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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 76237  
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.

</snip>


intercst
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70402 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 4:19 PM
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In the Viet Nam era there were stories of individuals threatened with prosecution who were advised the charges would be dropped if they joined the Army.

I wonder if that practice continues?

The Army seemed to have its share of "casuals" who were waiting for "orders"--usually a General Discharge (becomes honorable after x years) so they could leave the service and get on with their lives.

Military did give some young people a chance at getting their life together: learning job skills, and the basics of working in a large organization, sometimes making a career of it--staying til retirement. But it did not always work. Some could not conform to the requirements.

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Author: 0x6a74 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: 70403 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 4:45 PM
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In the Viet Nam era there were stories of individuals threatened with prosecution who were advised the charges would be dropped if they joined the Army.

I wonder if that practice continues?


probably . especially in small towns, for minor infractions
(though the draft might have made a difference


The Army seemed to have its share of "casuals" who were waiting for "orders"--usually a General Discharge (becomes honorable after x years) so they could leave the service and get on with their lives.


?? wasn't that true of nearly all draftees? counting the hours till ETS
( i still have one of my several ETS calendars )

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Author: MajorMajor78 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70404 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 7:59 PM
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How would the arny be expected to know in this case? The article says nothing about a criminal conviction or even criminal charges being filed. In fact it's quite clear that the case was held on the civil side and never entered into the legal system at all.

“fraud” and “unauthorized trading,” according to a ruling from the Financial Industry Regulatory Authority, the independent disciplinary board for brokers and brokerage houses...

There is no indication that the civil ruling weighed on Bales in recent years.


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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: 70407 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 8:47 PM
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MajorMajor78 asks,

How would the arny be expected to know in this case? The article says nothing about a criminal conviction or even criminal charges being filed. In fact it's quite clear that the case was held on the civil side and never entered into the legal system at all.

I don't know how closely the Army looks at applicants, but any kind of simple background check would turn up a million dollar civil judgement or professional malpractice.

intercst

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Author: AndrewXnn Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70411 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/20/2012 11:27 PM
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Understand that he was recently denied what should have been a simple promotion.

His legal background was probably not "the" reason, but it along with all the financial problems could have indirectly contributed to his personality being unsuitable for promotion.

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Author: BruceCM Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70417 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/21/2012 1:19 PM
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Andrew
Making E7 is a big step in all services (Army: Sgt First Class, Marine: Gunnery Sgt, Air Force: Master Sgt and Navy/CG: Chief Petty Officer). This is the "Senior Enlisted" ranks (E7, E8 and E9) and in my experience as an officer (IOW, a meaningless appendage), the "Top 3" work pretty hard to make sure the unworthy are not promoted into this group. In my AF career, I noticed that those who go to retirement as E-6's have certain characteristics they share....the most evident is that they are just not that committed and usually don't have the mental wherewithall to keep up. I'd be willing to bet SSG Bales would fit this description.

Reading through his media-explained bio, it looks like this guy is on the flakey end of the spectrum...not uncommon for those entering the military, particularly the Army (now, hold your fire Army-vets, and let me explain....). But the Army has one of the better behavior modification systems around, and can usually get flakeoids to mend their ways, at least to the point of being field ready and responsibile members of a team. Many don't make it to this point and become so much ejecta and no doubt quickly become jail fodder. That SSG Bales made it to E6 says something about his basic abilities.

His problems with FINRA and the arbitration settlement are indeed civil matters that likely would not show up on the standard background checks. And I don't know if at initial recruitment, recrutees are required to disclose any pending or final civil actions....I would think they would, as otherwise the military would have a large chunk of financially encumbered refugees....

BruceM

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Author: FCorelli Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70420 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/21/2012 2:43 PM
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Understand that he was recently denied what should have been a simple promotion.

His legal background was probably not "the" reason, but it along with all the financial problems could have indirectly contributed to his personality being unsuitable for promotion.


Was he "denied" a promotion as the story says (can't trust reporters to get technical details right) or was he simply not picked up for promotion this promotion cycle??

With ONLY 10 yrs in he is ahead of the promotion curve just by being an E-6 coming up for E-7 so would be considered something of a "Fast Burner". Most people do not make ANY pay grade (past E-4) the first time they are eligible. If it were de rigeur to get it as soon as you are eligible for it everybody with 8-10 yrs in would be E-7s.

I am not convinced he was "DENIED" a promotion, as in "You're fook-up Bales! No promotion for you!" I think he was up for it based on time in service/time in grade minimum requirements, took the test, and met whatever Board the Army has, but the list was too short to pick him up and more senior E-6s were promoted.

HE might have had his heart set on it and was expecting to get selected and was disappointed/pizzed-off by not getting it, hence he felt personally slighted.

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Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70422 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/21/2012 5:10 PM
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I don't know how closely the Army looks at applicants, but any kind of simple background check would turn up a million dollar civil judgement or professional malpractice.

The judgement was filed after he enlisted. The statute of limitation is what, 3-5 years?

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Author: AndrewXnn Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70427 of 76237
Subject: Re: Sgt. Bales a fradulent financial advisor Date: 3/23/2012 5:10 PM
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Thanks for the clarification

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