Business/Finance



  • Women and Financial Insecurity

    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...

    • Posted May 18, 2012
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  • Mortgage Banker Faces Jail Time While Others Already Sentenced for TBW and Colonial Bank Fraud

    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...

    • Posted March 29, 2012
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  • Consumer Warning: Bureau Of Prescription Health Charging For Free Assistance

    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...

    • Posted January 26, 2012
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  • Raleigh Native Indicted In Connection With Fraud And Extortion

    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...

    • Posted January 25, 2012
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  • Whole Bakers’ Bread And Butter Is Fraud

    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...

    • Posted January 25, 2012
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  • A 25 Count Indictment For Investment Scheme Fraudster Announced

    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...

    • Posted January 25, 2012
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  • Talk Show Host And Financial Advisor Sentenced For Ponzi Scheme

    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...

    • Posted January 24, 2012
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  • Corrupt Criminal Club: Member’s Only

    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...

    • Posted January 24, 2012
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  • Investment Fraudster Defrauds Over 200 Out Of $14 Million

    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...

    • Posted January 23, 2012
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  • FTC And CFPB Pledge To Work Together To Protect Consumers

    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...

    • Posted January 23, 2012
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  • Computer Programmer Charged With Stealing Software Code From Federal Reserve Bank

    A complaint unsealed last Wednesday in Manhattan federal court charged Bo Zhang, a computer programmer, with stealing proprietary software code from the Federal Reserve Bank of New York, where Zhang worked as a contract employee. Janice Fedarcyk,...

    • Posted January 23, 2012
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  • Ponzi Schemes Are The New Black

    Thirteen days into the year and I feel like all I’ve written about is Ponzi-scheme after Ponzi-scheme after Ponzi-scheme. Today I bring to you the sentencing of Jenifer Devine, the woman who owned a purported wholesale merchandise...

    • Posted January 13, 2012
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  • Contractors Beware! $99 Advance Fee Job Scam

    It was announced yesterday that the Better Business Bureau (BBB) is alerting contractors across the country to be on the look out for telephone solicitors attempting to convince them to sign up for an online program that...

    • Posted January 12, 2012
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  • YachtOne Fraudster Pleads Guilty To Yacht-Investment Scam

    On January 6, 2012, Alton Milton pleaded guilty to wire fraud in connection with a yacht-investment scam and could face between 27 and 33 months in prison with three years of supervised release and ordered to pay...

    • Posted January 12, 2012
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  • Multi-Billion Dollar Securities Scam Surfacing On LinkedIn

    As of November 3, 2011 more than 135 million professionals around the world utilize LinkedIn.com and more than 14 million students and recent college graduates around the world are LinkedIn members as of October 2011 (Source). Many...

    • Posted January 11, 2012
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  • Largest Recruiter Of Shapiro’s $930 Million Ponzi Scheme Sentenced

    Sydney Jack Williams of Naples, Florida was sentenced today to a year and a day in prison for failing to report more than $12 million to the IRS in related commissions received in Nevin Shapiro’s $930 million...

    • Posted January 11, 2012
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  • Holy Fraud, Batman! Literally…

    Yesterday, an Ohio resident was indicted for allegedly engaging in a fraud scheme that promised to fund more than $500 million in mortgage loans to around 20 churches and a dozen small businesses across the country. The...

    • Posted January 6, 2012
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  • Upromise And FTC Settle Charges Over Internet Toolbar That Deceptively Collected Consumers’ Personal Information

    If you have a child and are saving for their college fund, chances are you’ve heard of the company Upromise. Upromise is a company that offers consumers a membership service that allows them to save money for...

    • Posted January 5, 2012
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  • FTC Bans Landmark Clearing From Using Remotely Created Payment Orders

    It was announced today that a Federal Trade Commission (FTC) action has banned a payment processor from using a new payment method to debit accounts after allegedly debiting millions from consumers’ bank accounts without their consent. Payment...

    • Posted January 5, 2012
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  • Investment Advisor Defrauds Clients Out Of Retirement Funds

    Apparently an Illinois investment advisor, Steven Salutric, engaged in an investment fraud that swindled the retirement savings of 10 elderly clients to lose more than $4.26 million. Salutric was charged with one count wire fraud in a...

    • Posted January 5, 2012
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  • Six Hundred Out Of $74 Million In Ponzi Scheme

    Douglas Vaughan faces 10 to 12 years in prison after pleading guilty to wire and mail fraud charges that involved his operation of a “Ponzi” scheme where he defrauded around 600 investors of more than $74 million....

