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7/31/2007
Things I've Been Meaning to Tell You
7/30/2007
The Siemens Investigation Turns Up Even More Payments
Quest's Nacchio Faces Fine, Jail Time
Quest's Nacchio Sentenced Today
FBI Director Talks White Collar Crime
Broadcom and Chairman May Face SEC Charges
Update onf Defense Filings in the Milberg Kickback Indictment
Hedge Fund Manager Pleads Guilty to Insider Trading
Mid-Week Weekender - Paul Sanchez Plays at Iota in Arlington, VA
Whole Foods CEO Apologizes for Online Antics
Execs on the Run, Law Enforcement Struggles With High Level White Collar Prosecutions
Presidential Candidate Bill Richardson Has a P.I. on the Payroll
Refco...The Gift that Keeps on Giving (Potential Indictments)
UK Takes on Corporate Negligence
Swiss Prosecutors Lock Up Siemens Assets
Investigator Looking for a Gig? First Advantage is Hiring... 7/18/2007
Motion(s) on the Milberg Indictment
Government Touts Conviction Record on Corrupt Execs
Standing Up for Sarbanes Oxley
The Hill Covers DC's Corporate Investigators
In Defense of Milberg Weiss
Investigative Firm Implicted in Web Smear Campaign, Sued for Libel
Hammer Drops on National Century
LA TImes Recaps the Milberg Investigation
Bershad Guilty Plea... Supporting Docs
It Ain't Easy Being Citigroup, or How to Subvert a Corporate Ethics Regime Without Really Trying
U.S. Regultors Ramping Up Prosecution of Foreign Firms
How KPMG Dodged Prosecution on the Enron Fraud
Milberg's David Bershad Pleads Guilty on Kickback Charges
Simpson Capital Management Busted on After Hours Trading
Economan Breaks Down, Hedge Fund Ponzi Scheme Probed
HBS Sued on Hedge Fund Quid Pro Quo, Chief Exec Ousted
Milberg's Schulman Continues to Battle Charges Against Him
Bayou Hedge Fund Advisor Pleads Guilty to Tax Evasion
KL Hedge Fund Operator Plead Guilty
MDL Capital Management Founder Has Trial Date Set
FSA (Again) Warns of Insider Trading Epidemic
Bear Stearns Hedge Fund Troubles Leads to Calls for Greater Transparency
The World Bank Delving into Siemens Bribery Investigation
Things I've Been Meaning to Tell You
There are plenty of stories The Daily Caveat doesn't get the chance to write about. There isn't enough time in the day for all the shenanigans, scullduggery and schaedenfreud one finds in the daily business and legal news.
Given that, here are some things I've been meaning to tell you, and if I don't do it now, they are likely to slip all the way off the radar:
-- MDT
Given that, here are some things I've been meaning to tell you, and if I don't do it now, they are likely to slip all the way off the radar:
- The former CEO of Brooks Automation, Robert J. Therrien, is facing tax evasion charges...
- Cardinal settles with the SEC for $35 million on inflated earnings reports...
-- MDT
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The Siemens Investigation Turns Up Even More Payments
...significantly in excess of the $575 million previously reported. Meanwhile, Debevoise & Plimpton, the law firm Siemens hired to investigate itself has apparently complained to the Siemens supervisory board regarding the company's failure to cooperate.
-- MDT
-- MDT
Labels: bribery, Debvoise and Plimpton, Siemens
Quest's Nacchio Faces Fine, Jail Time
Quest's former CEO, Joe Nacchio, was sentenced on Friday in connection with his sell-off of $52 million in Quest stock while not disclosing to his companies investors that rough times were ahead. For what the judge in the case called "crimes of overarching greed" Nacchio was sentenced to six years in prison. He was also ordered to forfeit the $52 million within 15 days along with a $19 million fine. Still ahead for Nacchio is a civil suit against Quest executives that is scheduled to get going in 2009.
-- MDT
7/27/2007
-- MDT
Labels: corporate scandal, Joe Nacchio, Quest, sentencing
Quest's Nacchio Sentenced Today
And we'll be watching closely...not as closely though as the White Collar Crime Prof Blog's Peter Henning. You can read his comments here, with more sure to come.
