The $11 million Ponzi scheme perpetrated on members of the Wilton Manors, Florida gay community from March 2005 to January 2012 is headed for trial this week in a Miami federal court. Defendants George Elia and his company, International Consultants & Investment Group Ltd. Corp., orchestrated a Ponzi scheme in which Elia raised approximately $11 […]
Helping broker-dealers and investment advisers prevent and detect unauthorized trading in brokerage and advisory accounts is the subject of a new Securities and Exchange Commission risk alert. According to the SEC, “unauthorized trading can include rogue trades in customer, client, or proprietary accounts or trades that exceed firm limits on position exposures, risk tolerances, and losses. […]
Miami-Dade County homeowners who intend to file a homestead exemption had better act quickly. Friday, March 1, 2013 is this year’s deadline to file a property tax exemption application. Homeowners can now complete the entire application process for Florida’s Homestead Exemption and for the Homestead Assessment Difference (commonly referred to as Portability) online at the […]
The Securities and Exchange Commission yesterday proposed a rule designed to protect investors from identity theft. Broker-dealers, mutual funds, and other SEC-regulated entities are being asked to implement identity theft safety programs that will establish and detect appropriate “red flags.” Risk factors that a financial institution or creditor would be required to consider as a […]
Steven Steiner, a former vice president of Mutual Benefits Corp., and his partner Henry Fecker III are waiting for a Miami jury to decide their fate. The two are charged with laundering millions of dollars through residential real estate, hiding assets from authorities, and lying to a court-appointed receiver, according to a Miami Herald article titled […]
Miami area homeowners who are struggling with mortgage foreclosure may find some free help from the federal “Making Home Affordable” assistance program. Mortgage servicers, HUD-approved housing counselors, and other local non-profit organizations will have counselors on site to explain homeowner options in regard to foreclosure avoidance. Dates and Times Wednesday, February 27, 2013, 1:00 p.m. […]
Many Florida homeowners facing foreclosure do not realize that they might still owe money to the mortgage lender long after a foreclosed property has been sold. Lenders can obtain a “deficiency judgment” against a homeowner, which is the difference between the homeowner’s outstanding mortgage balance and the value that a bank receives after a foreclosure […]
Below is an interesting Q&A about Social Security’s treatment of disabled workers once they reach age 62. It appeared in a PBS column by Larry Kotlikoff, author of Social Security original 34 “secrets”, his additional secrets, his Social Security “mistakes” and his Social Security gotchas. Dear Larry, You told me recently about the nuances of […]
Corporate disability benefit policies sometimes sound good on paper, but do not always translate into expected financial payments when an employee becomes disabled. Consider the case of Kathleen Schiano, who was employed by Wells Fargo & Company as a lead teller. One of her employee benefits was enrollment in a long-term disability plan, which appeared […]
Vladimir Pekhtin, a prominent member of the United Russia party, resigned from the Russian Parliament unexpectedly after anti-Kremlin blogger Alexei Navalnyi disclosed news of the lawmaker’s Miami Beach property holdings. According to a Wall Street Journal story titled “Russia Lawmaker Exits Amid Condo Storm,” Mr. Pekhtin’s son Aleksey purchased a waterfront Miami condo in 2007 […]