The Theiving (Allegations) Continues

perp_walk.jpgThe SEC seems to be rooting out fraud and Ponzi schemes like never before. I lost count at 14 the number of press releases issued by the SEC since 1 April that contained the word "fraud" or "Ponzi" in the headline. I don't remember anything quite like this. There are Ponzi schemes aimed at Korean-Americans, Chinese-Americans and just on plain ole regular clients. (Just scroll down the SEC press release home page and you'll see what I mean. Oh, and, of course, it should be noted that an allegation does NOT mean a person is guilty.)

Today's news: The SEC charges a New York investment advisor with plain stealing $6 million of his clients money to buy himself stuff.

Of course, enforcement actions and client complaints (and arbitrations) are correlated to the health of the capital markets, but there just seem to be more outright theives than usual (i.e. as opposed to allegations of unsuitability or misrepresenation).

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What's Von Aldo?

REP. Editor-in-Chief David Aldo Geracioti on the business of Wall Street from a free-market perspective.


David Aldo Geracioti

Is the editor-in-chief of REP. magazine.  He is also a devotee of the Austrian School of Economics leading lights Ludwig von Mises, Friedrich von Hayek, Murry Rothbard and to other thinkers in...
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