Personal Injury Law

INJURYBOARD in APRIL is all about financial wrongdoing. A Compendium of greed and corruption.

By Steve Lombardi

April on the InjuryBoard will be focusing on financial torts; torts like those that have blanketed the news lately. There have been an incredible number of Ponzi schemes by stock brokers and hedge fund managers from around the world. I'll begin today from the Des Moines InjuryBoard with a list of some of the major schemes that have resulted in billions of dollars in losses for investors. Keep in mind financial gain that is unearned is all about greed and that's really what all of this is about. There is so much to talk about. Here is a list of different types of fraud we could be discussing. This is by no means an exhaustive list. I think after you begin to read the list you may wonder where it will all end.

If you are a lawyer and would like to consider joining InjuryBoard to promote safety for people and to participate in the news then give Patrick Mickler or Tom Young a call. Contact Tom at 813-251-9706.

So come join us on the InjuryBoard for a month of financial torts, dishonesty, wrongs, crimes and injury to investors who are people like yourself. If you're mad at Madoff

FRAUDULENT SCHEMES THAT ARE CURRENTLY IN THE NEWS

• Investment Fund Fraud – Including the Stanford Financial Group - $9 billion in losses; Big Bilker Bernie Maddoff – New York - $50 billion in losses; James M. Nicholson and Westgate Capital Management, LLC, Defendants, and Westgate Absolute Return Fund, LP, et al., - $160 million; MBIA Fair Fund - $60 million – to name just a few.
• Sales Fraud - Melamine contamination fraud – Incalculable billions in dollars and destroyed kidneys.
• Brokerage House Fraud - Over-leveraging of other's people's money by the major Brokerage houses. Lehman Brothers and the capital reserve requirement – Betting the bank and putting the shareholders at risk.
• Bail-out of Corporate America – Buying votes and other campaign contribution schemes like using federal preemption to secure access to campaign dollars.
• TARP Fraud
• Pay Check Fraud - Multi-million dollar bonuses paid to members of 'The Club' irrespective of performance.
• Pension Fund Rip-offs – IPERS collects only $35 million of the $500 million invested.
• Government Agency Fraud – CIETEC – Inflating salaries to the expense of tax payers.
• Conservatorship Fraud – Stealing money from your child or parent.
• Building Development Fraud – filling out the loan application and then how you use the loan proceeds.
• Telemarketing Fraud
• Internet Financial Schemes Fraud
• Identity Theft Fraud
• Accounting Fraud – First I'd kill all the accountants.
• Commercial Real Estate Fraud – Selling a dream that doesn't exist.
• Pharmaceutical Research Fraud – How research is rigged to lay the groundwork for billion dollar drug sales.
• Medical Records Fraud – Why is there resistance to making your medical records electronic?
• Political Fraud – Voter fraud and the disingenuous arguments advanced by tort reformers. It's all about power that leads to money making opportunities. This can include selling appointments like we saw in Chicago.
• Judicial Fraud – Decisions for money. This is in the news in Pennsylvania involving juvenile court.
• Workers' compensation fraud by both claimants and employers
• Cashing in on Crime – From the actual criminals to lawyer turned commentator it's all about the money, not the truth.
• Whistleblowers Rights

While the SEC investigations for over ten years could not detect fraud in a fund where the fund didn't make trades (hint-hint) they have acted post collapse to bring those participating in fraudulent schemes to justice. Of course most people have no clue about what they are even invested in. Money managers watch each other's backsides and protect each other with a conspiracy of silence. Here are a few actions the SEC has taken of late.

Enforcement Division announced what will be the largest settlements in the history of the SEC for investors who bought auction rate securities from Citigroup, UBS, Wachovia, Merrill Lynch, RBC Capital Markets Corp., and Bank of America. The Commission has finalized the Citi and UBS settlements and the Wachovia settlement.

Brought a landmark enforcement action against a trader who spread false rumors designed to drive down the price of stock.

Charged two Bear Stearns hedge fund managers for fraudulently misleading investors about the financial state of the firm's two largest hedge funds and their exposure to subprime mortgage-backed securities.