-- MDT
-- MDT
Labels: Joe Nacchio, sentencing
FBI Director Talks White Collar Crime
The WSJ covers Robert S. Mueller's comments before the House Judiciary Committee, defining the FBI's current priorities. White collar crime...high on the list.
-- MDT
7/26/2007
-- MDT
Labels: FBI, Robert Muller, white collar crime
Broadcom and Chairman May Face SEC Charges
The SEC has been nosing around semiconductor, Broadcom for some time in relation to stock options irregularities, but now it seems charges against the company and chairman Dr. Henry Samueli. Both have received Wells Notices, these little love notes being common sign that the SEC is oiling up the shackles... Further details at CFO.com.
-- MDT
7/25/2007
-- MDT
Labels: Broadcome, Henry Samueli, SEC, stock options
Update onf Defense Filings in the Milberg Kickback Indictment
Hedge Fund Manager Pleads Guilty to Insider Trading
In the continued fallout from Wallstreet's insider trading scandal du jour, Mark Lenowitz, a former investment manager at Chelsey Capital and Q Capital Investment Partners admitted on Tuesday to trading on insider information he obtained from UBS analysts. Lenowitz plead guilty to one charge of conspiracy and one charge of securities fraud. Also among the thirteen (fourteen?) indicted are former employees of UBS, Banc of America, Bear Stearns, Morgan Stanley and several other firms. For the full line-up, click here. And for more on Mr. Lenowitz's guilty plea, try this Reuters article.
-- MDT
7/24/2007
-- MDT
Labels: Chelsey Capital, insider trading, Mark Lenowitz, Q Investment, UBS
Mid-Week Weekender - Paul Sanchez Plays at Iota in Arlington, VA
I don't normally diverge too much from the standard topics here at The Daily Caveat. You loyal band of readers don't come here every day to bother with my politics or my various obsessions (books, coffee, movies, etc.). I do not make you suffer through pictures of my cats (although I did post some of Kirby - sue me!).
However, all that said, if you'll indulge me (and maybe even indulge yourself a bit)... If you're in the DC area I highly recommend taking in a show tonight at the ever-reliable, Iota in Arlington VA. The performer in question would be Paul Sanchez, former guitarist for Cowboy Mouth. Sanchez is one of my favorite songwriters and his recent return to solo touring is more than welcome.
Paul is a New Orleans institution and odds are you've heard his stuff somewhere along the way without even knowing it. He and his wife, Shelly lost everything in Hurricane Katrina and have spent the last year picking up the pieces and getting on with things. Part of that getting on was leaving Cowboy Mouth, his band of almost two decades to pursue his own musical agenda.
If you've got the time, you could do worse that to get yourself to this gig...If you want to sample some tracks before committing yourself, the always fantastic EMUSIC.com has you covered.
-- MDT
However, all that said, if you'll indulge me (and maybe even indulge yourself a bit)... If you're in the DC area I highly recommend taking in a show tonight at the ever-reliable, Iota in Arlington VA. The performer in question would be Paul Sanchez, former guitarist for Cowboy Mouth. Sanchez is one of my favorite songwriters and his recent return to solo touring is more than welcome.
Paul is a New Orleans institution and odds are you've heard his stuff somewhere along the way without even knowing it. He and his wife, Shelly lost everything in Hurricane Katrina and have spent the last year picking up the pieces and getting on with things. Part of that getting on was leaving Cowboy Mouth, his band of almost two decades to pursue his own musical agenda.
If you've got the time, you could do worse that to get yourself to this gig...If you want to sample some tracks before committing yourself, the always fantastic EMUSIC.com has you covered.
-- MDT
Labels: Paul Sanchez, Too Old For This Shit
Whole Foods CEO Apologizes for Online Antics
I imagine you've been paying at least minor attention to this particular non-story...that of Whole Foods CEO, John Mackey talking trash on Yahoo message boards. Well, Mackey, who trash-talked his way into a potential SEC investigation, has apologized.
The funny thing is, in my early days working on cases, I spent plenty of time digging through the Yahoo stock boards looking for just this sort of insider activity. Never came across anything quite this interesting, though...
Here's a link to Mackey's mea culpa over at WholeFoods.com.
