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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76111  
Subject: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 7:24 AM
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I knew that the Army has been lowering standards to fill their recruitment quotas, but I didn't know that it go so bad that they're enlisting people guilty of million dollar frauds.

http://www.washingtonpost.com/world/national-security/staff-...

TACOMA, Wash. — The attacks of Sept. 11, 2001, figure prominently in the still-evolving portrait of Robert Bales, the Army staff sergeant being held in a massacre of 16 villagers in southern Afghanistan. Like many others, Bales enlisted out of a sense of civic responsibility, his friends and attorney have said.

But Bales’s decision to join the Army also came at a pivotal point in his pre-military career — a career as a stock trader that appears to have ended months after he was accused of engaging in financial fraud while handling the retirement account of an elderly client in Ohio, according to financial records.

An arbitrator later ordered Bales and the owner of the firm that employed him to pay $1.4 million — about half for compensation and half in punitive damages — for taking part in “fraud” and “unauthorized trading,”
according to a ruling from the Financial Industry Regulatory Authority, the independent disciplinary board for brokers and brokerage houses.

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intercst
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