MoneyMonday – Visa Settles, Wells Fargo Discriminates & More Reasons You Hate Banks

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People often wonder what the Occupy Wall Street Movement was about. Although the organizers weren’t that articulate about expressing their views, the “Bad News Banks” themselves keep giving us reasons to hate them. Learn a few of the recent ones in this week’s #MoneyMonday.

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Former Vick Advisor Guilty of Ponzi Scheme

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 Uh, I’m guessing that as long as athletes are paid large salaries, the business will continue to attract a lot of shady individuals.  What would make someone believe that they could get away with something as foolish as this???

OMAHA, Neb. — An Omaha financial advisor, whose clients once included pro football quarterack Michael Vick defrauded investors of more than $3 million over a four-year period, according to the U.S. Attorney for Nebraska.

 Mary Wong, 46, pleaded guilty to Securities Fraud in U.S. District Court.

 According to a U.S. Attorney’s news release, Wong acted as a financial advisor and solicited millions of dollars under false pretenses. Then she failed to invest the money as promised, instead spending the money on her “lavish lifestyle”, and businesses under Wong’s control.

view the full article here

Former NHL Star Swindled for $43 million

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Fedorov started his NHL career in 1990, originally signing with the Red Wings, where he stayed through the 2002-03 season. (David Guralnick / The Detroit News)

Sergei Fedorov: Financial adviser swiped $43M

Now, I’ve heard of bad business deals before, but I think that this one takes the cake.  Come on…$43 mil…Really?

For nearly 20 years, former Red Wing great Sergei Fedorov has victimized opponents with slick skating and a deadly shot.Now he says he is the victim, swindled out of $43 million by a Grosse Pointe Shores man entrusted to manage his money.

 In a lawsuit expected to be filed Thursday in Wayne County Circuit Court, Fedorov accuses Joseph Zada of embezzling the money during the past 11 years. Describing Fedorov as “a Russian-born individual who has limited knowledge of and experience in investment, legal and financial matters,” the lawsuit says Zada “by deceit and fraud worked his way into the confidence of Fedorov.”

 Zada challenged on Wednesday the amount Fedorov says he gave him, and denied trying to scam him. And he said it was a loan, not an investment.

Zada acknowledged agreeing to pay Fedorov $60 million earlier this year to resolve the matter. Fedorov’s suit says the money was never paid.

Read the entire story here.