Doug Cornelius on compliance for private equity real estate
Jim Toner wants to help you get rich investing in real estate. He has a “simple 3 step method the ‘experts’ and ‘gurus’ don’t want you to know about creating lasting wealth with real estate…” According to an SEC complaint those steps are lying to investors, taking undisclosed fees, and pocketing some of the capital. … Read more »
Widespread cheating by Russian athletes has been uncovered. One of the key figures was Russian Dr. Rodchenkov who had breakthrough work on the detection of peptides and long-term metabolites of prohibited substances. In the jargon of espionage, Dr. Rodchenkov was a double agent. While operating at the forefront of doping detection, he was secretly developing a … Read more »
When a fraud is uncovered, the Securities and Exchange Commission not only wants to get the fraudsters, it also wants to get those who should have stopped the fraud: the gatekeepers. Recently, the SEC has brought charges against a fund administrator and fund auditors. The latest is a case against The Securities and Exchange Commission … Read more »
If you are going to originate some shady mortgages, maybe you shouldn’t nickname the program the “hustle.” If you package up the mortgages and sell them as good mortgages, it would seem you are committing fraud. But maybe not. It may come as no surprise that the company running the “hustle” was Countrywide. According to … Read more »
The Securities and Exchange Commission charged Steven Zoernack and his firm EquityStar Capital Management with fraud for stealing investor money and hiding his criminal past. The SEC brought fraud charges against ClearPath Wealth Management and its principal, Patrick Evans Churchville, for operating a fraudulent scheme that resulted in at least $11 million in losses to … Read more »
Most good financial advisers will tell you that referrals are their best source of business. The same is true for fraudsters. Affinity fraud is just using a network to funnel new “investors” into a fraud. The Boston office of the Securities and Exchange Commission brought charges against an alleged fraudster using an unusual network. The … Read more »
The Securities and Exchange Commission brought charges against the owners of Jay Peak resort in Vermont’s Northeast Kingdom just as ski and snowboard season is winding down. The Miami-based ownership was allegedly using fraudulent EB-5 offerings to raise money and take a bit off off the top for themselves. Jay Peak is wonderful mountain for … Read more »
With the Boston Marathon on Monday, the legend of Rosie Ruiz comes up as one of the most infamous sports cheats. Races have since added controls, but cheaters still look for ways around the controls. For those of you not familiar with the history of the Boston Marathon, Rosie Ruiz was declared the winner of … Read more »
As a Red Sox fan, Curt Schilling is an iconic player to me, leading the team to break the curse of the Bambino. I don’t think that leads to him being a successful entrepreneur or video game developer. Nonetheless, he invested a great deal of his own wealth and raised a big pile of capital … Read more »
You’re security is only as secure as your employees. I was struck by this when I received an email from the head of my firm wanted to discuss a wire. I was being subject to a phishing attack. I think we all see this often. Personally, I always find it curious when a bank sends … Read more »