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  • Send in the Clowns – Tax Protesters and Audit Defense

    The title of this post, “Send in the Clowns,” is admittedly a bit harsh. We have represented several tax protesters in both audit defense and criminal investigations. None of them are clowns, however the promoters feeding them bad advice often were. To be clear, there is a grain of truth in some of the theories advanced by some of the “tax freedom movement” gurus.

    Due Diligence- 7 readers -
  • Bank of America and HSBC – “Source of Shame”

    HSBC, Bank of America…”Source of Shame” or Whistleblower Heaven? “Source of shame”, those are the words used by HSBC CEO Stuart Gulliver to explain his bank’s recent bad behavior. While anyone can make a mistake, no two banks have received as much recent bad publicity as HSBC and Bank of America.

    Due Diligence- 35 readers -
  • Jersey Doc Accused of Medicaid, Medicare Fraud

    Medicaid and Medicare fraud are federal crimes. Defraud a government backed healthcare program and you could go to prison for 10 years. If someone is harmed as the result of the fraud the maximum penalty is 20 years! One might think that would stop many would-be fraudsters from committing these crimes.

    Due Diligence- 17 readers -
  • Small Time Bank, Big Time Fraud (Whistleblower Post)

    Last month the U.S. Department of Justice charged Gary Patton Hall with 6 counts of bank fraud and one count of defrauding the United States. Until its failure in late 2010, Hall was the CEO of Georgia based Tifton Banking Co. State officials shut down the bank in November of that year after it became insolvent.

    Due Diligence- 14 readers -
  • Jason Kronick (New Jersey) Named in Securities Complaint

    The securities industry employs hundreds of thousands of people. Most have clean records and are honest. Not every stockbroker is good at what they do but most play by the rules. And then there are folks like Jason Kronick. This week the Financial Industry Regulatory Authority – FINRA – filed formal charges against Kronick claiming he failed to disclose two unsatisfied judgments.

    Due Diligence- 157 readers -
  • Taxation of Foreign Pension Plans and Social Security Benefits

    The IRS defines a foreign pension or annuity distribution as a payment from a plan received from a source outside the United States. For example, if you are a U.S. citizen retired in Costa Rica and receiving social security payments, the distribution is not considered foreign since the source is in the United States.

    Due Diligence- 14 readers -
  • TARP Fraud Ripe For Whistleblower Lawsuits

    The former vice president of Eastern Tools and Equipment was arrested earlier this week on charges of bank fraud and criminal conspiracy. Chung Yu “Louis” Yeung was indicted in October but not arrested until this week. Prosecutors say that he defrauded United Commercial Bank of $9.2 million dollars. UCB later went under after first receiving $299 million in TARP monies.

    Due Diligence- 13 readers -

Due Diligence

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

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