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bobcoleman0321recon
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bobcoleman0321recon
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PostFri Sep 07, 2018 9:22 am 
Small world, I grew up in Bordentown. Sounds like Bordentown Florence area. I also saw this morning GoFundMe is stepping up as well.

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Bootpathguy
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PostThu Nov 15, 2018 11:22 am 
Experience is what'cha get, when you get what'cha don't want
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ale_capone
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PostThu Nov 15, 2018 3:49 pm 
sweet.. a happy ending! I see future housing for all three. tax payer gofunded.

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DIYSteve
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PostThu Nov 15, 2018 7:57 pm 
Not so happy, but yeah, those fraud artists deserve prison time. Disgusting. Shame on them

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Bernardo
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PostThu Nov 15, 2018 8:38 pm 
How serious is this from a legal perspective? I remember after the tech bubble burst lawyers were defending brokerage firms claiming that analysts had no obligation to tell the truth. Companies make false claims all the time such as "World's best pizza!" with impunity. This boils down to a needy man story exagerated. There was a needy man and he would have not have collected anything if his "reputable" advocates/business partners had not advertised his story to donors who should have known better or maybe didn't care about the truth because they felt good about themselves through their donations.

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DIYSteve
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PostThu Nov 15, 2018 9:34 pm 
Bernardo wrote:
How serious is this from a legal perspective?
Defrauding the public out of $400K with a whole cloth fabrication is very serious.
Bernardo wrote:
I remember after the tech bubble burst lawyers were defending brokerage firms claiming that analysts had no obligation to tell the truth.
I am not aware of any attorney raising that defense, which is a sure fire loser. Perhaps the argument was that they did not owe certain duties to a certain class of plaintiffs, which is a different kind of argument. Stock brokers are middlemen, not principals. The client relies on the representation of the issuer, not the middleman.
Bernardo wrote:
This boils down to a needy man story exagerated [sic].
The state alleges whole cloth fraud, not a mere exaggeration.
Bernardo wrote:
There was a needy man and he would have not have collected anything if his "reputable" advocates/business partners had not advertised his story to donors who should have known better or maybe didn't care about the truth because they felt good about themselves through their donations.
There are alot of moving parts in this sentence. I would be delighted to discuss the elements of criminal fraud with you over a beer someday.

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Malachai Constant
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PostThu Nov 15, 2018 10:27 pm 
I have written many SEC documents for startup companies, any decent attorney only writes an opinion which contains no lies and no predictions. The reason for this is if you lie it exposes you to liability and does no favor to your client. People making good IPos are similarly careful. It is easy to write them as it is easy to avoid a perjury trap, just do not lie. I have dealt with the FBI, SEC, CIA, DOD, and IRS all of my life and have always came out ok. Do not lie.

"You do not laugh when you look at the mountains, or when you look at the sea." Lafcadio Hearn
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Bernardo
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PostThu Nov 15, 2018 11:02 pm 
Thanks for the insightful commentary. I agree that honesty is the best policy. But I've seen many who have profitted by not looking at the facts too hard. The lawyers writing official filings generally include ample lists of risk factors. The art on Wall Street is to explain all those away when the lawyers aren't in the room and then hire good defense lawyers later. Above I was refering to a legal argument I read about (probably in the WSJ) which attempted to argue that sell side analyst ratings were universally known to be bullish and institutional investors should have known better than to expect sell side analysts to make timely sell recommendations. This argument may have been completely unsuccessful or it may have helped lesson the severity of settlements and penalties after the dot.com bubble burst. Both Jack Grubman and Henry Blodget were banned from the securities industry for life, so maybe this defense didn't work out so well if they were the ones who employed it. Before those two reached settlements with the SEC they had defenders who argued they did nothing wrong such as Jim Cramer in the case of Grubman. Wikipedia has summaries of their high flying careers and the cases that ultimately brought them down. I can be found discussing such topics in saloons or on trails and should the opportunity for such discussions arise someday with esteemed NWHikers I would enjoy it.

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DIYSteve
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PostFri Nov 16, 2018 8:52 am 
Bernardo wrote:
. . . attempted to argue that sell side analyst ratings were universally known to be bullish and institutional investors should have known better than to expect sell side analysts to make timely sell recommendations.
That argument is about the duty to advise, specifically whether a broker has a duty to advise a buyer when to trade. Unless the broker is a fiduciary (rare unless the broker has full discretion to trade on the buyer's account or has an express fiduciary relationship, both of which are rare), there is no duty to tell a buyer when to buy or sell investment instruments.
Bernardo wrote:
Both Jack Grubman and Henry Blodgett were banned from the securities industry for life. . . .
Those actions were based on actual fraud by Grubman and Blogett, not based on a duty to advise a client when to trade.

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