When attorney Mikel D. Jones, obtained a multimillion-dollar credit line from a New York venture capital firm in 2006, he agreed to use the money on legitimate law firm expenses.But instead Jones, 56, and his wife, Dona Nichols Jones, 54, paid off personal credit card debt and purchased tickets to Philadelphia 76ers basketball games. Federal prosecutors say they used fraudulent invoices from a company they controlled and another business to document, falsely, that goods and services had been provided to the Philadelphia law office Jones owned and operated when they had not, according to the Philadelphia Business Journal and the Philadelphia Tribune.They also were accused of laundering around $160,000 by putting it in Florida bank accounts for Dona Jones and another relative, and then used that money to repay funds Mikel Jones had withdrawn from his law firm’s trust account, the Inquirer article says. The couple reportedly got around $350,000 from the line in 2008 and 2009.Jones, … [Read more...] about Attorney Gets 42 Months in Club Fed for Defrauding Law Firm Credit Line Lender
Paid debt removed from credit report
U.S. student loan debt is estimated at $1 trillion. If graduating into a recession makes student loan repayment problematic for you, consider these tips for managing debt, instead of it managing you:Research. Learn what you owe and who you owe. Consult the National Student Loan Data System for totals owed on federal loans. For private loans, says Robin Wells, a senior vice president at Country Club Bank in Kansas City, Mo., “know your banker. Have an actual person to call for answers.”Numbers Crunch. Do-it-yourself calculators on forbearance, deferment, pay as you earn, consolidation and the Public Service Loan Forgiveness Program exist at the Federal Student Aid website, PayBackSmarter.com or IBRInfo.org. “Speak with loan counselors. They want to help you find the payment plan that fits your life—it ultimately makes their life easier too,” says Jerry L. Maddox, an associate at Paine, Tarwater and Bickers in Austin, Texas. Focus on What You Can Control. … [Read more...] about Get a handle on student loan debt
On October 26 and October 31, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), respectively, approved rules that will require certain investment advisers to report extensive information to the SEC on Form PF about the private funds they advise. The new reporting regime is an outgrowth of the July 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and is designed to provide the Financial Stability Oversight Council (FSOC)—another progeny of the Dodd-Frank Act—with information that will help FSOC monitor systemic risk in the U.S. financial system. Form PF is designed to supplement Form ADV, which was also revised in June 2011 to include substantial information about private funds advised by reporting advisers. Although Form PF has been significantly streamlined from the version proffered in the Proposing Release, and has been aligned in many ways with foreign reporting requirements, it will … [Read more...] about Form PF Will Result in Substantial Reporting Requirements for Registered Advisers to Private Funds
HUNDREDS of thousands of Brits could get an extra £4,000 a year under the Government's trouble-hit Universal Credit system, the Sun Online can reveal today. Around 700,000 claimants are in line for an extra £78 per week when they move on to the controversial new system, which has so far been hit by a string of teething problems. The money is made up of unclaimed benefits that claimants are currently unaware they are entitled to, but should be picked up by the new system. Theresa May has told MPs that there are billions of pounds of unclaimed benefits sitting in a pot that will be able to be dished out automatically when Brits switch to the new system. Three million people are set to go onto Universal Credit next year as part of a staged switchover from the current benefits system. She said yesterday: "There are £2.4billion of unclaimed benefits under the legacy system of the Labour party that will be paid to people under Universal Credit. "700,000 people (will be) … [Read more...] about 700,000 Brits will get access to extra £4k of unclaimed benefits under Universal Credit – are you one of them?
Anti-Predatory Lending and State Mortgage Lending Law Changes – Session Law 2013-399 (Effective October 1, 2013)The new law amending the anti-predatory lending statutes make them no more restrictive than the federal laws and in doing so increases the points and fees threshold for high-cost home loans, which are those loans, other than reverse mortgages, where (1) the principal amount is in excess of the lesser of (a) the amount set by Fannie Mae or (b) $300,000, (2) the borrower is a natural person, (3) the debt is primarily for family, personal or household purposes, (4) the loan is secured by (a) a security interest in a manufactured home occupied or to be occupied by the borrower, or (b) a deed of trust on real estate upon which is located a dwelling for occupancy by one to four families and is or will be occupied by the borrower and (v) the threshold requirements of the statutes are met. The changes increase the rate of interest allowed to be charged on loans of $20,000 … [Read more...] about Changes of Note to Lenders From the 2013 Legislative Long Session