    • Posted January 4, 2012
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  • Fraudster Deported Back To United States To Face $3.2 Million Fraud Charges

    This past New Year’s weekend Joseph Randall Medcalf was deported by Panama officials back to the United States after being charged with defrauding investors of $3.2 million. Medcalf fled the country back in 2008 after filing for...

    • Posted January 4, 2012
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  • Attorney Sentenced In $50 Million Bank Fraud

    Kevin Harold Lewis was sentenced to 121 months incarceration to be followed by three years of supervised release for bank fraud. Lewis was also ordered to pay $33,826,326 in restitution. An additional amount of restitution will be...

    • Posted December 30, 2011
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  • Woman Sentenced For Stealing Identities Of Student Loan Borrowers

    Janika Fernae Bates, a resident of Alabama, was sentenced today in the Middle District of Alabama to 94 months in federal prison for stealing identities of student loan borrowers and providing them to a co-conspirator, who used...

    • Posted December 29, 2011
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  • Six Required To Pay Millions From “U.S. Homeowners Relief” Scheme

    The Federal Trade Commission (FTC) announced they are requiring “U.S. Homeowners Relief” defendants to pay millions in their settlement along with banning them from the debt and mortgage relief business. The FTC had charged six defendants (that...

    • Posted December 29, 2011
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  • Marketers Banned Of So-Called “Hydro-Assist Fuel Cell” From Selling Fuel Economy Products

    The Federal Trade Commission reached a settlement putting a stop to the phony claims of marketers who told consumers their fuel economy device could boost automobile gas mileage by at least 50 percent and “turn any vehicle...

    • Posted December 29, 2011
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  • Defendants In Payday Lending Case To Pay More Than $294,000 For Illegal Garnishment Of Consumers’ Paychecks

    Defendants in a payday lending case have been ordered to pay more than $294,000 for illegal garnishment of consumers’ paychecks. A federal court has ordered, at the request of the Federal Trade Commission (FTC), one of the...

    • Posted December 28, 2011
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  • Americall Will Pay $500,000 To Settle FTC Charges

    Americall, an Illinois-based telemarketing firm will pay $500,000 civil penalty to settle Federal Trade Commission (FTC) charges that it interfered with consumers’ requests to be placed on company-specific do not call lists and transmitted deceptive Caller ID...

    • Posted December 27, 2011
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  • Florida’s Foreclosure Solution Specialists Operators Charged With Fraud

    Earlier this month it was announced that Lisa Wright, Cathy Saffer and Carrington Coombs were all charged with fraud in a Florida foreclosure rescure scheme. Wright and Saffer were charged with conspiracy to defraud homeowners and banks...

    • Posted December 27, 2011
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  • Owner of Advertising Investment Companies Pleads Guilty To $6.2 Million Fraud Scheme

    In early December Edward Lawson pleaded guilty to wire fraud in connection with a $6.2 million fraudulent investment scheme. According to his plea, Lawson was the president of “Automated Revenue Creation LLC” and “Guaranteed Results Advertising, LLC”...

    • Posted December 26, 2011
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  • Founder of Internet Consumer Electronics Company Sentenced For Fraud

    Back in May of 2008 David Whitaker pled guilty to an information charging him with wire fraud, conspiracy to commit wire fraud, money laundering and commercial bribery to which Whitaker admitted to defrauding around 83 business account...

    • Posted December 26, 2011
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  • Men Behind New Jersey Fake Hedge Fund Management Charged For Defrauding Victims

    Two men running a fake hedge fund scheme have been charged in New Jersey for the alleged $3.5 million fraud. The men, George Sepero and Carmelo Provenzano, claimed to run Jersey based hedge funds using a secret...

    • Posted December 23, 2011
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  • Heartless Criminal Activity In Foreclosure-Related Scam

    Last week a man whom operated a foreclosure-rescue scam agreed to plead guilty after collecting $1.6 million from 1,100 distressed homeowners. The man, Frederic Alan Gladle, of Austin, Texas, ran his scam in Los Angeles and elsewhere...

    • Posted December 15, 2011
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  • It’s A Hard Knock Life For Mortgage Fraudsters

    For my generation the term “Hard Knocks” cannot be mentioned without the memorable image and sound of Jay-Z’s “ghetto anthem” rendition of “It’s A Hard Knock Life” from the play Annie. My personal favorite lyric and image...

    • Posted December 14, 2011
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  • To Catch A Financial Predator

    Yesterday it was announced in Illinois that Edward Lynn Moskop was sentenced to the maximum statutory penalties of 240 months in prison for mail fraud and 120 months for money laundering. This 360 month (30 year sentence)...

