October 30, 2014

Former N.J. shortline execs charged in fraud

MORRISTOWN, N.J. — The former chief operating officer of Morristown & Erie Railway – a shortline on which the UTU represents train and engine workers – has been indicted for fraud by a grand jury in New Jersey. He is alleged to have improperly converted more than $800,000 in state DOT funds intended for rail rehabilitation, according [...]

9 years in prison; but UTU victims left holding bag

LOS ANGELES — For 15 years, Thomas L. Mitchell worked a Ponzi scheme targeting and draining the retirement funds of retired LACMTA bus workers, many of whom were UTU members. The con artist will now spend his next nine years in federal prison – having pleaded guilty to mail fraud, according to The Los Angeles Times. [...]

Preserving Medicare: We have a role to play

seniors

Would you accept a job paying $1 million to count out $2 billion in $1 bills? Think again, because working a 40-hour week and counting out $1 per second, you would require 266 years to count out the $2 billion total. Now that you have an idea how much $2 billion is, consider that in [...]

Do not become a victim of fraud

Financial fraud can empty your life savings. Here are 10 steps suggested by best-selling author Charles Murray. Every deal is a potential scam: Recognize that fraud is an act of deceit by one party intended to induce another to part with something of value. Map out your goals before shopping or investing: There’s a difference [...]

Retiring soon? Don’t be a fraud victim

 By UTU GS&T Kim Thompson A recent article on the UTU Web site, headlined “Ponzi Scheme Targets Retired L.A. Bus Drivers,” reminded me of the pitfalls that our members can face in having a secure retirement. It seems you can’t watch the evening news, open a newspaper, or visit the Internet without hearing about identity [...]