Lakeshore Law Group LLP

Amjed Mahmood of Sunrise Equities pleads guilty to fraud

Nizam Arain — Tue, 29 Mar 2011 18:08:13 +0000

Amjed Mahmood, one of the leaders of Sunrise Equities, has pleaded guilty in federal court to charges of wire, bank, and mail fraud.

Mahmood could be sentenced to up to five years in prison and face a fine up to $250,000. In addition, the judge could order further restitution to the victims of Sunrise Equities’ fraud scheme.

“The guilty plea shows a first step in holding someone accountable,” said Salman Azam, Managing Partner of Lakeshore Law Group LLP. “They targeted a very working-class, blue-collar crowd who was religious. … Bringing them to justice might be the only justice the victims are going to get.”

Read the full article here. (Link to Chicago Tribune site)

Lakeshore Law Group LLP featured in Local First Chicago promotional video

Nizam Arain — Mon, 13 Jul 2009 18:08:53 +0000

Lakeshore Law Group LLP is proud to be a member of Local First Chicago, a network of locally owned, independent businesses and community organizations that works to promote the overall social, economic, and environmental health of our local economy and communities.

Local First Chicago has just released a promotional video called Why Do You Shop Local?, featuring our partners and other local business people talking about the many reasons to support locally-owned businesses. You can view the video below, and please click here to learn more about Local First Chicago and its members.

IRS tax breaks for Ponzi scheme victims

Nizam Arain — Tue, 30 Jun 2009 21:31:47 +0000

In news that may be of interest to investors in Sunrise Equities, the IRS has recently announced that victims of Ponzi schemes can now claim their loss as a tax-favored “ordinary loss” rather than as a “capital loss”, as was previously required.

http://www.smartmoney.com/personal-finance/taxes/tax-breaks-for-ponzi-scheme-victims/?page=all

“The IRS generally takes a dim view of taxpayer attempts to treat investment securities losses as anything other than capital losses. Capital losses fare poorly under our beloved federal income tax system. You can only deduct them to the extent of capital gains for the year, plus another $3,000 ($1,500 if you use married filing separate status). Any leftover capital losses get carried forward to the following year, and the same limitation rule applies all over again.

As a result, it can take years to fully deduct big capital losses.

In contrast, ordinary losses are treated quite well. They can be written off against any type of income (salary, interest, dividends, capital gains, self-employment income, you name it). If you have a big ordinary loss that exceeds what you can deduct in the loss year, the excess can potentially create a net operating loss. You can carry a net operating loss back to previous years and recover taxes you paid earlier, or you can carry it forward to shelter income in future years, which will be especially helpful if tax rates go up.”

Lakeshore Law Group LLP is not an accounting firm and this information is not intended to constitute accounting or tax law advice for any client or non-client. All individuals and entities should consult a qualified accountant or tax professional.

Salman Azam named to Super Lawyers’ Illinois Rising Stars 2009

Nizam Arain — Sun, 29 Mar 2009 22:23:59 +0000

Lakeshore Law Group LLP congratulates Managing Partner Salman Azam on being named by Super Lawyers magazine to its 2009 list of Illinois Rising Stars.

Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement, based on a statewide survey of lawyers and the research of their own attorneys. The Rising Star award is limited to, at most, the top 2.5% of qualifying attorneys in the state.

Thank you to Super Lawyers, and congratulations to Salman Azam for this outstanding recognition!

Meeting of Sunrise clients to be held Sunday 1/18/09

Nizam Arain — Fri, 16 Jan 2009 19:46:06 +0000

Lakeshore Law Group LLP will be holding a meeting with Sunrise Equities bankruptcy clients on Sunday, January 18, 2009, at 5:00pm at Bombay Hall on Devon Avenue.

All clients who took home equity loans through Guidance Financial are requested to bring copies of all Guidance documents to provide to us. Please do not bring originals. If you have a home equity loan through Guidance that is related to your Sunrise investment, but you are not able to bring copies of your Guidance paperwork on Sunday, you can mail the copies to us at 333. N. Michigan Ave., Suite 1317, Chicago, IL 60601.

Lakeshore Law Group has moved!

Nizam Arain — Mon, 05 Jan 2009 18:43:48 +0000

Effective Monday, January 5, 2009, Lakeshore Law Group LLP has moved to our new office location:

333 N. Michigan Avenue
Suite 1317
Chicago, IL 60601

Please make a note of the new address. (Our phone and fax numbers are unchanged.) We look forward to welcoming all of our present and future clients at our new space!

U.S. Bankruptcy Court grants involuntary bankruptcy petition against Sunrise Equities Inc.

Nizam Arain — Mon, 08 Dec 2008 19:17:20 +0000

On December 8, 2008, Judge Jack B. Schmetterer of the United States Bankruptcy Court for the Northern District of Illinois entered an order granting the involuntary bankruptcy petition filed by Lakeshore Law Group on behalf of creditors of Sunrise Equities, Inc. after representatives of Sunrise repeatedly failed to appear in court or challenge the petition.

This morning’s order opens the door for the United States Trustee to take possession of Sunrise Equities’ assets and track down any funds that may have been improperly transferred to other entities, in order to compensate the creditors, including Lakeshore Law Group’s clients in this case.

Lakeshore Law Group will work in cooperation with the Trustee’s office to ensure that all available information and assets are pursued, and will provide ongoing updates on our website.

Deadline for Sunrise investors to register with Lakeshore Law Group LLP: 12/31/2008

Salman Azam — Sun, 07 Dec 2008 19:08:03 +0000

Lakeshore Law Group LLP will stop taking client forms for the Involuntary bankruptcy against Sunrise Equities, Inc. and Salman Ibrahim individually on December 31, 2008. Due to the large number of clients that have already signed up, and the time it will take to process proof of claim forms for our clients within the time that will be set by the court, we have established a cut-off date of December 31, 2008.

Please contact us using the Contact Us link if you have any questions regarding this deadline or other related Sunrise case information.

Securities and Exchange Commission investigation

Nizam Arain — Wed, 19 Nov 2008 19:53:05 +0000

Many of our clients have been contacted by the Securities and Exchange Commission (SEC) and asked to complete a questionnaire regarding their Sunrise Equities investments. Lakeshore Law Group LLP is cooperating with the SEC’s investigation already and has been in contact with their representatives.

While this questionnaire is voluntary, and there is no negative consequence for anyone who elects not to fill it out and return it, nevertheless we encourage all of our clients to cooperate by providing the information requested so as to assist the SEC in their investigation and increase the chances that any violations by Sunrise Equities will be uncovered and prosecuted.

Please contact your elected officials

Rozina Gilani — Sat, 01 Nov 2008 21:36:51 +0000

The letter below was created as a draft with specifics relating to this case and the involvement requested on the part of your local and state representatives. Use this template or any other to send to all of your representatives. Each investor is humbly requested to do so in order that this cause is taken up by government agencies at all levels, including City, State and Federal.

Please feel free to e-mail us using the Contact Us page if you have any questions regarding this letter or any other correspondence to your representatives.

Click here to download sample letter (Microsoft Word format)