Former McKesson executive, Charles McCall can now join the Bernie Madoff Club. Yesterday he was found guilty of investment fraud that cost investors $8.6 billion. McCall is a former Chairman of the McKesson Corp.

A San Francisco jury found him guilty of securities fraud and violating accounting rules. On a positive note he was acquitted on falsifying records. His sentencing will take place next March.

Read the Bloomberg article to learn more on the Securities charges against Mr. McCall and his former colleagues.

I am pleased to announce that yesterday our Investment Fraud Seminar in West Palm Beach was a huge success. It was held in the beautiful Phillips Point Club. The beautiful intracoastal was a great backdrop for this well attended Seminar.

The 4 hour seminar, Investing in a Post Madoff Environment: Financial Fraud: How it's accomplished, how to detect it, and how to recover from it was attended by over 100 people from South Florida. The attendees included, CPAs, Attorneys, Bankers, Financial Representatives and a host of other professionals. The Seminar was sponsored by the Financial Services Divsion of LaBovick Law Group, P.A.

Speakers at the Seminar included:

William Nortman, Esq., Akerman Senterfitt

Richard A. White, Turris Consulting, LLC

Moderator: Jeffrey S. Grubman, Esq, Jeffrey S. Grubman, P.A.

Topics coverd at the Seminar included areas such as: Investment fraud, Ponzi schemes, FINRA, Churning, Florida Investor Protection Act, Churning, and much more.

We look forward to sharing more information on our next educational seminar on investment and financial fraud.

If you would like to have a transcript of the seminar or more information on investment fraud, let us know.

Our vendor partner for this program, the Daily Business Review, will be publishing a printed version of the transcript in 3 - 4 weeks in their paper as a supplement.

Stay tuned...

In an effort to educate industry professionals on how to fight financial fraud, The Financial Services Division of LaBovick Law Group, P.A. is holding a Financial Fraud Seminar in conjunction with the Daily Business Review on the very relevant subject:

Investing in a Post Madoff Environment: Financial Fraud: How it's accomplished, how to detect it, and how to recover from it.

The Seminar will be held on November 19, 2009 - 8am at Phillips Point Club in West Palm Beach.

Featured Speakers for the Financial Fraud Seminar: Investing in a Post Madoff Environment include:

William Nortman, Esq., Akerman Senterfitt

Richard A. White, >Turris Consulting, LLC

Moderator: Jeffrey S. Grubman, Esq, Jeffrey S. Grubman, P.A.

This seminar is approved by the Florida Bar for 4.0 CLE Credits and 3 CPE Credits for Accounting and Financial Professionals.

Seminar Description:
Just over one year after Lehman Brothers disappeared, how does a professional help clients navigate the ever-changing financial industry landscape? Is the "great deal" your client brought to you the next Microsoft or the next Madoff? This Financial Fraud Seminar will feature speakers with an average of 20 years of securities industry and regulatory experience. They will discuss investment fraud techniques, discovery, prevention and what to do if you have a client who is a victim.

Not a minute too soon, Florida Governor Charlie Crist, signed the Florida Investor Protection Plan, Florida House Bill 483, into law, effective July 1, 2009. As we mentioned in a previous post on The Law Planet Blog, this was a new day for Florida investors. In the wake of fraudulent Ponzi Schemes such as, the Bernie Madoff Ponzi Scheme and the new Scott Rothstein Ponzi Scheme, investors need extra protections against investor fraud.

Yesterday, the law blawg, LawUpdates.com, wrote an excellent commentary on the Florida Investor Protection Act.

The post gives background on "blue sky laws" and how states regulate securities transactions within their state. The authors provide a clear and concise analysis of Florida's Investor Protection Act that sheds light on how in Florida, the AG and government agencies have more authority to fight investor fraud.

The following excerpt from LawUpdates.com sheds light on new authority under the new Investor Protection Act:

Specifically, the IPA authorizes the Attorney General, with permission from the state’s Office of Financial Regulation (the “OFR”), to investigate and bring securities fraud actions – criminal and/or civil—against anyone violating the anti-fraud provision under the Florida Securities and Investor Protection Act (“SIPA”). The AG has the ability to seek restitution for victims and obtain other civil penalties. The Florida Department of Law Enforcement has the ability to pay rewards for original information in money laundering investigations under the new law.

As the authors of the LawUpdates.com further point out:

Florida’s IPA has yet to be tested in court. It’s possible that a firm or broker-dealer offering securities in Florida and impacted under this new law will file a court action claiming that federal laws preempt the state’s efforts against it.

All eyes are on Florida once again, for taking Center Stage, on such a significant issue. Time will tell how the new Investor Protection Act will stand up against preemption. We will keep the faith that JUSTICE WILL PREVAIL.

Kudo's to our lawmakers for taking a bold step and passing the Florida Investor Protection Act.