Charged two Wall Street brokers with defrauding their customers when making more than $1 billion in unauthorized purchases of subprime-related auction rate securities.

Charged five California brokers for pushing homeowners into risky and unsustainable subprime mortgages, and then fraudulently selling them securities that were paid for with the mortgage proceeds.

Charged Fannie Mae and Freddie Mac with accounting fraud in 2006 and 2007 respectively, and the companies paid more than $450 million in penalties to settle the SEC's charges.

I'll personally discuss what I believe to be the biggest fraud scheme practiced in my lifetime, the Y2K Fraud.

Types of fraud that we will cover will run the gamut of financial greed schemes intended to separate you and your savings.

Nigerian bank account email scheme

Telemarketing scams

Identity theft

Medical billing scams

Mortgage fraud

Loan application fraud

The FBI lists on its site common fraud schemes that you should be aware of and resist the temptation to make a quick buck. These include telemarketing fraud, the Nigerian letter o '419' fraud, identity theft, advance fee scheme, health insurance claims fraud, financial instruments fraud, ponzi schemes and pyramid schemes. It's going to be an exciting month because what we will discuss mirrors what is happening in the news.

It's going to be a very busy month. Below is a list of how busy it's been at the SEC in 2009 alone. In 2008 there were over 400 press releases concerning complaints filed by the SEC.