Via WallStreetFolly (a blog you should be checking out).
-- MDT
7/23/2007
The funny thing is, in my early days working on cases, I spent plenty of time digging through the Yahoo stock boards looking for just this sort of insider activity. Never came across anything quite this interesting, though...
Here's a link to Mackey's mea culpa over at WholeFoods.com.
Via WallStreetFolly (a blog you should be checking out).
-- MDT
Labels: John Mackey, making an ass of yourself, While Foods
Execs on the Run, Law Enforcement Struggles With High Level White Collar Prosecutions
Deal or fight? Traditionally these are the two options available to high-profile white collar criminals. Increasingly though, a third option has presented itself - run like hell. Let's face it, what would you do if you were an international bon vivant with more money than god who was looking down the barrel of a 20 year prison sentence?
If you're a second tier player, you probably just strike a deal and turn in your boss. But what if you are the boss (and you didn't happy to provide the current president with his campaign jet)? You might just decide that (insert non-extradition treaty country) is supposed to be really beautiful this time of year, rather than make your court date.
Take the case in point of Michael Berger, a hedge fund manager wanted since 2000, who ran out on an 87 month prison sentence and who only recently found himself back in the warm bosom of international law enforcement.
-- MDT
If you're a second tier player, you probably just strike a deal and turn in your boss. But what if you are the boss (and you didn't happy to provide the current president with his campaign jet)? You might just decide that (insert non-extradition treaty country) is supposed to be really beautiful this time of year, rather than make your court date.
Take the case in point of Michael Berger, a hedge fund manager wanted since 2000, who ran out on an 87 month prison sentence and who only recently found himself back in the warm bosom of international law enforcement.
-- MDT
Labels: corporate scandal, on the run execs, prosecution
Presidential Candidate Bill Richardson Has a P.I. on the Payroll
Hate to unscoop the Huffington Post, but Pres. candidate, Bill Richardson's PI on the payroll was reported a month ago in the Free New Mexican.
Now the HuffPo is calling it fairly unusual for a presidential campaign to hire a PI for research? Really? I thought that was de rigeur in this day and age:
The P.I. in question is Michael Corwin of New Mexico-based Corwin Research & Investigations. Here's a blurb on Mr. Corwin from his University of New Mexico lecturing bio:
-- MDT
Now the HuffPo is calling it fairly unusual for a presidential campaign to hire a PI for research? Really? I thought that was de rigeur in this day and age:
The P.I. in question is Michael Corwin of New Mexico-based Corwin Research & Investigations. Here's a blurb on Mr. Corwin from his University of New Mexico lecturing bio:
Michael Corwin, a licensed Private Investigator, has been conducting civil and criminal investigations since 1988. He operates the firm of Corwin Research & Investigators, LLC in Albuquerque, New Mexico. Corwin is the author of the book, Training Manual on Private Investigation. He has been a featured speaker at conferences and seminars. Corwin’s cases have been featured in the local and national media, including an Edward R. Murrow award-winning Dateline NBC episode.Sounds like a helluva guy.
-- MDT
Labels: Bill Richardson, election, Michael Corwin, politics
Refco...The Gift that Keeps on Giving (Potential Indictments)
Refco's bankruptcy examiner is lobbing allegations of impropriety at Joseph Collins of Mayer Brown Rowe & Maw, a Chicago-area law firm. Collins had for many years served as a close confidant of Refco management and, although his firm faced the ire of Refco investors after being I.D.ed as reviewing Refco's books, Collins himself had thus far stayed somewhat above the fracas. In a 400+ page report, culled from millions of pages of billing records, Refco's bankruptcy examiner concluded that Collins "knew or should have known" about that fraud and financial illegalities that led to Refco's failure.
Get further details on the report, and Mayer Brown's response via the Chicago Tribune.
-- MDT
Get further details on the report, and Mayer Brown's response via the Chicago Tribune.
-- MDT
Labels: Joseph Collins, Mayer Brown Rowe and Maw, Refco
UK Takes on Corporate Negligence
If you company kills people, you may have to pay to advertise the fact, according to proposed legislation...
