A recent article in the online version of the Wall Street Journal caught my attention. It was called “Clients From Venus.” Source It began by pointing out that women are becoming increasingly involved in personal finance. “Women control $8 trillion in assets in the U.S., and by 2020 are expected to control $22 trillion, according …
Delton de Armas, a former chief financial officer (CFO) of Taylor, Bean & Whitaker Mortgage Corp. (TBW), pleaded guilty today to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank. The guilty …
If you’ve been doing business or contemplating doing business with the Missouri-based Bureau of Prescription Health the Better Business Bureau (BBB) is advising consumers to avoid this company. The Bureau of Prescription Health sounds like a trustworthy and reputable company (mainly because of the use of the word “Bureau”) but are in fact charging consumers …
The former President of Encap Golf Holdings LLC (“Encap”), William Gauger III, was indicted this week for his participation in a scheme to extort approximately $100,000 from a financial consultant and a fraudulent invoicing scheme relating to his work for a New Jersey-based management firm. Gauger allegedly hired his brother-inlaw Craig Groce, who was originally …
Whole Bakers owner, Patricia “Patty” Stewart, was sentenced yesterday to the statutory maximum of 60 months in federal prison for running an investment fraud scheme. The scheme defrauded investors, including elderly Texas citizens, of more than $2 million. According to documents filed in the case, from December 2005 through May 2010, Stewart, who owned and …
A federal grand jury in Pheonix returned a 25 count indictment against Gerald Lee Kelly on four counts of wire fraud, six counts of mail fraud, 10 counts of money laundering and five counts of structuring financial transactions to avoid federal bank reporting requirements. The indictment alleges that in 2006 and 2007, Kelly operated a …
Wednesday marked the announcement that Anthony Cutaia was sentenced to 51 months in prison for mail fraud “Ponzi” investment scheme. Cutaia had pled guilty in July 2011 to Count 2 of a Criminal Information filed in June 2011, which charged him with mail fraud in connection with his participation in a real estate investment scheme …
On Wednesday of last week word broke about the largest insider trading scheme involving single stock charged to date. Three defendants have pled guilty and are cooperating with the government’s investigating a scheme that allegedly netted more than $61.8 million in illegal profits. Charges were announced against seven investment professionals, who worked at three different …
Bradley Stark, the fraudster defendant who represented himself at trail was convicted by a federal jury for deceiving investors about an investment scheme that involved more than 200 victims and more than $14 million. Following Stark’s five-day trial he has been convicted on all counts of an indictment charging him with seven counts of wire …
It was announced today that the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have signed an agreement to coordinate efforts to protect consumers in an effort to avoid duplication of federal law enforcement and regulatory efforts. The memorandum of the two agencies’ understand can be viewed here. The Dodd-Frank Wall Street …
