Bankers Take Aggressive Approach to Fight Money Laundering

Florida bankers have banded together to fight against money laundering and terrorists acts.

Marketwatch: The word is out in the banking industry - the Florida International Bankers Association (FIBA), Inc. offers top-notch, cost-effective training and certification in the prevention of money laundering and terrorist financing. In fact, FIBA has just finished training its first wave of Latin American bankers who came to the U.S. to get certified.

It sounds like a great name, though a bit like the Justice League; however, who is going to pay for this new endeavor? The weakened federal and state economies have little resources to begin new initiatives--especially with those that may endanger national security by attempting to foil money plots. Hmm...

Well good luck, Florida! Get back to us when you get the bad guys.

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Texan Health Officials Get Kickbacks

More kickbacks for health officials have landed Texan health officials in some serious hot water. What is important about this case, as with all fraud cases, is that it affects the individuals who trusted in others to do their job and to do it well. People don't want to be seen as dollar signs, it grows contempt in the consumer which is just bad business.This case, with phony advocacy groups and false marketing materials is predatorial and wrong and these individuals deserve to be prosecuted by the full extent of the law.

J&J’s Janssen Pharmaceutica funneled kickbacks to Texas health officials, distributed false marketing materials and deployed phony advocacy groups to get its Risperdal antipsychotic prescribed to low-income Texans, the state alleges in a new filing in an ongoing fraud lawsuit filed in 2006, according to The Dallas Morning News.

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Feds Nab $100M Hedge Fund Fraudster

We have a new admission to the "Worst" category of money fraudsters. Marc S. Dreier has now been arrested in a $100M fraud schemes. Basically, Dreier forged the return on investments by clients and took home the profits. Sorry to say that $100M is nearly chump change to recent losses in the financial sector--its still bad, Dreier.

From NYTimes.com

...when the lawyer, Marc S. Dreier, stepped off a flight from Canada on Sunday night, federal authorities in New York arrested him in a $100 million fraud scheme, portraying his recent undertakings as more high-stakes grifting than high-end lawyering.

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Kansas City: Jury Convicts Columbia Businessman for Multi-million Dollar Investment Fraud, Money Laundering Conspiracy

They just keep pouring in from all over the country--phoney businessmen taking money from the well to do and losing it with ease.

Today's report comes from Missouri where crooked Daryl Miles Brown convinced people to invest in high-yield, short term investments. He made the investments sound very enticing--claming that they weren't available to the general public. There are a bunch of losers in this scenerio; however, its difficult to feel that sorry for people who blindly put their money into schemes that seemed too good to be true. Pyramid anyone?

From Infozine.com
Daryl Miles Brown, 31, who was chairman of The Vertical Group, located in Columbia, and principal of Cerberus, Inc., located in Fulton, Mo., was found guilty of the charges contained in an Aug. 11, 2006, superseding indictment.

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S.E.C. Charges a Venture Capitalist With Fraud

Is there a classified ad out there that I'm not reading?

"Newbie investor seeks large amounts of funds from people who should know better. "

Today's example comes from Silicon Valley where a former capitalist used money from investors to buy a multi-million dollar stake in a hockey team. Really. I can't make this stuff up.

From NYTimes.com

Federal authorities accused William Del Biaggio III, 41, a former Silicon Valley venture capitalist and part owner of the Nashville Predators hockey team, of defrauding investors and using the money to buy his $25 million stake in the professional sports team.

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Colorado authorities crack down on National 1031 Exchange fraud

From BCBR.com

National 1031 Exchange Service at 1402 28th St. owned by Debra Sue Edwards allegedly "failed to return substantial amounts of money" to at least two customers, Boulder Police said in a press release.
Edwards said the situation was a "business matter."
"We're closing down the business, and any losses will be covered by our insurance," she said.
National 1031 Exchange serves customers who have sold commercial real estate and wish to have the profits from the sale held, tax free, until they locate new property to purchase. The process is allowed by the Internal Revenue Service.
Under the company's contract, Edwards is supposed to return the money when a new property has been located, minus a small handling fee, police said.
But police said they received two complaints saying Edwards allegedly did not return substantial amounts of her customer's money. In one case, a business owner alleged that he had recently sold a property and given National 1031 Exchange more than $1.2 million to hold for him while he searched for a new property.
"When he found a place to purchase, the company wired him some of the money, but he says Edwards failed to return more than $400,000," police said. "After several requests, the victim was told he would have to file a demand letter with the company's insurance provider to collect the additional money."

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US Scammers Walk Away with $500,000 in Foreign Money

A father and son duo based in Washington state have been found guilty of money laundering and fraud. Both men, outlined in this article from The Spokesman Review took money for false industrial products from businessmen around the world to the tune of $500,000 or more. The son is now in Federal custody while the father will remain out of jail until sentencing.

For more information visit the article here.

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