We know you are all preoccupied by the changes at the top of Ford and Viacom so you may have missed the news that Edulink, Inc. has a new chief executive—Aleksandr Shvarts, former head of Global Equities Group.
Yes. That Global Equities Group.
The one that shut down after the NASD began investigating it for fraud. The one whose owner, president, vice-president and two brokers were charged with stock fraud and manipulation for their high pressure sales tactics. The place that could have been the model for Boiler Room’s J.T. Marlin.
Gary Weiss, author of Wall Street Versus America, reacts:
I think it's just great Edulink is not intimidated by Shvarts's guilty plea to securities fraud or his 41-month prison sentence or the $837,436.80 in restitution that he was ordered to pay, and which he is still paying off.
I guess Shvarts owning most of the stock in the company might have something to do with this, but it doesn't matter. Not to me. What matters is that a company is doing something nice.
Edulink does some kind of media stuff, and the hard-hearted bureaucrats at the SEC just suspended trading in its stock.
Employing Ex-Cons -- It's a Good Thing! [Gary-Weiss.com]