Today I received a google alert on the blog from Sentencing Law and Policy where a 65 year old man has been sentenced to 100 years for being a leader of a Ponzi scheme. Uhhh...HELLO! Is this supposed to make these people feel better who lost their money? Maybe the coldest of hearts would want that but the prisoner will most likely meet his maker while incarerated and will never be free to work and pay for his restitution. But that's okay, we have plenty of tax dollars to go around or we can always get a stimulous package. If I sound bitter about it that's because I am. These white collar so called criminals should be out on ankle bracelets or home working for their family so that they won't suffer and be forced to go on assistance. It's a vicious circle where where the tax payers pay for the support of the inmates and for the spouses and children who are not finncially capable of support without government assistance.
My spouse acted as a Sales Rep for the company that was brought down by the Feds. He was responsible for making sure his clients were paid the amount promised them each month. They were all paid right up to the end until the government put a freeze on all the assets. Did they get everything back that they invested...well some did and some didn't. One thing for sure though is that they had the right to dig deeper into their investment such as request a financial statement as we wish we had done. Not one person was forced to invest even though that doesn't change the outcome.
9/29/09
9/4/09
Too Good To Be True
Some of the most intelligent people are drawn into situations that are as the cliche says, "Too Good To Be True". A similarity to the Madoff case and my husband's situation is that one would think if there was a problem then the SEC would have intervened much sooner. Instead, they took an informant and devised a set up that would land three men in prison. My husband is very knowledgable in his field, but he has a limited knowledge of high finance. He trusted the owner of the company. He trusted his friend and just like his friend, he believed that the attorney was guiding the company to protect them from making any mistakes. The bottom line was that my husband believed that the company had made some lucrative investments and had some powerful backing. He believed what he was being told and noone that worked with him missed a payment. When the SEC came in and shut it down, my husband reached into his own pocket to make sure they recieved payment. The third person involved was not even an investor. His problem came in when the owner decided to give him a title in the corporation because of his advanced computer skills and his reputation of integrity. He also did not have any knowledge that he was involved in an scam. My husband and the third person did not deserve to get indicted and should have been dismissed from any charges. My husband did not even know the people who were the prosecutions victims. They all stated under oath that they did not know him. Yet his charges were related to a conspiracy against those very people. After a month long trial and the jury being inconvenienced from their normal day to day lives, I think they just wanted to go home. I ask you now, would you put yourself in my place or my husband's and draw the conclusion that the outcome was fair?
Madoff RipOff
Unless you just never watch the news or read the paper, then you most likely know about Bernie Madoff. A master of deception that will now live out his life in a Federal Prison. Yes, he hurt a lot of people...the rich, the elderly, retirees, and alot of very intelligent people. They all trusted him and the people who worked for him probably did as well. There was alot of discussion on how he could have operated a scam so elaborate for such a long time by himself. I know my husband even though he would never speak poorly of anyone wishes the guy he went to work for had been by himself. He did not get involved to bring harm to anyone. The Security and Exchange Commission held the position was that there is no way anyone would have believed it was a legitimate business. Well obviously people did because they became involved. My husband did and so did his other friend who was convicted. Investments are done everyday and with the proper backing, one may have any knowledge of the in's and out's of a program or that it could not legally give returns at the rates he was told. He just acted as a sales representative because sales has been his life's career. He is a person of integrity and those that he talked to knew of his reputation. The man he went to work for and head of the company knew of his reputation also. My husband states even now that he does not believe his friend nor the owner of the company intended anyone any harm. In fact, the owner relied on a corporate attorney to guide him in his decisions. Those who invested their money, including us, all had the same opportunity to ask more questions.
9/2/09
Letter to the President
Please see the letter to the President concerning First Time Federal Inmates and the good time bill. It is important that our voice be heard. Click on the widget and Sign the petition. Thank you! It will take you to another excellent site where others are voting and then your letters are sent out for you to your representatives and state leaders and you sign the petition.
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