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 […]
It is time once again for another episode of Wall Street’s version of Extreme Makeover! Just like clockwork, after a major scandal, rip-off, scam, or financial calamity, the big investment houses and banks call upon the mystics of Madison Avenue advertising firms to make them soft, cuddly, and brilliant once again. Some of the latest […]
Guaranteed stock trading strategies! Trade like the Pros! Proven trading strategies! Want to look over the shoulder of a seasoned stock trader? These are just some of the tag lines used by unscrupulous radio show hosts, infomercials, software companies, and brokerage firms to sell you the dream. That dream, a newly discovered magic formula, that […]
Another Free Dinner Nightmare Xerox and Eastman Kodak retirees have been victimized by another retire early, get rich quick scam similar to many others we have reported on over the past several years. About 100 former employees, all of whom claim that they were duped into retiring early only to have their life savings wiped […]
Great news for Enron shareholders! You can now turn each of your Enron stock certificates into a deluxe coffee product at Starbucks or a matinee ticket to the movies. That’s right!! Almost seven years after Fortune Magazine named it most innovative company, Enron filed for bankruptcy. Investors this week are learning that they will receive […]