Peregrine Founder Admits Fraud
The founder of Peregrine - the guy who tried to kill himself last week - admitted fraud. He has been bamboozling his customers for decades according to an article in the Wall Street Journal.
But wait. Read the article. (Click HERE.) Look for how the customers' money - the money they held in segregated accounts - is going to be restored...keep looking. Nothing.
We have to assume that this founder of Peregrine has been arrested...keep looking. Nothing.
Maybe he'll be arrested soon. Keep your eye on this, because if he confessed to fraud, shouldn't authorities respond appropriately to that...and arrest him? What if you walked into a police precinct and confessed that you committed a crime. Wouldn't the police arrest you and question you?
As for the customers, no mention of their money. So the article diverts our attention from the real issue - that customers' money held in supposedly safe segregated accounts was stolen. Instead, attention is focused on the founder and his alleged fraud.
WHAT ABOUT THE CUSTOMERS' MONEY?!!!
Folks, the important issue is what happened to the customers' money and why they're not getting their money. The important issue is that most of us have brokerage accounts that claim to be holding our money in segregated accounts which protects our personal money from people stealing it.
So what's being done to address this issue? What happened to the customers' money. Why isn't that money being restored to the customers?
If customers' money was stolen, how could that possibly happen in a regulated market?
If regulators didn't catch the founder's fraud, that's something that should be investigated. But, again, if customer money was stolen, that needs to be investigated like RIGHT NOW!
But no one's talking about it. Why?
As I've been saying, it's getting a bit worrisome for those of us who have significant money in brokerage accounts.
But wait. Read the article. (Click HERE.) Look for how the customers' money - the money they held in segregated accounts - is going to be restored...keep looking. Nothing.
We have to assume that this founder of Peregrine has been arrested...keep looking. Nothing.
Maybe he'll be arrested soon. Keep your eye on this, because if he confessed to fraud, shouldn't authorities respond appropriately to that...and arrest him? What if you walked into a police precinct and confessed that you committed a crime. Wouldn't the police arrest you and question you?
As for the customers, no mention of their money. So the article diverts our attention from the real issue - that customers' money held in supposedly safe segregated accounts was stolen. Instead, attention is focused on the founder and his alleged fraud.
WHAT ABOUT THE CUSTOMERS' MONEY?!!!
Folks, the important issue is what happened to the customers' money and why they're not getting their money. The important issue is that most of us have brokerage accounts that claim to be holding our money in segregated accounts which protects our personal money from people stealing it.
So what's being done to address this issue? What happened to the customers' money. Why isn't that money being restored to the customers?
If customers' money was stolen, how could that possibly happen in a regulated market?
If regulators didn't catch the founder's fraud, that's something that should be investigated. But, again, if customer money was stolen, that needs to be investigated like RIGHT NOW!
But no one's talking about it. Why?
As I've been saying, it's getting a bit worrisome for those of us who have significant money in brokerage accounts.
Comments