-- MDT
7/20/2007
-- MDT
Labels: corporate negligence, legislation
Swiss Prosecutors Lock Up Siemens Assets
More than $83 million has been cut off from Siemens by Swiss investigators as they continue their multinational probe of corrupt business practices at the German electronics giant. Concurrent investigations continue apace in Italy, Germany and the U.S.
-- MDT
-- MDT
Labels: investigation, Siemens
Investigator Looking for a Gig? First Advantage is Hiring... 7/18/2007
Motion(s) on the Milberg Indictment
Several defendants in the Milberg kickback case have filed motions challenging the legitimacy of the charges against them, most particularly those charges relating to "honest services fraud." Federal prosecutors have just filed their first response to these dismissal motions. As you might imagine, they intend for the charges to stick. Details at Law.com.
-- MDT
-- MDT
Labels: Bill Lerach, indictment, kickbacks, Milberg
Government Touts Conviction Record on Corrupt Execs
Following a decision by a U.S. District court to toss out a case against 13 former KPMG executives, the Justice Department has made an effort to tout its conviction record. At the same time embattled US AG Alberto Gonzales was decrying the KPMG verdict, DOJ number two, Deputy Attorney General Paul McNulty was attemoting to focus attention on the Department's 1,236 convictions in corporate fraud cases since 2002. Click on through to this IHT article for further details on the KPMG verdict as well as for further comment from the DOJ on life after Enron.
-- MDT
-- MDT
Labels: Alberto Gonzales, corporate scandal, DOJ, KPMG, Paul McNulty, tax shelters
Standing Up for Sarbanes Oxley
It is Larry Ribstein week here at The Daily Caveat. Scroll down a few posts and you'll see a link to details of Ideoblog author, Ribstein's upcoming paper questioning the legitimacy of the ongoing prosecution of class action firm, Milberg Weiss on racketeering charges (strange bedfellows, indeed).
Just by accident (thank you Fintag), today, I ran across an article well worth reading in which author Heidi Moore namechecks Ribstein, an avowed (like really avowed) opponent of Sarbanes Oxley. Moore's article is a detailed defense of the controversial SOX act. Moore endeavors to puncture many of the common criticism of SOX. Does she succeed? Decide for yourself.
-- MDT
7/17/2007
Just by accident (thank you Fintag), today, I ran across an article well worth reading in which author Heidi Moore namechecks Ribstein, an avowed (like really avowed) opponent of Sarbanes Oxley. Moore's article is a detailed defense of the controversial SOX act. Moore endeavors to puncture many of the common criticism of SOX. Does she succeed? Decide for yourself.
-- MDT
Labels: class action, corporate governance, SOX
The Hill Covers DC's Corporate Investigators
All too often when the new media writes about investigators, they limit their scope to the gumshoe variety (case in point, this Washington Post Express article from a few days ago) with all the typical cultural references in tow.
Nothing wrong with that, per say. After all, these are the types of private eyes that have captured the popular imagination in dime store pulp novels and classic films (my wife is currently going through a serious Magnum, P.I. phase, if you must know). There is, however, another realm of investigation that seldom gets much attention - that of the corporate P.I.
A recent article from The Hill balances the playing field a bit. While not delving too deeply into the nuts and bolts of an industry that occasionally finds itself under unwelcome scrutiny (pretexting, anyone?), the article nonetheless offers some interesting anecdotes on the breadth of work conducted by DC-area corporate investigators.
Kudos to Kevin Bogardus and The Hill for a great read that offers potential clients exposure to a number of local firms. I am proud to say that featured amongst the investigators metioned in the article are many folks whose work I know and can recommend, in particular Anthony Sartori, my former partner and now the main man at Caveat Research.
Get the full story via The Hill.
-- MDT
Nothing wrong with that, per say. After all, these are the types of private eyes that have captured the popular imagination in dime store pulp novels and classic films (my wife is currently going through a serious Magnum, P.I. phase, if you must know). There is, however, another realm of investigation that seldom gets much attention - that of the corporate P.I.
A recent article from The Hill balances the playing field a bit. While not delving too deeply into the nuts and bolts of an industry that occasionally finds itself under unwelcome scrutiny (pretexting, anyone?), the article nonetheless offers some interesting anecdotes on the breadth of work conducted by DC-area corporate investigators.
