NOVEMBER 2011 A recent study by the Swiss research University of St. Gallen seems to have scientifically proven what readers of our newsletter and listeners of the Watchdog on Wall Street Radio Show have been privy to for years. The University found that the behavior of stockbrokers’ tops that of psychopaths when it comes to […]
OCTOBER 2011 I have been pointing out the painfully obvious and the all too often ignored truth about Wall Street and how it operates for some time now. It has been my contention that white-collar crime in this arena does pay. Almost every major scandal that has been exposed over the past fifteen years, has […]
Sticking It To The Taxpayer The U.S. Attorneys office has sued Deutsche Bank for tricking a government insurance program into backing mortgage loans that carried much more risk than the firm let on. Most of the loans have been defaulted on, costing “We the People” $400 million. If you think Deutsche Bank was alone in […]
Back by popular demand…I give you our latest edition of the Fraud Files. This is a very small sampling of the scams that we encounter on a daily basis. Target Your Fellow Churchgoers. Tom Matkin, a lawyer and stake holder in the Church of Latter day Saints complained to authorities about what he suspected to […]
Quick Reminder Luis Fernandez of Fernandez Financial in Folsom, California has been indicted by a grand jury on charges of money laundering and wire fraud. Fernandez collected money from investors by promising a 3% monthly return on their money. Fernandez told investors that his clients were profitable in both good markets and bad and that […]
Chupacabra, Blood Sucking Mythical Beast Found in Texas Lynn Butler, a taxidermist, says that he found the mystery creatures corpse in a chicken barn three months ago the morning after an unseen predator was heard running amuck. While its hairless, leathery body and pointed muzzle resemble a dog with severe mange, other animal experts who […]
Investigators from the Securities and Exchange Commission rushing to uncover Bernard Madoff’s alleged fraud last week found records from what appear to be thousands of clients. Federal authorities have been combing the offices and books of Bernard L. Madoff Investment Securities LLC for days trying to unravel the extent of the investment fraud and trace […]
I wrote a column back in November of 2002 entitled Return of the Indulgence Citigroup, UBS Paine Weber, Merrill Lynch, Bank Of America are all being sued, investigated, subpoenaed, or all of the above by the Securities and Exchange Commission, individual and corporate investors, and various state attorney generals in connection with it’s handling of […]
A popular method for unscrupulous brokers and advisors to generate revenue to make those quotas and to keep their sales managers happy is churning. Churning is when in a broker excessively trades an account to generate commissions. Currently fraud charges are being brought against firms that are levying excessive fees in wrap accounts. This past […]
While watching the single biggest trash talking moment in movie history, “I DRINK YOUR MILKSHAKE!” I had an epiphany. After years of covering Wall Street scandals with little to know repercussions from the offenders; I transposed that entire Milkshake drinking attitude portrayed in an Oscar winning performance by Daniel Day Lewis to Wall Street. In […]