UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Author: caddman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 454819  
Subject: Justice Served Swift and Market Update Date: 3/27/2012 3:41 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 54
Market Update Blog - ternionmarkettalk.wordpress.com

I 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
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: whafa Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 388297 of 454819
Subject: Re: Justice Served Swift and Market Update Date: 3/27/2012 5:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am dying to know if you ever confronted your mentor personally, and what that conversation went like if so.

Print the post Back To Top
Author: RaptorD2 Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 388330 of 454819
Subject: Re: Justice Served Swift and Market Update Date: 3/27/2012 11:35 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 6
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

Print the post Back To Top
Author: caddman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 388347 of 454819
Subject: Re: Justice Served Swift and Market Update Date: 3/28/2012 10:56 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Never... My resignation letter included the number of my attorney. Mentor or not, he was no better than a common thief.

Scott

Print the post Back To Top
Author: caddman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 388348 of 454819
Subject: Re: Justice Served Swift and Market Update Date: 3/28/2012 10:59 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
******
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

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Advertisement