Kudos to Kevin Bogardus and The Hill for a great read that offers potential clients exposure to a number of local firms. I am proud to say that featured amongst the investigators metioned in the article are many folks whose work I know and can recommend, in particular Anthony Sartori, my former partner and now the main man at Caveat Research.
Get the full story via The Hill.
-- MDT
Labels: corporate investigators, The Hill
In Defense of Milberg Weiss
Now there's a topic you don't see in the papers everyday... Noose tightening seems to be the general approach. However, some folks are stepping up to at least entertain the notion that perhaps these trumped up, politically motivated charges against the firm deserve further interogration.
Ideoblog's Larry Ribstein is just such a fellow. Check out the WSJ's Law Blog for details on an upcoming paper from Ribstein and George Mason professor Bruce Kobayashi that looks to interrogate the government's case against Milberg. And if you're not reading Larry's blog on a regular basis, well, you should be.
-- MDT
7/16/2007
Ideoblog's Larry Ribstein is just such a fellow. Check out the WSJ's Law Blog for details on an upcoming paper from Ribstein and George Mason professor Bruce Kobayashi that looks to interrogate the government's case against Milberg. And if you're not reading Larry's blog on a regular basis, well, you should be.
-- MDT
Labels: class action, Ideoblog, Milberg, WSJ
Investigative Firm Implicted in Web Smear Campaign, Sued for Libel
Global Options, a DC-Based investigative firm, is facing charges that it created a number of libelous websites in an attempt to defame the reputation of the Maqsudi family, which owns New Jersey-based ROZ Trading.
Why would a self-advertised CIA whose advisory board includes such luminaries as James Woolsey and William Sessions commit such acts? According to counsel for the Maqsudis, the websites were created at the behest of Zeromax, GmbH, a Global Options client and are a part of a long running domestic feud.
Zeromax is purported to have extensive business ties to Gulnora Karimova, harvard grad, black belt, pop starlet (??) and daughter of daughter of Uzbekistan's hard-handed President, Islom Karimov. The Maqsudis alledge that the websites are being used as an attempt to punish Mansur Maqsudi who had the misfortune to have divorced Gulnora.
The charges against Global Options go beyond libel - so far as to say that the company's former CEO, Neil Livingstone actually passed on death threats to the Maqsudi family unless they dropped a pending lawsuit against Zeromax.
You can check out further details of the pending litigation and find out how the Coca-Cola company gets involved in all of this by checking out the press release from Crowell & Moring LLP.
-- MDT
7/12/2007
Why would a self-advertised CIA whose advisory board includes such luminaries as James Woolsey and William Sessions commit such acts? According to counsel for the Maqsudis, the websites were created at the behest of Zeromax, GmbH, a Global Options client and are a part of a long running domestic feud.
Zeromax is purported to have extensive business ties to Gulnora Karimova, harvard grad, black belt, pop starlet (??) and daughter of daughter of Uzbekistan's hard-handed President, Islom Karimov. The Maqsudis alledge that the websites are being used as an attempt to punish Mansur Maqsudi who had the misfortune to have divorced Gulnora.
The charges against Global Options go beyond libel - so far as to say that the company's former CEO, Neil Livingstone actually passed on death threats to the Maqsudi family unless they dropped a pending lawsuit against Zeromax.
You can check out further details of the pending litigation and find out how the Coca-Cola company gets involved in all of this by checking out the press release from Crowell & Moring LLP.
-- MDT
Labels: Coca-Cola, GlobalOptions, Gulnora Karimova, Maqsudi, Roz Trading, Uzbekistan, Zeromax
Hammer Drops on National Century
With a new, revised indictment in play, things are looking increasingly bad for the eight former executives of National Century. Bumping up the 27 charges in the initial indictment to a round count of 60, a Columbus, Ohio grand jury things are looking increasingly dark. Before you feel too terribly bad for these folks, keep in mind that the FBI calls National Century the largest corporate fraud case involving a private company that they have ever investigated.
Further details via the Columbus Business Journal.
-- MDT
Further details via the Columbus Business Journal.
