The SEC has a history of massive fuck-ups. We know this. But, to date, many of these fuck-ups have a logical explanation. Missing Madoff’s multi-billion dollar scam for years and years? Bernie was just such a “captivating storyteller” that they got “distracted.” The whole Allied Capital thing? They though it was that wily David Einhorn, trying to throw people off his trail! Today comes word the Commission has added another notch to this particular bedpost, via letting a guy who turned himself go off and get his MBA for a few years before charging him with fraud.
Isaac Ovid…the 24-year-old day-trading enthusiast and church minister…had been entrusted with investing nearly $10 million of his parishioners’ money in the spring of 2005. He soon lost or spent nearly all of it, and then compounded his errors by starting a Ponzi scheme, raising $3 million in new money, some of which was used to partially repay initial investors before he lost a pile of the rest. Devastated, in November 2005, he appeared before the congregation, the Local Christian Assembly in Queens, and begged for forgiveness. A few weeks later, Mr. Ovid turned himself in to the Securities and Exchange Commission and the U.S. Justice Department.
But rather than arresting and charging Mr. Ovid, the feds let him go free, according to a recent review of his case file by Crain’s. Mr. Ovid returned to his native Trinidad, where he enrolled in an M.B.A. program and got a job at a construction management firm. It wasn’t until three years later—while on a business trip to Florida in March 2009—that Mr. Ovid was arrested. This time, the government threw its full weight at him. The U.S. Attorney’s Office in Brooklyn charged him and four associates with three counts of fraud and conspiracy, and the SEC filed a lawsuit.
Feds Let Ponzi Schemer Walk [Crain's]
You know, it says a lot about you when you don’t even enroll with a program that suggests taking an oath that says, in effect, greed is not good.
-HBS, 3′ Tail, Placing Blind Children on Segways in the Green Mountains Since 2007
Agree with your last tag; pastors are doing God’s work and should not be persecuted.
- Eddie Long, New Birth Missionary Baptist Church, Atlanta, GA.
He would not have been arrested had he infromed them he was managing a tranny porn site. Even the SEC would not bite the hand that feeds.
In Soviet Russia, Ponzi Scheme you!!!
http://en.wikipedia.org/wiki/List_of_birds_of_Trinidad_and_Tobago
egret lovers paradise.
http://en.wikipedia.org/wiki/List_of_birds_of_Trinidad_and_Tobago
egret lovers paradise.
http://en.wikipedia.org/wiki/List_of_birds_of_Trinidad_and_Tobago
egret lovers paradise.
“The SEC loves a Christian”
Tim Tebow agrees
Sidestep and Escape Commission
Well, to show how diligent they are, the SEC is strong arming everyone not committing fraud and setting impossible to comply with rules that do nothing but gum up the system.
There will always be some fraud in every industry. The SEC is not capable of stopping it, full stop. And it never will be. However, the drag it’s creating on the economy with all of its petty and impossible rules are very expensive – much more expensive than the fraud they are trying to but failing to prevent anyway.
As if anyone in the business didn’t already know the SEC was inept, incompetent and worthless as a regulator.
the US government has been running a ponzi scheme for years to keep the country from failing.in fact they gave madoff the idea…
I weep, I don’t know whether it’s because they’re so fucking incompetent or because they’re so fucking corrupt or because they’re so fucking unconcerned.