International Law

Entrust Capital Management Fraud

Posted on May 11, 2009
Image by Renegade98 via FlickrOn September 28th, 2006 a Shrewsbury investment adviser was charged with fraud today by a federal Grand Jury in connection with a scheme that bilked 15 investors of approximately $13 million."One year after he was convicted of 20 counts of mail and wire fraud, a former high-flying investment adviser is finally scheduled to be sentenced this afternoon in federal court, from a storyabout the Entrust Fraud by Jay Whearely  in the Telegram...

Ponzi Schemes and the Business Cycle

Posted on May 11, 2009
Why do we investigate Ponzi schemes?  Simon Johnson, writing at Baseline Scenario, has a conjecture that I am very sympathetic with - if we lack the ability to control Ponzi schemes, do we lack the ability to control the business cycle?  For reasons that follow, I think that the answer is "yes", the examination of the growth and demise of Ponzi schemes are essential to understanding the business cycle...

What are Philosophers Good For?

Posted on May 11, 2009
Twenty years ago, I attended Stanford University on a post-doctoral award. John Perry was in the Philosophy department, then. Both a bright and nice guy. Best line in this talk: "the very brightest philosophers get assigned the worst ideas to defend"...

How You Can Get Smarter

Posted on May 10, 2009
Image via WikipediaSteven Pearlstein, writing in the Washington Post, has an interesting story about Aplia and textbooks.When I was teaching, it annoyed me that a) I required the entire class to buy a text book that 80% only want to rent, and b) the other 20% overpaid for information that was never updated...

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Why People Just Like You Buy From Snake Oil Salesmen

Posted on May 08, 2009
Image via WikipediaJ.R. Yellow Kid Weil - Con Man the noted con criminal, had this observation about confidence crimes."This desire to get something for nothing has been very costly to many people who have dealt with me and other con men.  But I have found this is the way it works...

PLAY N TRADE's Franchise Registration Suspended

Posted on May 05, 2009
Watch Play N Trade's Founder, Ron Simpson on The Big Idea with from Play N Trade on Vimeo. The internet allows fact checking to become social - more people can respond and provide clues as to the big picture in franchising. For example, consider Play N Trade and this video, dated around August 2008...

Direct Selling and Tough Economy

Posted on May 05, 2009
Image by DCD Sweetie via FlickrHere is an ill thought out story, about the viability of direct selling in a tough economy."As businesses shut down and workers are laid off, a certain type of selling is making a comeback. Across the country, direct sales companies are seeing a jump in independent workers...

Get a Date with Paul Henderson

Posted on April 23, 2009
Image via WikipediaOn a very sad day for the Habs fans in Ontario, Les Stewart brings a cheery thought - for a mere $75 you, and as many friends who also have $75, can hear the legendary Paul Henderson speak, this Friday, April 24th.Paul Henderson is going to be speaking at the David Busby Street Center in Barrie, on April 25th at 6:00pm...

How to Close Barn Doors - Part 1, After the Horse has Left

Posted on April 23, 2009
Image via WikipediaThe USA Today has a little snippet from Federal Reserve Chairman Ben Bernake, who demonstrates Bernake's deep ignorance of fraud."Americans need to sharpen their financial know-how to help them best use their money, especially during the current economic crisis, Federal Reserve Chairman Ben Bernanke said Monday...

Shop to Earn Controversy Continues

Posted on April 21, 2009
Image via WikipediaA reader writes:"Against my better judgement I joined Shop To Earn and I am sorry I did.I was NEVER given disclosures of any kind. 1. Finding them on the website is like trying to find the needle in the haystack. 2. There are a number of unethical things that have been said at some 'meetings' I have attended...

Economic Loss Rule For Franchising- US and Canada

Posted on April 20, 2009
Image via WikipediaBackgroundAlthough the geographic landscape in southern Ontario is similar to much of the North East and United States, there are subtle traps for the franchisor who ventures northward expecting the franchise laws to be substantially the same...

Why You Have to Pay to Discover the Franchisor's Truths

Posted on April 13, 2009
Image via WikipediaRobin Hanson, writing at Overcoming Biases, has a provocative claim.  Those interested in truth telling should pay others to uncover the truth in their area of claimed expertise.  I like this idea a lot."What if you wanted to convince others that you were actually devoted primarily to truth about some topic, and to an unusual degree?  Perhaps the clearest signal would be to show that you are buying truth, not selling it or making it, especially if you use some sort of auction to show you buy truth from the least cost provider...

Robert P. Copeland Ponzi

Posted on April 10, 2009
Image via WikipediaFrom the SEC Press Release on the Copeland Ponzi SchemeOn April 9, 2009, the Securities and Exchange Commission ("Commission") filed a Complaint for Injunctive and Other Relief ("Complaint") in the United States District Court for the Northern District of Georgia against Robert P...

Independent Sales Businesses Marks

Posted on April 10, 2009
Image via WikipediaKelly Spors, writing at the Wall Street Journal, writes about the attraction in these difficult times to a multi-level marketing opportunities."A family member who sells Mary Kay cosmetics recently invited me to a product demonstration hosted by another sales rep...

What Trial Lawyers can Learn from Poker Players?