-- MDT
Labels: Fraud, National Century
LA TImes Recaps the Milberg Investigation
Missed a few details along the way? The LA Times has you covered, courtesy The China Standard. Of course, all you need to do is hit some of the tags below for The Daily Caveat to get you caught all the way up.
-- MDT
7/11/2007
-- MDT
Labels: Bill Lerach, kickbacks, Milberg Weiss
Bershad Guilty Plea... Supporting Docs
Fortune's Legal Pad has links out to the David Bershad plea agreement, along with a statement of fact and other supporting information. Go read it. I'll wait. Done?
Great, now go check out Parloff's follow-up post. Hot water, getting hotter - all around.
-- MDT
Great, now go check out Parloff's follow-up post. Hot water, getting hotter - all around.
-- MDT
Labels: bribery, David Bershad, indictment, Milberg Weiss
It Ain't Easy Being Citigroup, or How to Subvert a Corporate Ethics Regime Without Really Trying
Typical interesting content from the Ethical Corporation - in this case, an excerpt from Avinash Persaud and John Plender's All You Need to Know About Ethics and Finance.
Wanna read the whole thing...get it here.
-- MDT
Wanna read the whole thing...get it here.
-- MDT
Labels: business ethics, Citigroup
U.S. Regultors Ramping Up Prosecution of Foreign Firms
A recent Kroll report, cited in the FT shows a trend of the U.S. Department of Justice going after an increasingly broad array of foreign firms based on corrupt business practices. The traditional real of these probes would be oil companies, defense contrractors and the like, but the field of pursuit has widened considerably over the period from 2000 to 2006 to include telecom companies, pharmaceutical and consumer products manufacturers. Check out Kroll's press release and take a look at the full Kroll report right here.
-- MDT
-- MDT
How KPMG Dodged Prosecution on the Enron Fraud
Take it back to June 2005. KPMG executives meet with federal prosecutors in an attempt to avoide the fate that befell former big five accounting firm Arthur Anderson. With the outcome uncertain and the future of the firm in the balance it is hard to understate the importance of the negotiations. Due to notes from those meetings recently made public, we now have a ringside seat to how things went down. The notes, taken by KPMG attorney, Joseph Barloon of Skadden Arps reveal the strategies that aided KPMG in striking a deal with prosecutors.
Get further details at The Ledger.
-- MDT
7/10/2007
Get further details at The Ledger.
-- MDT
Labels: accounting fraud, Enron, KPMG, tax shelters
Milberg's David Bershad Pleads Guilty on Kickback Charges
Formerly a name partner at embattled plaintiff firm, Milberg Weiss, David Bershad has plead guilty on conspiracy charges stemming from the Justice Department's seven year long investigation into business practices at his former firm.
Word on the street for the last few weeks had been that Bershad had started dealing and that a plea deal was imminent. Coincidentally or not, this talk of a Bershad cutting a plea occurred simultaneously with the leak about Bill Lerach's planned retirement.
Whatever the other undisclosed terms of Bershad's deal might be, we know that Bershad will forfeit $7.5 million, pay a $250,000 fine and - most importantly - cooperate with prosecutors in their ongoing investigation.
The Feds are still working on landing the big fish - Bill Lerach and Melvyn Weiss. This move by Bershad definitely puts the hooks a bit closer than they were just a week ago.
-- MDT
7/06/2007
Word on the street for the last few weeks had been that Bershad had started dealing and that a plea deal was imminent. Coincidentally or not, this talk of a Bershad cutting a plea occurred simultaneously with the leak about Bill Lerach's planned retirement.
Whatever the other undisclosed terms of Bershad's deal might be, we know that Bershad will forfeit $7.5 million, pay a $250,000 fine and - most importantly - cooperate with prosecutors in their ongoing investigation.
The Feds are still working on landing the big fish - Bill Lerach and Melvyn Weiss. This move by Bershad definitely puts the hooks a bit closer than they were just a week ago.
-- MDT
Labels: Bill Lerach, David Bershad, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Simpson Capital Management Busted on After Hours Trading
Hasn't been a great couple of weeks for hedge funds. Add late trading Simpson Capital Management to the list, along with owner Robert Simpson and head trader, John Dowling. They'll all be answering questions downtown.
