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COME ON! CNBC reports that the Securities and Exchange Commission is alleging a $4 million Ponzi scheme by Marvin Cooper, which targeted not Jews, not athletes but "the deaf community." We get the SEC's need to really take off its pants and show us what it's made of, after, ya know, blowing it BIG TIME for the last century, but seriously? SERIOUSLY?
Now that I've regained my composure, a little more color. The firm is Hawaii-based Billion Coupons, which reeled in 125 investors since at least Semptember 2007 by "holding investment seminars at deaf community centers." According to the SEC, CEO Cooper misappropriated $1.4 million of investor dollars to pay for stuff like a new home, a Lay-Z Boy with a fridge on the side and "other personal expenses."
The Commission, now big and tough and not taking any shit or prisoners, noted, "This emergency action shows that the Commission will act quickly and decisively to help victims of affinity fraud."
Does it? Up until today you would've had me but now I think you, SEC, have made the error in doing too much too soon. Obviously this is terrible if true (as is news of anyone, deaf, dumb, female* or blind being taken for a ride) but I'm not entirely convinced that this isn't the work of some newly formed subdivision whose sole job is to make up cases designed to grab moral outrage in an effort to make the New SEC look like some sort of white knight that's not only not incompetent, but sensitive, too.
Tomorrow they're going to blow the whistle on a $500 million scam perpetrated almost exclusively the gay dolphins with AIDs community (perp/fund name: Glenview Capital). Watch. You'll see.
SEC Halts Ponzi Scheme Targeting Deaf Investors [Mondovisione]
*Get over yourselves, I'm just trying to keep things interesting.

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