connection with a home loan modification scam. The 20 count indictment charges Christopher S. Godfrey, Dennis Fischer, Vernell Burris Jr.,... Read More
The SEC might have hoped that a late Friday release of the backup to the scathing report about its failure to discover the Madoff Ponzi scheme would have been able to pass without comment – but that’s not going to happen. See them here, http... Read More