-- MDT
-- MDT
Labels: hedge fund, John Dowling, late trading, Robert Simpson, Simpson Capital Management
Economan Breaks Down, Hedge Fund Ponzi Scheme Probed
Albert E. Parish is the Economan. His website is a must-see. He's also the target of a government investigation into his financial management practices, which ended up costing his clients millions. Parish's assets are currently at auction in an attempt to make back some of the money he lost. You can view the items here.
-- MDT
-- MDT
Labels: Albert E. Parish, Fraud, hedge fund, ponzi scheme
1 Comments.
THERE IS STILL SOME HOPE
Many of you who were defrauded by Al Parish, could qualify to recover the tax basis of your remaining investment loss. A seldom used provision of the Internal Revenue Code 165 (C)(2), allows you to offset you loss in the "Year of Discovery", against ordinary income. There is no limit nor any exclusions. Any remaining loss can be carried back three years and/or carried forward. The treatment of this loss is different for each victim.
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Mr. Kelleher's team of experts stand ready to evaluate your case to determine it's merit inder 165 (C)(2). There is no financial risk to you whatsoever. His group will also support your claim with the IRS for the three year review period, at no additional cost to you. In addition, unlike competition who charge up to twenty-five percent of your recovery, SFR Trust) has a rate of four percent of your loss amount or $5,000.00, whichever is less, regardless of the amount of your loss.
For a complimentary evaluation, please email your contact information to evaluation@sfrtrust.com. One of Mr. Kelleher's experts will contact you within 48 hours to discuss your case with you, or your tax professional.
Post a Comment
Many of you who were defrauded by Al Parish, could qualify to recover the tax basis of your remaining investment loss. A seldom used provision of the Internal Revenue Code 165 (C)(2), allows you to offset you loss in the "Year of Discovery", against ordinary income. There is no limit nor any exclusions. Any remaining loss can be carried back three years and/or carried forward. The treatment of this loss is different for each victim.
Tim Kelleher of Securities Fraud Recovery Trust, LLC (SFR Trust) is one of the leading pioneers in the 165 theft loss industry. He was instrumental in the start up and development of JK Harris 165 Services, LLC fraud division and was the founding partner of Investment Fraud Recovery Network, LLC. His efforts have resulted in the recovery of millions in tax refunds to the victims of investment fraud. His expertise and that of his team is sought out by victims of fraud nationwide.
Mr. Kelleher's team of experts stand ready to evaluate your case to determine it's merit inder 165 (C)(2). There is no financial risk to you whatsoever. His group will also support your claim with the IRS for the three year review period, at no additional cost to you. In addition, unlike competition who charge up to twenty-five percent of your recovery, SFR Trust) has a rate of four percent of your loss amount or $5,000.00, whichever is less, regardless of the amount of your loss.
For a complimentary evaluation, please email your contact information to evaluation@sfrtrust.com. One of Mr. Kelleher's experts will contact you within 48 hours to discuss your case with you, or your tax professional.
HBS Sued on Hedge Fund Quid Pro Quo, Chief Exec Ousted
Swiss banking giant UBS is in hot water over its hedge fund hotelery. Recently sued for “dishonest and unethical” practices in dealings with hedge fund advisers by regulators in Massachusetts, UBS is facing intense scrutiny over the perks it provided to hedge fund managers.
UBS is accused of engaging in some righteous quid pro quo in an effort to keep managers' business and catch up to rivals Goldman Sachs and Morgan Stanley in the $8 billion dollar hedge fund brokerage fee sweepstakes. UBS had previously been forced to shut down its own in-house fund, Dillon Read Capital Management, after it suffered catastrophic losses in the sub prime mortgage industry.
In a surprise statement today, the UBS board announced that it is dumping its chief executive, Peter Wuffli. One has to imagine that the aforementioned travails had something to do with the board's lack of confidence in him.
-- MDT
UBS is accused of engaging in some righteous quid pro quo in an effort to keep managers' business and catch up to rivals Goldman Sachs and Morgan Stanley in the $8 billion dollar hedge fund brokerage fee sweepstakes. UBS had previously been forced to shut down its own in-house fund, Dillon Read Capital Management, after it suffered catastrophic losses in the sub prime mortgage industry.
