The so-called advance-fee scam is becoming a common rip-off scheme.
Where did all those millions go? Dodakian and Wu spent hundreds of thousands of dollars of the proceeds from their criminal acts on personal purchases. Specifically, Dodakian used victims' money for mortgage and college tuition payments, and Wu bought luxury goods and diamond jewelry worth $17,000. In addition, Dodakian withdrew over $600,000 of victims' money in cash, and Wu withdrew nearly $200,000.
As a result of the fraudulent schemes perpetrated by Dodakian and Wu some victims lost their life savings and their homes, and two victims were unable to afford healthcare expenses related to chronic illnesses. This idiocy is far more than a financial crime. This is a human tragedy.
READ THE ENTIRE ARTICLE AT:
If you file a securities fraud claim under Section 10(b) of the Securities Exchange Act of 1934, a basic element of your proof must be to show th... Read On
Customer Complaints and Away Settlements -- Matters of Interpretation? (BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5788/finra-complaint-set... Read On
A lot of what passes for misconduct on Wall Street is a matter of interpretation. You say that you did or didn't do something. Your firm's compliance ... Read On
Yet again, I say. Yet again. Wall Street's lackluster regulatory scheme fails to proactively detect an oncoming tsunami, and the markets get flooded. ... Read On
Over a decade ago, when the stock markets were cratering in the wake of the Great Recession, investors saw their pre-2009 gains vanish. Lots of black ... Read On
At its best, remorse demonstrates a pang of conscience. At its worst, it may arise only in anticipation that you are about to get caught. Contrition a... Read On
If your brokerage firm decides that a customer "communication" was a complaint, the drafting of a regulatory disclosure often involves a lot of interp... Read On