Archive for March, 2009

Nadel, in need of an attorney, granted continuance

Filed March 31st, 2009 joshua

Alleged Ponzi scheme ringmaster Arthur Nadel has been granted a 30-day continuance by a federal judge in New York. Behind tens of thousands of dollars in legal bills, Nadel needs a new attorney after his last team could not get his frozen assets in a state where he could make those payments on his bill […]

GAO Encourages Public to Report Stimulus Fraud

Filed March 31st, 2009 meg

The Government Accountability Office is (GAO) encouraging people to use its FraudNet hotline system to report waste, fraud and mismanagement of government stimulus funds. The risk of fraud and abuse grows when large sums are spent quickly, such as with the federal stimulus package. The GAO is required to issue bimonthly reviews of how certain […]

Fairfield Greenwich, Piedrahita Targeted in Madoff Scandal

Filed March 31st, 2009 meg

Spanish anticorruption prosecutors are investigating Fairfield Greenwich as well as Andres Piedrahita in regards to Bernard Madoff’s funds that they sold to Spanish clients. Piedrahita is married to the daughter of Fairfield Greenwich founder Walter Noel. Analysts say Piedrahita played a key role in expanding the reach of the Madoff fraud by wooing wealthy Latin […]

Madoff May be Charged in UK As Well

Filed March 30th, 2009 meg

UK prosecutors may be filing charges against Bernard Madoff. About $1 billion was transferred last year between Madoff’s U.S. firm and Madoff Securities International Ltd. in London, according to the Serious Fraud Office. The UK and US offices would regularly send funds back and forth to give the illusion that securities transactions were being conducted […]

New Jersey car dealer settles fraud charges

Filed March 30th, 2009 joshua

An Orange, N.J., car dealership has settled fraud charges that it falsified consumer credit ratings on loan applications. Compass Dodge Inc. has agreed to pay a $50,000 fine and never do that again. If it does, the dealership will have to pay an additional $92,500 in fines. Compass Dodge was acting in violation of the […]

Mortgage Fraud Companies Hunted by Florida Attorney General

Filed March 27th, 2009 meg

Miami-based Mortgage Crisis Solutions Association LLC – along with owner Donald Gillette – has been ordered to stop doing business, and their assets frozen. The company is accused of charging homeowners in foreclosure upfront fees as high as $2,995 for loan modification services, along with a $450 monthly fee. A lawsuit by the attorney general’s […]

Politician, dominatrix tied up in mortgage fraud scheme

Filed March 27th, 2009 joshua

A Suffolk County, N.Y., legislator and a Manhattan dominatrix are among people charged with operating a $50 million mortgage fraud scheme. The scheme allegedly began at a Manhattan fetish club. Former politician-turned private attorney George Guldi oversaw fraudulent transactions which garnered him millions in profit. Those involved in the scheme got mortgages for more than […]

AMA sues WellPoint insurance for price fixing

Filed March 27th, 2009 joshua

The American Medical Association, along with several other physicians groups, have filed a lawsuit against insurer Wellpoint accusing it of price fixing. According to the Indianapolis Business Journal, the lawsuit was filed in a federal court in Los Angeles. This is the latest lawsuit against a major insurer for price fixing. This current suit accuses […]

Madoff Brother’s Assets Frozen

Filed March 26th, 2009 meg

Peter Madoff, the brother of convicted Ponzi scheme mastermind Bernard Madoff, has had his assets frozen by a New York state judge. The judgment prohibits him from removing, transferring or encumbering any funds or property and requires him to disclose all assets he owns. A $2 million lawsuit has been filed against Peter Madoff for […]

Madoff Trustee Will Be Controlling UK Assets

Filed March 25th, 2009 meg

Irving Picard, the trustee appointed to collect assets of Bernard Madoff, won power of attorney over the money manager’s London unit. The trustee now has legal authority over London-based Madoff Securities International Ltd. SIPC is conducting a broad investigation of the assets of Madoff’s New York-based firm, Bernard L. Madoff Investment Securities LLC. Investigators have […]