In a surprise statement today, the UBS board announced that it is dumping its chief executive, Peter Wuffli. One has to imagine that the aforementioned travails had something to do with the board's lack of confidence in him.
-- MDT
Labels: Dillon Read, hedge fund, sued, UBS
Milberg's Schulman Continues to Battle Charges Against Him
Steven Schulman, one of the former Milberg Weiss partners facing charges in the ongoing probe of the firm, continues to pursue the dismissal of charges against him. While his former firm talks plea deal, Schulman has expanded his motion seeking a dismissal of charges against him.
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
7/05/2007
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
Labels: class action, indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss, securities, Steven Schulman
Bayou Hedge Fund Advisor Pleads Guilty to Tax Evasion
Bayou would be the hedge fund whose collapse brought questions about hedge fund transparency from the business page to the front page. The reverberations from the Bayou collapse continue, most recently with the guilty plea on tax evasion from former Bayou financial advisor Burt Kozloff. You can get a look at the terms of Kozloff's plea deal right here, courtesy of the fine folks at the U.S. Attorneys Office, Souther District of New York.
-- MDT
-- MDT
Labels: Bayou Group, Fraud, hedge fund
KL Hedge Fund Operator Plead Guilty
Yung B. Kim one of the three principles of KL Financial, a Florida-based hedge fund plead guilty last week to bilking investors our of $195 million. Kim ran the show along with his brother, John Kim and another man, Won S. Lee. John Kim is already behind bars on a contempt of court charge. Won Lee is still at large. Sentencing for Yung Kim is scheduled for November.
More on the case from the Palm Beach Post.
-- MDT
7/03/2007
More on the case from the Palm Beach Post.
-- MDT
Labels: Fraud, hedge fund, KL Financial
MDL Capital Management Founder Has Trial Date Set
Hedge fund (fiend?) Mark D. Lay, who lost a whole bundle of the Ohio Bureau of Worker Compensation's money now has a trial date. Indicted by a federal grand jury just last month, Lay will face the music on September 4th, when he'll get a chance to tell his side of the "I pissed away $216 million of your money" story. And good luck to him. Further details on the trial here.
-- MDT
-- MDT
Labels: Fraud, hedge fund, Mark Lay, MDL Capital Management, Ohio
FSA (Again) Warns of Insider Trading Epidemic
The UK Financial Services Authority is worried, literally, that "Gangs of organized criminals may be infiltrating the mergers and acquisitions departments of British investment banks to garner inside information on takeover bids..." So says the Times Online. For (probably more sober) commentary direct from FSA, check out this announcement as well as the FSA's Marketwatch21 newsletter.
-- MDT
-- MDT
Labels: FSA insider trading
Ok, follow me here.... Chris Cooper-Hohn is a hedge fund hot-shot, known for wielding his portfolio like a flaming baseball bat at uncooperative corporate board. He's also, seemingly, a pretty good dude. Each year he donates a third of his fund's management fees to his own childrens' charity (he has a childrens' charity - see, good dude). However, and here's the catch, of the nearly half a billion dollars donated only about 10 million went back out the door as actual charity. The rest? It was reinvested in TCI, Cooper-Hohn's own investment fund... Good dude, but he doesn't miss a trick. More on Cooper-Hohn here.
--MDT
--MDT
Labels: charity, Chris Cooper-Hohn, hedge fund, TCI
Bear Stearns Hedge Fund Troubles Leads to Calls for Greater Transparency
Bear Stearn's year old High-Grade Structured Credit Fund turned out to be anything but - as of April 30 it was doen 23% on the year. In fact BS will have to jack up the fund by a billion and a half dollars just to keep it afloat. Hard to value assets and hard to assess strategies made the fund less than marketable. Bear Stearns "no questions" policy wasn't exactly a draw, it seems.
-- MDT
7/02/2007
-- MDT
Labels: Bear Stearns, hedge fund
The World Bank Delving into Siemens Bribery Investigation
There is some concern from the World Bank, apparently, that some of the projects the organization sponsors may have intersected with Siemens' bribery tactics - not exactly a victory for international transparency. Forbes has details.
-- MDT
-- MDT
Labels: bribery, Siemens, World Bank
