Thursday, December 18, 2008

Cavalcade of Capitalists: Brentwood Investor Charged with Embezzling $9 Million from Clients

Under the pretense of investing client money in high yield securities, Brentwood entrepreneur, Michael Park allegedly "misappropriated the funds to subsidize his lifestyle and to finance a mortgage business that he owned and controlled" while lying to them that their investments were growing as much as 25%.

The U.S. Securities and Exchange Commission had filed complaints against Park based on New Deal Securities Acts that were passed in response to the 1929 stock market crash and the Great Depression.

I'm sure the free market could have just ironed all of this out for the victimized Brentwood investors, about like I believe that a Brentwood businessman is at high risk of actually getting 20 years for white-collar crimes: not so much.

No comments:

Post a Comment

Post a Comment