Monday, September 21, 2009

Ponzi Schemers: Nowhere to Run! Nowhere to Hide!

Another thing wrong with capitalism is the rise of white collar crimes such as Ponzi schemes, Fraud & theft & the apparent lack of regulation into financial companies & those who work as Financial consults & investment brokers & other similar types of employment. 

One thing the U.S. does better than here is serve justice where it comes to White Collar Crime. Bernie Madoff, a notable Ponzi schemer,  was sentenced to 150 years. Another example, according to Colin Perkel of the Canadian Press, Conrad Black, convicted in 2007 of  obstruction of justice & three counts of fraud would more than likely be free today had been convicted here instead of in Chicago.

Poetic justice has already begun.  Earl Jones who is now bankrupt has gone from the ivory tower of a Dorval Condo to a rooming house somewhere in town due to the fact it is all he can afford & has nowhere to turn: "He's being ostracized by friends and family. He's having a hard time."  claims his lawyer, Jeffrey Boro & as of now, his only buddy.

After (allegedly) stealing from his clients, people who entrusted their hard-earned savings to him so they can enjoy retirement  now find themselves struggling & having to rely on charities & community organizations to help them get through. Let's hope that this is only the beginning for Earl Jones.

Vincent Lacroix just plead guilty today to approximately 200 charges of fraud, conspiracy to defraud, money laundering & other charges. He had swindled over 9,200 clients. Back in jail now, it would seem that his cell mates take exception to this kind of crime as his lawyer has requested protection from the general population: "He had trouble at the Rivière-des-Prairies detention centre, and we have asked for extra protection."  He'd better get used to this way of life as he faces 14 years in jail, still pretty light considering he was already on day parole for convictions for 51 violations of the Quebec Securities Act. But, it's a start. 

It seems that maybe, just maybe, Harpercons might actually get something right. Federal Justice Minister, Rob Nicholson is now promising  tougher laws & sentencing with white collar criminals. It would impose manditory penalties & allow the courts to impose longer sentences. No more house arrests. Nicholson is realizing: "....the effects in terms of loss of financial security and confidence as well as the sense of humiliation can be every bit as serious and damaging as physical threats and intimidation."

Joey Davis, whose 78 year old mother lost her life savings in Jones' Alleged ponzi scheme, has started an organization, the Be Strong Foundation which will serve to demand the government for legislation, education on how not to avoid being victimized & Administrative, financial & emotional support for victims of white collar crimes. 

Let's hope that Nicholson & the Harpercons as well as the other parties can stop their pissing contest at least temporarily to get together & pass new tougher laws on white collar crime. Furthermore, there needs to be more (dare I say it) government regulation in financial companies & those who work as investors &/or financial consultants. For the most part, these victims worked hard all their lives only to now wonder if they're going to make rent on time, pay their bills, groceries & other basic necessities of life &  that is no way to enjoy their golden years. They deserve far better; they deserve justice.

Pix 1

From the Be Strong Web site

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