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Archive for the ‘financial frauds’ Category

Hot New Magazine: Unsung Heroes: Truth, Support and Free Speech for Financial Advisors

Posted by Larry Doyle on July 10th, 2014 9:08 AM |

PictureInformation is everything.

The other day a reader left a comment with the following inquiry:

I would love to join any other advisors who have issues with FINRA. I am a former CPA.PFS financial advisor with Morgan Stanley. I too went through a long and expensive FINRA process.

In addition, we filed two whistle blower cases to expose MSSB’s unfair and unethical business practices. The difference, we have over thirty thousand pages of material collected in our case, including some damning e-mails. It is time that someone stood up to these firms who apparently believe that because they have unlimited access to shareholder money, they can always get their way. Let’s come up with some ideas on how to use the legal system if we can, and social media if we cannot, to educate the public on this travesty of a business model. One that cannot even tell its’ own clients that it will “act in their best interest.”

Any takers?

I am confident there are many takers, including those who have collaborated on a new magazine entitled Unsung Heroes: Truth, Support, and Free Speech for Financial Advisors: >>>>>>>>>>>> (more…)

Bill Black: Regulators’ Latest Betrayal of Homeowners

Posted by Larry Doyle on May 1st, 2014 10:22 AM |

I sing the praises of former banking regulator Bill Black in my book, In Bed with Wall Street, for many reasons.

Black stands up, speaks out, and tells it like it is while all too many in our nation’s capital and regulatory offices prostrate themselves in service and homage to powerful financial elites. Major props to Black for bringing attention today to another in a long line of betrayals of American homeowners.

The WSJ and other periodicals recently made passing reference to an egregious travesty within the bank settlements of foreclosure abuse. Props to Barry Ritholtz at The Big Picture for providing the forum for Black to expose real fraud in the system and the accompanying degradation of the rule of law in the process. Let’s navigate as Black provides the transparency that is truly the great disinfectant to a system that smells: (more…)

Senator Warren Indicts Regulators ‘In Bed with Wall Street’

Posted by Larry Doyle on February 7th, 2014 10:06 AM |

“The question I’m asking is whether or not there’s adequate deterrent to prevent the largest financial institutions in this country from breaking the law,” Sen. Elizabeth Warren (D-Mass.) said at a Senate Banking Committee hearing today. “Right now, if financial institutions can just settle their claims out of court, and get a raise for settling them, then where’s the deterrent?”

Senator Warren pressed regulators about their current enforcement efforts, noting that the “the public has little confidence in regulators’ willingness to seek the kind of penalties that will actually deter future financial crimes.”

With those two statements, Senator Warren (D-MA) indicts the current scandalous practices if not outright corruption that lies at the intersection of Wall Street and Washington and provides the public’s concluding sentiment as detailed in In Bed with Wall Street. The clip runs a mere 6-minutes.

What to do about this? How about we start with the following:

1. Congress should launch a privately run Office of Whistleblower Protection.
2. Wall Street’s private police detail, that is the financial self-regulatory organization FINRA, should no longer have absolute immunity and should be subject to the Freedom of Information Act.
3. Wall Street arbitration should be optional and not mandatory so as to end the kangaroo court.
4. End the self-regulatory oversight of Wall Street.

Is anybody in favor of the ongoing cronyism and corruption that defines our current system?

Larry Doyle

Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view the embedded video clip and to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail

The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

Judge Rakoff: Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?

Posted by Larry Doyle on November 14th, 2013 11:15 AM |

It is not often that I have had the pleasure of reading and reviewing two Sense on Cents instant classics in the course of just a few days but today I am excited to bring you another absolute MUST READ.

None other than Judge Jed Rakoff, who has heard many of the major financial suits brought over the course of the last few years, spoke the other day to the New York City Bar Association regarding the question so many in our nation still ask, “Why have no high level executives been prosecuted in connection with the financial crisis?

