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  • Banker Cooperates with Feds, Avoids Prison (FBAR Post)

    Andreas Bachmann, a former Credit Suisse banker, was spared prison and instead received probation after cooperating with the IRS and U.S. Department of Justice. Bachmann was sentenced this month after pleading guilty to conspiracy to defraud the IRS. Prosecutors say he helped wealthy Americans evade U.S. taxes by hiding money in offshore accounts.

    Due Diligence- 19 readers -
  • IRS Search Leads to Suicide

    This is a sad, sad story. It is a reminder of why the government must always be vigilant in how it conducts its business. Particularly, with how the IRS collects taxes and enforces the Tax Code. The story begins in 2007 and is still winding its way through the courts. A recent decision by a U.S. District Court Judge in Indiana, however, let the IRS off the hook.

    Due Diligence- 16 readers -
  • Belvedere Management Flouts Regulator’s “No Sell” Order

    Belvedere Management May Have Intentionally Violated Regulator’s Freeze Order Investigative journalist David Marchant appears to be hot on the trail of Belvedere Management. It took just one day for regulators to act after David exposed some very distressing facts about the financial services giant.

    Due Diligence- 40 readers -
  • Fuel Oil Scam Rocks NYC – Whistleblower Post

    Most of the False Claims Act cases we write about involve Medicare fraud, residential mortgage programs or federally insured banks. Although all False Claims Act cases involve tax dollars or tax supported programs, the government usually isn’t the victim. Taxpayers are. A case this week from New York City shows that sometimes the government itself is the victim.

    Due Diligence- 40 readers -
  • New Whistleblower News Website Launched

    Finally, an independent news source and clearinghouse for whistleblowers, the Whistleblower News Review! There are a couple good whistleblower organizations within the United States but none dedicated exclusively to whistleblower news stories. All that changed today with the launching of the new site. Why are we so excited? There are two reasons; first we are advertisers on the new site.

    Due Diligence- 13 readers -
  • Bad Pharma Chronicles – Crestor & Medicaid Fraud?

    Pharmaceutical giant AstraZeneca released a major ad campaign for its heart medication, Crestor. One of those ads starts with the tag line, “Get it right the first time.” Medicaid officials in Texas, however, think AstraZeneca didn’t get it right… they believe the company has defrauded the public and taxpayers with “false and misleading marketing” of Crestor, the company’s le ...

    Due Diligence- 18 readers -
  • Banker Convicted of TARP Fraud

    A federal jury in Los Angeles this week convicted the former chief operating officer of United Commercial Bank (UCB) of criminal fraud and conspiracy charges. After just a few hours of deliberation, the jury convicted Ebrahim Shabudin of all charges. The indictment related to a TARP fraud that ultimately caused the bank to fail. Taxpayers were once again left holding the bag.

    Due Diligence- 15 readers -
  • Belvedere Management, Kiljani Continue Death Spiral

    Offshore Alert continues to report more disturbing news about financial services giant Belvedere Management. According to an exclusive report last week, publisher David Marchant claims that one of Belvedere’s flagship funds, Kiljani Commodity Fund, may really be a $130 million Ponzi scheme. According to Kijani’s website, the fund offers: “absolute returns” in varying market ...

    Due Diligence- 45 readers -
  • Jail Death Case Presents Whistleblower Opportunities

    Corizon Health is for-profit company offering medical care to state and local correctional facilities. The company recently settled a wrongful death case in Alameda County for $8.3 million. An inmate in the Alameda County Jail suffering from alcohol withdrawals was tasered and beaten to death. Family members of the 50 year old man claimed Corizon Health had staffed the jail w ...

    Due Diligence- 16 readers -
  • Cheap Steel and Whistleblowers

    An article last week in the Wall Street Journal discussed what the loss of bridge could mean to a rural community. The Donora – Webster Bridge spans the Monongahela River in western Pennsylvania. Closed by the state in 2009 because of structural weakness, transportation engineers say the bridge can barely carry its own weight.

    Due Diligence- 12 readers -
  • Medicare Fraud Most Wanted List? It’s True!

    Everyone who has ever spent time waiting on line in a post office knows that the FBI has a “10 Most Wanted List.” Lots of smaller agencies have their own most wanted list too. So it was only a matter of time before the Inspector General of the U.S. Department of Health and Human Services got in the act. Want to know who is wanted for Medicare fraud? Just visit the OIG’s website.

    Due Diligence- 21 readers -
  • Belvedere Management – Biggest Ponzi Scheme In History?

    David Marchant is a friend and a top investigative journalist. When David’s Offshore Alert breaks a story, smart regulators sit up and pay attention. Recently Offshore Alert warned that Belvedere Management was involved in some nefarious activities. Now we have learned that the government of Mauritius has shut down two Belvedere Management companies, The Four Elements PCC and ...

    Due Diligence- 309 readers -
  • US, Korea to Exchange Account Data – FATCA Update

    South Korea’s National Tax Service announced that Seoul and the IRS would soon begin exchanging data on offshore accounts. Under the 2010 FATCA law, foreign banks are required to review their accounts and report those with ties to the United States. Owning an account, have signature authority on the account or having a beneficial interest in the account all trigger reporting requirements.

    Due Diligence- 37 readers -
  • Home Health Company Charged with Medicare Fraud

    The owner of two home health care companies in Illinois has been charged with Medicare fraud. Prosecutors claim that James Ademiju swindled the taxpayer funded program out of at least $5 million. Ademiju is charged with a single count of healthcare fraud, which is punishable by 10 years in prison. If someone was injured because of the fraud, penalties can be even higher.

    Due Diligence- 25 readers -
  • Russian Mob, Big Banks and Whistleblowers

    At first blush, it’s hard to imagine what whistleblowers, big banks and the Russian mob could have in common. A bank in the tiny country of Andorra, a country that measures just 180 square miles, holds the answer to that question. The U.S. Justice Department announced that Citibank, Bank of America and the U.S.

    Due Diligence- 15 readers -

Due Diligence

Mahany & Ertl – Useful articles for our clients and interesting commentary you won't see anywhere else.

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