Posted on April 10, 2009
Image via WikipediaOver at Marginal Revolution, there is a ongoing discussion about Tim Harford's new book "The Logic of Life" and Chapter 2 on Poker, Game Theory and the Logic of Life. I thought that the Harford and the commentators might profit from Steve Lubet's book on Poker and Lawyers...

Greg Newton - Fraud and Hypocrisy Exposed Here

Posted on April 09, 2009
Image via WikipediaGreg Newton, the author of the Naked Shorts Blog, who wrote about fraud and hypocrisy in the hedge fund world, died at the begining of this month.Felix Salmon wrote: "Greg single-handedly disproved the notion that bloggers couldn't be aggressive reporters...

Market Street Advisors Ponzi

Posted on April 08, 2009
Image via WikipediaFrom the SEC Press Relese on the Market Street Advisor Ponzi scheme.The Securities and Exchange Commission ("Commission") charged Shawn R. Merriman of Aurora, Colorado, and his firm, Market Street Advisors, for conducting a multi-million dollar Ponzi scheme through the sale of interests in at least four investment funds...

A Real Dilemma Game

Posted on April 08, 2009
Who do you think will play "steal" if anyone?

More on the Business in Motion Story

Posted on April 08, 2009
Image via WikipediaTwo readers write about Business in Motion:"Thanks for helping to expose this crook. We have just written an article on our site entitled "Does CEO = Crooked Evil Opportunist?" http://togethertothetop.com/?p=1855 Thanks for your comments which we've posted there...

Castaldi Info Wanted

Posted on April 08, 2009
Image via WikipediaA reader writes: "First, Frank Castaldi filed 8 tax objection complaints with the Circuit Court on 3-6-2009. They are all regarding his property on Cumberland. From what I have read a tax objection complaint is filed when you are disputing your tax bill...

Why We Need Spam

Posted on April 06, 2009
Aaron Wall, of SeoBook, has this amusing video about why Google allows spam, he follows up with a good post about Google encouraging copyright violations, and Henry Porter, writing at UK Guardian, as a similar theme about Google and copyright.Related articles by Zemanta Google is just an amoral menace (tsurch...

System Fraud and the Economic Crisis

Posted on April 06, 2009
Image via WikipediaThese days a very popular thread about fraud and the economic crisis is William K. Black's interview by Bill Moyers."BILL MOYERS: I was taken with your candor at the conference here in New York to hear you say that this crisis we're going through, this economic and financial meltdown is driven by fraud...

Oversea Chinese Fund Limited Partnership Ponzi

Posted on April 06, 2009
Image via WikipediaFrom the SEC Press Release on the Oversea Chinese Lund Limited Partnership Ponzi.On April 3, 2009, the Commission filed an emergency action in the United States District Court for the Northern District of Texas to halt an on-going multi-million dollar Ponzi scheme and affinity fraud involving investments in Oversea Chinese Fund Limited Partnership, a hedge fund based in Toronto, Ontario, Canada...

Why We need to have the American Big Banks Fail

Posted on April 05, 2009
Do we really want the US Treasury to continue to lie to us about the real state of the Big Banks? William K. Black says no.Related articles by ZemantaFeds: 650 Fifth Ave. 40% Owned by Terrorist Shell Company (gothamist.com)Facebook COO Sandberg Joins Starbucks Board Of Directors (techcrunch...

How to Really Understand Economic Crises and Fraud

Posted on April 05, 2009
Image via WikipediaWilliam K. Black has good examination of the interplay between deceit and our economic crisis."The most relevant economic works for understanding these crises are by Akerlof and Romer, Galbraith, and Minsky. Akerlof and Romer explain why "looting" (control fraud) can occur and the fraudulent steps looters take to optimize short-term accounting profits (which destroy the firm)...

Why You Close Companies Making Record Profits

Posted on April 05, 2009
William K. Black explains why you want to investigate and shut down financial institutions who are making boat loads of money.Related articles by ZemantaRegulators Close 4 Banks, 2 Are Absorbed By TARP Recipient Companies (huffingtonpost.com) Making banking boring (bbc...

Calculated Dishonesty

Posted on April 05, 2009
William K. Black explains how the modern compensation system in finance is used by corrupt CEO's to get around accounting controls.

California Ponzi Fraud

Posted on April 03, 2009
Image by Getty Images via DaylifeFrom the FBI Press Release on the Luminous Wealth Ponzi fraud. A Glendale man pleaded guilty this morning to federal fraud charges, admitting that he orchestrated a Ponzi scheme that took in more than $14 million from victim-investors...

Franchise Purchase Myth No. 1

Posted on April 03, 2009
Image via WikipediaThe Financial Post has a story on new Dairy Queen franchises, which contains one of the standard franchise myths."Head office is a friend Even before you decide to buy a franchise, the head office of a reputable franchisor can be a valuable resource that can help you determine whether an investment on your part is viable, Shelley says...

Seth Godin Endorses MLM

Posted on April 02, 2009
Image via WikipediaAccording to Seth Godin, the new marketing secret, is something all multi level marketers knew about years ago.  So is Seth endorsing MLM for these hard economic times? Not an April's Fool's joke."This, in two words, is the secret of the new marketing...

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