You might think Daniel Bogar, Jason Green and Bernerd Young would consider themselves pretty lucky. Unlike some of their colleagues at the once-august Stanford Financial Group, they will not spend between three and 110 years in jail and will consequently not get their faces kicked in at a private prison in Texas.
You would be wrong. It seems that these former executives at R. Allen's brokerage are victims twice over, first of the "perfect scam" and now of a miscarriage of administrative justice. Indeed, to focus on the collective $5.5 million bill the trio has to pay is to miss the really important point: It's a dangerous precedent slippery slope etcetera.
"Mr. Young...is deeply troubled by the initial decision's disturbing implications for the securities compliance industry and the newer and more Draconian standards that compliance officers may be facing," said Randle Henderson, Young's attorney.
"The decision demonstrates the real danger to compliance officers relying upon advice of independent outside counsel, fully licensed and qualified accounting firms and the audited financial opinions they issue, and the sovereign financial regulatory agencies of foreign countries."