Market Update Blog - ternionmarkettalk.wordpress.comI have always been open with the board and have not hidden who I am in everyday life.Last Friday my ex-partner and mentor was sentenced to 10 years for federal securities fraud. Fraud that I reported to authorities. When asked by investigators why I didn't approach him before making the report I simply stated that there was no explanation for what I found. You don't put in place what I found if you are not stealing client funds.When everyone plays their role, upholds fiduciary responsibilities, reports possible criminal activity (not talking about minor paperwork infractions that can be corrected and found at any investment management shop), investigators diligently dig, and prosecutors use all the tools available to freeze assets, revoke licenses, and prosecute, then action is swift. In less than a calendar year after my report, the felon was incarcerated!http://www.ibj.com/ex-money-manager-hauke-gets-10-years-for-...To the satisfaction of the victims, the judge remanded the defendant immediately and those present watched as U.S. Marshals cuffed and led him away in shame. Yes, the aftermath is still being dealt with. But justice was served, and in retrospect, swiftly!Scott
I am dying to know if you ever confronted your mentor personally, and what that conversation went like if so.
If everyone operated on their own principles the way you did yours, this would be a lot better country and any wealth we obtained would be worth much more than it is now.Many thanks and a thousand recs to you, sir!Dan
Never... My resignation letter included the number of my attorney. Mentor or not, he was no better than a common thief. Scott
****** If everyone operated on their own principles the way you did yours, this would be a lot better country and any wealth we obtained would be worth much more than it is now.Many thanks and a thousand recs to you, sir!******No problem. I would do it all again. However it still may cost me my career in addition to the money I lost from the business being shut down (in excess of six figures).Scott