LR-20977	Mar. 27, 2009	Andrew S. Mackey and Inger L. Jensen
LR-20976	Mar. 27, 2009	Sonja Anticevic, et al.
LR-20975	Mar. 27, 2009	Delphi Corporation, Judith Kudla, et al. Other Release No.: AAER-2955
LR-20974	Mar. 26, 2009	Millennium Bank, et al. See also: SEC Complaint
LR-20973	Mar. 25, 2009	Gerald P. Alexander, CJB Consulting, Inc., and Regis Filia Holdings, Inc. See also: SEC Complaint
LR-20972	Mar. 25, 2009	The Nutmeg Group, LLC, et al. See also: SEC Complaint
LR-20971	Mar. 25, 2009	John M. Donnelly, et al.
LR-20970	Mar. 24, 2009	David Scott Cacchione See also: SEC Complaint
LR-20969	Mar. 24, 2009	Innova Energy LLC, et al. See also: SEC Complaint
LR-20968	Mar. 23, 2009	International Realty Holdings, Inc., et al. See also: SEC Complaint
LR-20967	Mar. 23, 2009	Anthony Vassallo, Kenneth Kenitzer, and Equity Investment Management and Trading, Inc.
LR-20966	Mar. 23, 2009	Anthony A. James and James Asset Advisory, L.L.C.
LR-20965	Mar. 23, 2009	Escala Group, Inc., Gregory Manning, and Larry Lee Crawford, CPA See also: SEC Complaint
LR-20964	Mar. 20, 2009	Mercury Interactive, LLC (f/k/a Mercury Interactive Corporation), Amnon Landan, Sharlene Abrams, Douglas Smith, and Susan Skaer Other Release No.: AAER-2953
LR-20963	Mar. 19, 2009	Henry Morris, David Loglisci, Nosemote LLC, Pantigo Emerging LLC, and Purpose LLC See also: SEC Complaint
LR-20962A	Mar. 18, 2009	Albert K. Hu, Asenqua, Inc., Asenqua Capital Management, LLC, AQC Asset Management, Ltd., and Fireside Capital Management, Ltd. See also: SEC Complaint
LR-20961	Mar. 18, 2009	Darrel T. Uselton and Jack E. Uselton
LR-20960	Mar. 18, 2009	Sky Way Global LLC (dba Sky Way Global, Inc.), Brent C. Kovar, Glenn A. Kovar, James S. Kent, Kenneth Bruce Baker (aka Bruce Baker), and Kenneth R. Kramer See also: SEC Complaint
LR-20959	Mar. 18, 2009	David G. Friehling, C.P.A and Friehling & Horowitz, CPA's, P.C. See also: SEC Complaint
LR-20958	Mar. 17, 2009	Tecumseh Holdings Corporation, et al.
LR-20957	Mar. 17, 2009	Paul M. Gozzo and PMG Capital, LLC See also: SEC Complaint
LR-20956	Mar. 16, 2009	K.W. Brown and Company, et al.
LR-20955	Mar. 13, 2009	Peter W. Fisher, et al. and Phillip W. Offill, Jr., et al.
LR-20954	Mar. 13, 2009	Glenn E. Glasshagel
LR-20953A	Mar. 13, 2009	Michael Biello See also: SEC Complaint
LR-20952	Mar. 13, 2009	Automated Trading Desk Specialists, LLC; E*Trade Capital Markets LLC; Melvin Securities, LLC and Melvin & Company, LLC; Sydan, LP; and TradeLink, LLC
LR-20951	Mar. 13, 2009	Sunwest Management, Inc., et al.
LR-20950	Mar. 12, 2009	Quest Software, Inc., Vincent C. Smith, John J. Laskey, and Kevin E. Brooks Other Release No.: AAER-2949 See also: SEC Complaint
LR-20949	Mar. 12, 2009	MedQuist Inc.; John A. Donohoe; and Brian J. Kearns and Bruce J. Van Fossen See also: SEC Complaint v. MedQuist Inc. SEC Complaint v. John A. Donohoe, Jr. SEC Complaint v. Brian J. Kearns and Bruce J. Van Fossen
LR-20948	Mar. 12, 2009	Brian Travis, et al. See also: SEC Complaint
LR-20947	Mar. 12, 2009	Howard P. Richman
LR-20946	Mar. 12, 2009	Brian J. Smart, et al. See also: SEC Complaint
LR-20945	Mar. 11, 2009	PowerCold Corporation, Francis L. Simola, Joseph C. Cahill, and Grayling R. Hofer Other Release No.: AAER-2948 See also: SEC Complaint
LR-20944	Mar. 11, 2009	Peter W. Fisher, et al.; Phillip W. Offill, Jr., et al.; David B. Stocker, et al.
LR-20943	Mar. 11, 2009	Anthony Vassallo, Kenneth Kenitzer, and Equity Investment Management and Trading, Inc. See also: SEC Complaint
LR-20942	Mar. 11, 2009	Stephen P. Gardner, et al. Other Release No.: AAER-2947
LR-20941	Mar. 11, 2009	John M. Donnelly, et al. See also: SEC Complaint
LR-20940	Mar. 10, 2009	C. Jones & Company, Carter Allen Jones, Timothy J. Miles, Gaylen P. Johnson, and Jonathan Curshen
LR-20939	Mar. 10, 2009	iBIZ Technology Corp., Kenneth W. Schilling, H. Mark Perkins, Jeffrey Firestone, Jerrold B. McRoberts, and D. Scott Elliott
LR-20938	Mar. 10, 2009	Allen Barnett, et al. Other Release No.: AAER-2946 See also: SEC Complaint
LR-20937	Mar. 9, 2009	The Regency Group, LLC; Scott F. Gelbard; Jeffrey S. Koslosky; Aaron S. Lamkin; John J. Coutris; Michael J. Coutris; J. Coutris Partners, LP; Joseph S. Fernando; Wellington Capital Enterprises, Inc.; James J. Coutris; and Dimitrios I. Gountis See also: SEC Complaint
LR-20936	Mar. 9, 2009	Locke Capital Management, Inc. and Leila C. Jenkins See also: SEC Complaint
LR-20935	Mar. 6, 2009	Shelby Dean Martin, D. Martin Enterprises, Inc. and DM Ventures, LLC See also: SEC Complaint
LR-20934	Mar. 6, 2009	Gary Richetelli
LR-20933	Mar. 6, 2009	Martin G. Fraser, Don W. Watson, Edward W. O'Brien, and Gary M. Opper
LR-20932	Mar. 6, 2009	CRE Capital Corporation and James G. Ossie
LR-20931	Mar. 5, 2009	Anthony Fareri, Fareri Financial Services, Inc. d/b/a Amerifinancial, and Anthony Fareri & Associates, Inc. See also: SEC Complaint
LR-20930	Mar. 5, 2009	John W. Lawton, Paramount Partners LP, and Crossroad Capital Management, LLC See also: Order of Preliminary Injunction
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