    • Posted December 14, 2011
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  • State Government Uniform Scam? That’s New…

    A Massachusetts man was sentenced last week to 8.5 years in prison for a 20-year Ponzi scheme and ordered to pay over $17 million in recitation to over 200 victims. Richard Elkinson was sentenced to 102 months...

    • Posted December 8, 2011
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  • Audacious Attorney Abuses Authority

    A Geogira attorney, Gary Wisenbaker, plead guilty to a wire fraud charge in relation to defrauding his own clients. According to evidence presented at the guilty plea hearing, Wisenbaker stole money from his clients by settling civil...

    • Posted December 6, 2011
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  • Previously Convicted Scammer Heads Back To Prison

    I really don’t understand why criminals who have failed previous times in the past at committing a crime honestly think they have what it takes to commit it again. Last month Jon Edward Hankins was sentenced to...

    • Posted December 5, 2011
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  • Nearly 1,000 Investors Across The World Defrauded Out Of $294 Million

    Former managing director of a hedge fund (that was forced into receivership by U.S. government regulations), Philip Baker, was sentenced this month to 20 years in prison for fraudulently soliciting and obtaining around $294 million from around...

    • Posted December 1, 2011
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  • Two Jailed For Fraudulent Debt Collection Service

    Those in connection to the fraudulent debt collection service Maxwell, Turner & Associates (MTA), Darrian Summers and Stefan Lemar Miller, were sentenced to eight years and six years of prison, respectively. Summers was sentenced to eight years...

    • Posted December 1, 2011
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  • Something Stinks. It Could Be This $1 Million Septic Tank Scam

    It was announced earlier this month that defendants Mary Moore, Joseph Nouerand and Christopher Lincoln plead guilty to one count of conspiracy to commit wire fraud for… get this… knowingly participating in a shame to fraudulently market...

    • Posted December 1, 2011
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  • The Formula For Fraud Is Not Greater Than Or Equal To The Formula For Investing

    An alleged investment fraud scheme has lead to an indictment charging Robin Brass with four counts of mail fraud where she could face up to 20 years in prison and a fine of up to $250,000 on...

    • Posted November 30, 2011
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  • Owner Of Three Precious Metal Firms Sentenced In $29.5 Million Investment Scheme

    Earlier this month Jamie Campany, owner of three invesment firms specializing in alleged metal purchases, was sentenced to 151 months in prison on multiple counts of mail and wire fraud. According to the Information filed in the...

    • Posted November 30, 2011
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  • What Happens When (Alleged) Greed Takes Over Your Life?

    Earlier this month it was announced that John Voloshin was arrested for operating multiple alleged fraud schemes. According to allegations in court documents and statements made in court, Voloshin has represented himself to be in the business...

    • Posted November 30, 2011
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  • Mid-2000s Multimillion Dollar Fraudster Finally Gets Sentenced

    In the mid-2000s Clarence Allen Rice, owner of C & J Leasing Corporation, ran a complex, multimillion dollar wire fraud scheme to which he was just sentenced to a term of 70 months in prison for earlier...

    • Posted November 30, 2011
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  • Former Owner And President Of Allied Health Care Sentenced For $135 Million Phony Lease Scheme

    Former owner and president of Allied Heath Care Services, Charles Schwartz, was sentenced last week to 195 months in prison (16.25 years) for organizing and executing a $135 million phony lease scheme that losses of more than...

    • Posted November 30, 2011
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  • Home Start America CEO And Founder Sentenced To 50 Months In Prison For Role In $1.5 Million Fraud Conspiracy

    CEO and founder of alleged real estate investment firm Home Start America (HSA), Michael Kaufman, was sentenced to 50 months in prison last week for his role in a long-running, large scale wire fraud conspiracy with loan...

    • Posted November 29, 2011
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  • Refunds Now Being Sent To Victims Of Express Consolidation Debt Management Services

    Four years after the Federal Trade Commission (FTC) filed a case against Randall Leshlin and his debt management services company, Express Consolidation, the FTC is mailing out refund checks to almost 3,000 consumers across the country that...

    • Posted November 29, 2011
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  • Embezzled, Diverted And Stolen Funds Used To Pay For Adult Entertainment

    The guilty plea of vice present and co-operater of Coral Mortgage Bankers Corporation’s University City office, Matthew Kent, was announced earlier this month by the United States Attorney’s Office. According to court documents, between May 2007 and...

    • Posted November 29, 2011
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  • Mother Sentenced To Almost 6 Years Jail Time In Family Fraud Affair

    Earlier this year Janice Edwina Demmitt was convicted of the federal felony offenses charged in a 27-count indictment against her and her son, Timothy Fry. At trial, Demmitt was convicted on on one count of conspiracy to...

    • Posted November 29, 2011
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