Why Giving Assets To Spouse, Relatives Isn’t Asset Protection

The thing about bad planing is that it tends to stack up, getting bigger and badder with each step. Like waiting too late to act, then doing what you’re not allowed to when you’re not allowed to do it. The Old, “I Don’t Own Anything, My Wife (Kid, Brother, etc.) Owns It All” We have previously […]

Protect Your Business or Medical Practice From Internal Fraud

Business and medical practice owners and managers must be aware of internal fraud and embezzlement that often capitalizes on recurring year-end cycles in revenue, spending and inventory and a lack of regular oversight. I covered some of the external fraud scheme you face at year-end in another discussion including a detailed look at invoice fraud.  While I provided […]

Year-End Tax-Scams Targeting Doctors and Business Owners

 The year-end planning rush so familiar to physicians has many pitfalls including a variety of serious tax scams. Some scams covertly target you externally, while others are actually brought to doctors and business owners by their own would-be advisors; today we provide some red flags to look out for on both fronts. This is part […]

Tax Scam Warning – Fraud and ID Theft in 2015

Tax filing related scams are at all-time high and we are warning our clients about some specific fact patterns and known risks.  These criminal scams take many forms including mail, phone, email and now even social media and texts. Phone calls and email still seem to make up the bulk of the attempts, make sure […]

Advisor Banned By FINRA for bad OBA and R.E. deals with NFL Players

A former financial advisor who cost a group of NFL players $43 million by steering them into a bum casino investment and other bad deals including real estate deals he took a peice of has been banned from the securities industry. See the story: http://www.fa-mag.com/news/advisor-barred-from-industry-for-bilking-nfl-players-13600.html?section=43 I wish I could say this was unusual, it’s not. […]

Professional Athletes: Fraud, Investing and Lawsuits

  We work with professional athletes on a variety of asset protection and business related issues. Although surrounded by managers and agents, they are often victimized by fraud schemes and increasingly coming under fire themselves, in many cases after making bad moves due to financial pressures. Here are 3 recent articles on these exposures, check […]

Ex-Dallas Cowboy Football Player Sentenced in $20MM Mortgage Fraud

“Mean Gene the Hitting Machine,” Lockhart was sentenced to 4 1/2 years in prison this week for his role in an affinity fraud scam involving mortgage fraud and trading on the name of the Dallas Cowboys. Usually we are protecting the NFL, MLB and NBA players we deal with from outside scams, sometimes the snake is […]

Incomplete Gift Tax Reporting – A Common FATAL Asset Protection Flaw

RELYING ON GIFTING TO RELATIVES AND FRIENDS  (SEE ALSO FAILING TO ACT)  Transferring all of your assets to your spouse and/or children, especially after something has happened, will not protect your assets from a lawsuit. Even if it did protect those assets from your lawsuits, transferring your assets to your spouse and/or children opens up another Pandora’s […]

Shelf Corporations, Nevada, Wyoming and other Asset Protection FAILS

The Secretary of State’s Securities Division has issued a cease and desist order to a Wyoming company doing business in Nevada to stop selling shell corporations registered with his office because it is a securities violation.

Physicians Facing Increased Risk as Investment Fraud Targets

Ike Devji, J.D. The amount of fraud targeting doctors is increasing daily as they, like everyone else, are feeling the pinch of current economic conditions, decreasing compensation and stalled or negative investment momentum. Those of us in legal and financial professions know that markets are primarily motivated by fear and greed, meaning fear of loss […]