- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: If the company you were working for was committing fraud?
Posted on 11/16/16 at 11:41 am to uptownsage
Posted on 11/16/16 at 11:41 am to uptownsage
A guy I know blew the whistle on chase bank for something.
He is now sitting on 30-40 million after doing so.
He is now sitting on 30-40 million after doing so.
Posted on 11/16/16 at 11:56 am to uptownsage
shite yeah I would. Get paid, son! My good friend is an attorney who deals with medicaid fraud whistle-blowing and he has gotten some mighty large checks for his clients and himself.
Posted on 11/16/16 at 11:57 am to uptownsage
Call the Louisiana AG's Medicaid Fraud Control Unit at 225.326.6210 or 1-888-799-6885.
Posted on 11/16/16 at 12:00 pm to uptownsage
Considering that I worked for Friedman's Jewelers in their corporate office and was there when the Feds came in...
Fortunately I didn't have to do that as it was already done. Stinn and company thought they could pull one.
Nice ladies in there who loved the stockroom
Fortunately I didn't have to do that as it was already done. Stinn and company thought they could pull one.
Nice ladies in there who loved the stockroom
Posted on 11/16/16 at 12:05 pm to windmill
quote:
Must have more details....
Google Commercial Financial Services, Bill Bartmann at one time was the 2nd richest man in the USA before their fraudulent Securities Scheme went public.
They started by buying the loans from the RTC from the late 80's S&L Crisis. Then expanded into buying bad debt from banks and stuff. They then repackaged those debts and used them as "security" to issue bonds. No problem there.
The problem was using the same debt as security on multiple bonds. If Joe's credit card debt is used to securitize Bond A then it cannot be used to bonds B,C,D and E.
However, the problem with bonds is they specify: will pay X principal + Y interest on specific date Z. Cash flow is paramount and growth for the company depends on constantly buying more debt as debtors have a tendency to payoff. So, how to buy when paying off bonds which were used to buy debt?
They even setup a shell company in a nearby small city with the idea to bankrupt it after a period, to borrow from lenders under other name, to payoff CFS debts.
Read Wikipedia with a grain of salt on CFS and Bartmann. It was not a lone rogue employee, the entire management staff was in on it. That's the reason they refused to sell to Goldman Sachs, Norwest Bank, or issue an IPO and go public. Staying a tightly held private corporation kept their financials private too.
Also the extremely high level political connections helped. For instance: Oklahoma gave $10 million jobs training grant, CFS then donated $2.5 million to school for blind of which the governor's wife was a paid board member.
Posted on 11/16/16 at 12:22 pm to uptownsage
Your company hopefully has a fraud hotline that allows you to anonymously report. If it does, use it.
Posted on 11/16/16 at 12:23 pm to uptownsage
Absolutely.
1) Contact a lawyer discretely.
2) Contact proper law enforcement agency
3) Do whats right
1) Contact a lawyer discretely.
2) Contact proper law enforcement agency
3) Do whats right
Posted on 11/16/16 at 12:26 pm to uptownsage
Are you an admin, biller,
Is the appropriate icd codes not right?
What exactly is the issue you are seeing and for how long?
Is the appropriate icd codes not right?
What exactly is the issue you are seeing and for how long?
Posted on 11/16/16 at 12:27 pm to uptownsage
quote:
Would you blow the whistle if the company you were working for is committing medicaid fraud?
Call me what you want, but I am not going down for anybody. Well, I have one or two people I would go down WITH, but I would never be put in that situation with them. Loyalty is overrated and if I could get in trouble for what someone else does, I am doing what's in my best interest.. No question about it.
Posted on 11/16/16 at 12:29 pm to SundayFunday
quote:
Absolutely.
1) Contact a lawyer discretely.
2) Contact proper law enforcement agency
When all the above decline to act due to connections, find another way to:
quote:
3) Do whats right
It took a letter to Standard and Poor's outlining the scam to get CFS stopped. Bond holders raising hell on publicly traded bonds in the Billions of dollars when the rating goes from AAA+ to unrated due to risk was what it took.
Not a single alphabet soup agency on the state or federal level, not the comptroller of currency, secret service, not anyone or anything would lift a finger till the bonds went to hell. That's when ALL the cockroaches started to scurry.
Posted on 11/16/16 at 12:32 pm to uptownsage
Just curious, is it straight up fraud? Or is it possible it's a recurring billing error? If it's an error, and the company is legit, they can correct the error and refund Medicaid. If it's straight up fraud, hell yeah, blow the whistle.
Posted on 11/16/16 at 1:17 pm to uptownsage
quote:
Would you blow the whistle if the company you were working for is committing medicaid fraud?
I believe a whistle blower is entitled to 15% if the fraud is against the government. So hell yes.
LINK
Posted on 11/16/16 at 1:22 pm to uptownsage
I would gather enough information to become an expert in the fraud scheme, blow the whistle, and then travel around the country for the next 20 years telling the story to conference rooms full of accountants.
Posted on 11/16/16 at 1:23 pm to Sidicous
quote:
I am the reason one financial corporation shut down in the 90's putting 4500 out of work and causing a bigger bankruptcy than Enron and Worldcom.
WorldCom was the 3rd largest corporate bankruptcy in American history, surpassed only by Washington Mutual and Lehman Brothers. Enron was the 6th largest. In short, I don't believe you.
Posted on 11/16/16 at 1:34 pm to Sidicous
quote:
Google Commercial Financial Services
So this is you...
quote:
The trouble at the closely held company started last September, when an anonymous letter to credit-rating agencies accused the company of puffing up its apparent collection success rate by quietly selling large numbers of uncollected accounts to a shell company tied to a major shareholder
NYT article from 1998
Posted on 11/16/16 at 1:48 pm to uptownsage
quote:
Call the Louisiana AG's Medicaid Fraud Control Unit at 225.326.6210 or 1-888-799-6885.
Can report this anonymously or as a confidential informant.
Posted on 11/16/16 at 1:54 pm to slackster
quote:
So this is you...
Could be, no one can know for sure.
I stumbled across the mess looking for info for various debtors I was trying to completely resolve (one settlement paidout while $100,000 payment was in route thus overpaying settlement and wanted money back, some others similar but smaller) and by accident when asking a buddy about lunch and recognizing account on his desk as one I had previously worked. That account it turns out was still in one of the portfolios I was working but as security for another bond, and 3 other bonds (total of 5).
ETA: as far as believing me, couldn't care less. The bondholders and S&P believed, that's all that matters. As well as CFS BK was in 1990's WAMU and Lehman was 2008. CFS actual size is a long running dispute as Gertrude Brady (former Fed bank examiner being paid over $1mill/year +top floor of City of Faith as apt who orchestrated the securitization) backed her SUV to the loading dock and loaded up the hard drives which have never surfaced again (I think they at bottom of Florida sinkhole nearby her house she bought with the $5mill golden parachute deal of hers).
The week before the CFS BK filing Bartmann transferred $8 million to Aruba I found out a year or later.
This post was edited on 11/16/16 at 2:09 pm
Popular
Back to top
Follow TigerDroppings for LSU Football News