Archive | Sep 2008
The lure of multi-level marketing
I constantly marvel at how multi-level marketing (MLM) can continue to lure in millions of people a year, who collectively pump billions of dollars into these losers. Time and again, industry experts calculate a failure rate of 99% (failure = losing money on the deal) … And still consumers line up to sign up for [...]
Continue reading...The UFF Money Merge Account money shuffle explained
29 Sep 2008
Guest post by Joe Taxpayer As I looked at multiple United First Financial agents’ sites, I found the common thread was the claim that one simply can’t do this on their own, that the shifting of funds from a checking account, to a HELOC, and then to a primary mortgage somehow needed such a [...]
Continue reading...Carnival of Fraud - September 29, 2008
28 Sep 2008
Welcome to the September 29, 2008 edition of carnival of fraud. We’re a little skinny on submissions this week, as I messed up the posting dates… Allen in Fort Worth presents Have you paid off your Subprime Mortgages? posted at The Whited Sepulchre, saying, “why are taxpayers having to co-sign for fraudulent mortgages?” Sara Goldstein presents Bargain [...]
Continue reading...Cookies and coffee now mean “Come join our church.”
27 Sep 2008
From the “how many ways can we waste taxpayer dollars” file… Daniel B. Kapustin has filed a complaint with the state’s Government Accountability board about the September 9 elections held at Christ the King Lutheran Church in Delafield. City buildings are under construction, so the church is the temporary polling location. The impetus for the complaint? Church [...]
Continue reading...Mark Cuban’s idea on a private bailout of the financial sector
26 Sep 2008
Mark Cuban has an idea: Let’s scrap this government bailout of the financial sector and instead make it private. Create an Exchange Traded Fund (ETF) that buys the distressed securities these companies want to get rid of, as well as all warrants and shares of stock in the companies themselves. Investors choose whether or not [...]
Continue reading...The problem is not the funding formula!
25 Sep 2008
Tonight the Milwaukee Public Schools board met to discuss the possibility of dissolving the district. The consensus is that they can’t do it. But the sheer ignorance is stunning. The sound bytes from board members went like this: “The problem is the funding formula. We need to fix our funding.” Wrong! The problem is the spending. The [...]
Continue reading...Jones Day lawsuit against Blockshopper contradictory argument
25 Sep 2008
Recently, law firm Jones Day filed a lawsuit against Blockshopper.com, alleging service mark infringement, service mark dilution, false designation of origin and deceptive trade practices. What did the website owners do to merit the filing of this lawsuit?
Continue reading...Somebody please check Henry Paulson
24 Sep 2008
This whole “bailout” of the financial sector bothers me. It bothers me that as a taxpayer, I will be on the hook for a nice chunk of the $500 billion to $1 trillion that this will cost. (And the way things are looking, the cost may be closer to $2 trillion.) It bothers me that executives [...]
Continue reading...Bailout to include consumer debt?
24 Sep 2008
The Wall Street bailout, publicly estimated to cost taxpayers somewhere between $700 billion and $1 trillion or more, could end up to be bigger than we ever imagined. Now added to the bailout plan: student loans, auto loans, credit card debt, and other “troubled” debt. The Washington Times reports:
Continue reading...Would you sleep on a wet mattress for 59 days for $295,000?
23 Sep 2008
How much money would it take for you to agree to sleep on a wet matress for 59 days? The mattress keeps getting wet over the 59 days, so it gets a little moldy and a little smelly. But would you do it for $295,000? A Wisconsin prisoner was just awarded $295,000 by a jury for [...]
Continue reading...- Mary Kay Cosmetics: Destroying half a million women a year
- A new pyramid scheme: United First Financial
- Ufirst Money Merge Account: Resistance is futile
- Vendor talks, Usana squawks
- The Sarah Palin pregnancy cover-up that wasn't (updated)
- $3,500 wasted with United First Financial, per Dave Ramsey
- What does Dave Ramsey think about United First Financial
- Why can't I pee on my neighbor's lawn?
- United First Financial agent compensation plan
- Searching for Shop to Earn scam
- Tracy Coenen: Roger - What exactly does MMA do if not encourage a user to pay...
- Roger Carman: Tracy, It is my opinion that you don’t know much of the...
- JoeTaxpayer: Roger, what it seems to do is use confusing terms (such as...
- marcy: Roger, I love that you are painting the UFF group as self sacrificing...
- Craig: For someone critical of the research capabilities of others, you seem...
- Tracy Coenen: What it really does is cause homeowners to waste $3,500 on an...
- Roger Carman: Craig, It would really impress me if you took your research...
- Craig: Hello Roger, or should I say UFirst Agent No. 864081? How is your...
- Craig: In fact, Quicken and MS Money are far better quality products, and...
- Tracy Coenen: The sad thing is that the quality of the $200 product will be...
- United First Financial broker numbers and earnings
- No Surprise: The “bailout bill” is falling apart
- More gifts from the government for the financially irresponsible
- Credit card company bailout next?
- Election fraud and the future of America
- Why audits are near worthless (yes, internal audit too)
- Bailout head Neel Kashkari wants transparency (except when he doesn’t)
- Overstock.com executives subject to clawback provision in Sarbanes-Oxley?
- Milwauke Public Schools: Obscene property tax increase
- But there’s no evidence of voter fraud!
About the Author
Tracy Coenen is a forensic accountant and fraud examiner who investigates white collar crimes, including cases of financial statement fraud, embezzlement, tax fraud, and insurance fraud. She is the author of Essentials of Corporate Fraud and more than 100 articles on fraud featured in industry publications.
30 Sep 2008
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