rapido banner 2 red



weta banner 2 9

farr 280 banner 9 4


west system fp banner ad 1 15

schwab tower ad 1 15


photo boat banner ad

velocitek banner 12 16


pyi banner ad

c tech 9 22


a 40 banner ad

fireball banner ad

helly 10 9 side banner

lemon and line

hh banner green

columbia banner 2 15

sapphire 27

seascape banner

vela banner 2 15

karver ad 1 14


volvo 70 charter

mc 38 31 banner

Gunboat 5501 in Newport, RI.

tan banner 10 14

southern banner 2 15

mauri 3 1 SA-Top-Rotate


b&g banner 10 7

Posts Tagged ‘Tax Evasion’

Article Separator

We noted the other day that the wolves are again circling embattled First Marblehead CEO, Sailing Anarchy hater, and opponent to free speech everywhere, Daniel Maxwell Meyers.  The past half a year has seen Meyers take hit after hit after being nailed personally for an over $50 million-dollar judgment when a Boston judge found he’d acted in ‘bad faith’ in a stock deal with a former friend and partner.  A couple of months later, First Marblehead barely escaped delisting from the NYSE when the FMD share price – once trading at over $60 per share – couldn’t stay above one dollar.  Just the other day, FMD reported lower-than-expected earnings, getting downgraded by the only analysts still tracking the now penny stock.

But that all pales in comparison to the latest allegations that First Marblehead may be required to cough up some $300 Million after improperly taking avoiding taxes on the sale of a Trust certificate; we reported the other day that the IRS is auditing the firm now and that one law firm is already looking into potential securities law violations; now another is jumping into the fray.

With FMD’s market capitalization only around $100 million and less than $200 million in cash reserves, the IRS’s determination may send FMD straight into the trash bin; the same place First Marblehead’s expensive college loans and student load securitization scheme has sent so many college students’ credit over the past decade.

So why would FMD Board replace Meyers as President of the company just a couple of days ago?  Does that move take restrictions off his ability to buy or sell shares that have plummeted in value?  IRS: Are you watching?  We hope so.


August 20th, 2013 by admin

fast sailing banner 2

ewol banner ad

swing keel ad.jpg_sml

ropeye banner 3 25

nosa banner 12 18


melges banner 10 14

Gunboat 60 sailing in Annapolis, MD.

latis banner  2 15

whitecap fp ad

boat tent banner ad

race q banner ad

hh banner purple

rbs banner ad

ullman banner ad 2 15

fisheries banner 9 4

uk ad 4 3


infiniti vanner ad 12 14

fisheries 12 1