In what might have been a fabulous foreword to my upcoming book, Rakoff skillfully delivers what I believe is an incredibly excoriating indictment of those within the Department of Justice,the SEC, and elsewhere. (more…)

Richard Bowen: The Corruption Extends to the Highest Levels of Government

Posted by Larry Doyle on September 23rd, 2013 10:02 AM |

I thank the many devoted readers of Sense on Cents who made sure I was aware of a riveting, must-read article in yesterday’s New York Times written by Bill Cohan, a Wall Street-Washington critic without peer.

Cohan writes of the travails of Richard Bowen, former whistleblower at Citigroup, who ran headlong into the fortress manned by Robert Rubin and friends. Bowen was a Citi employee who blew the whistle regarding the preponderance of defective mortgages running through the Citi pipeline.

He brought the knowledge of this activity to the highest perch within the bank including the attention of Robert Rubin. How was he treated? With what most would define as ‘the silent treatment.’ Once silenced, he was then subsequently shown the door.

While Bowen was pushed out of Citigroup back in 2009, he has not been silenced since then.  (more…)

Global Financial System: Dangerous and Dysfunctional

Posted by Larry Doyle on September 20th, 2013 8:55 AM |

I truly appreciate reading the work and gaining the wisdom of those with informed insights and opinions.

Where do I always find people of this ilk? At one of my favorite stops while navigating the economic landscape:  Project Syndicate.

While various and sundry lapdogs from both sides of the political aisle and others well-schooled in the inner workings of the Wall Street-Washington incestuous thoroughfare are touting how our financial system has been reformed, let’s go down a less traveled path and see what a noted observer has to say on this topic.  (more…)

Jeff Sachs UNLOADS on Wall St., D.C, & Obama

Posted by Larry Doyle on April 29th, 2013 7:13 AM |

If anybody were to think that the fight for decency and justice in our markets, our nation’s capital, and throughout our land were to have run its course . . .  well think again.

In a volley of invectives not often seen in the genteel world of liberal academia, Columbia University professor Jeffrey Sachs recently threw a string of verbal haymakers that would have made the noted NHL hitman Chris “Knuckles” Nilan proud.

Sachs was named one of the world’s 100 Most Influential people by Time magazine in 2004. His professional body of work speaks for itself.  At a symposium held recently at the Philadelphia Federal Reserve, Sachs dropped the gloves and unleashed the following:

“What has been revealed, in my view, is prima facie criminal behavior,” he said. (more…)

Racketeering Charge Against BofA and MERS

Posted by Larry Doyle on May 10th, 2012 5:32 AM |

A little over a year ago I became aware of robo-signing within the mortgage servicing industry and broached the topic that the activity likely rose to a level of racketeering. I aggressively questioned, Did Wall Street Violate the Racketeering Act?

Believing that the activity did likely rise to a level of racketeering, I recommended that attorneys general should pursue institutions involved in these fraudulent and abusive practices with a RICO action.

Well, it appears that somebody is now doing just that with specific focus on  activities that transpired at Bank of America and MERS (Mortgage Electronic Registration System). (more…)

Did Mary Schapiro Engage in a Fraud?

Posted by Larry Doyle on January 3rd, 2012 10:22 AM |

Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud?

The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land.

As such, one might think that most Americans would care to learn if our nation’s top financial regulator did, in fact, engage in a fraud which had a monetary value of between $175-$350 MILLION plus. That’s right, $175-350 million plus!! Not exactly chicken feed.

Why hasn’t this case received more attention?  (more…)

ARS Fight Continues: Another Round with Oppenheimer

Posted by Larry Doyle on June 18th, 2010 11:06 AM |

The fight for justice for auction-rate securities investors has many rounds yet to go. I remain determined to fight, cover this story, and highlight the ongoing fraud and injustice perpetrated on ARS investors everywhere until the last punch has been thrown. On that note, let’s get ready to rumble!

I received a recent message from an individual in Florida. The fact that the financial fraud in this specific case and the ARS market in totality remain largely unknown to the American public is an indictment of Wall Street, the financial industry at large, our financial regulators, the broad financial media, Congress, and ultimately our nation. Let’s strap it back on, and go after those individuals and institutions in our country who have failed to protect our brothers and sisters who were defrauded in the distribution of ARS. (more…)

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