The latest Ponzi scheme busted by the new and improved SEC just reminds us that the Commission is rarely chasing after criminal masterminds and thus, has a long way to go before we’re going to be impressed with their efforts:
Continued, after the jump
The SEC alleges that Philip G. Barry and his firms Leverage Group, Leverage Option Management Co., Inc, and North American Financial Services defrauded investors, including senior citizens and retirees, by selling securities in Leverage investment funds….According to the Commission’s complaint, Barry spent the money by purchasing real estate in his own name and those of other entities he controlled, paying expenses of a separate mail order business that sold pornographic materials, and supporting his lifestyle.
Mail order porn? What century is this guy living in? Did he also churn his own butter and crank start his car? We understand that certain forms of entertainment are best appreciated when tangible and we do like getting pleasant surprises in the mail but porn in the mail?
This guy started ripping off senior citizens in 1999. Since porn was on the web pretty much from the get-go we’re pretty sure that the mail order stuff was at falling out of favor by this time. Nevertheless, it appears that no one at the Commission was aware that hot action was available on the web for the past ten years and more advanced training may be needed.
SEC Charges New York-Based Money Manager in $40 Million Ponzi Scheme [SEC.gov]
A recommendation on whether U.S. companies should switch to international accounting rules will take a few more months, the Securities and Exchange Commission’s chief accountant said Monday. The SEC’s staff had been expected to make a recommendation by year-end on whether U.S. companies should adopt the global rules, known as International Financial Reporting Standards. But the staff needs “a few additional months” to complete its work, SEC Chief Accountant James Kroeker said. [