Archive for February 2009

BREAKING NEWS: IPERS Terminates Westridge Capital Management Contract; Says $339 Million May Be At Risk

BREAKING NEWS: IPERS Terminates Westridge Capital Management Contract; Says $339 Million May Be At Risk

UPDATE 5:41 P.M. EST (U.S.A.) The Iowa Public Employees’ Retirement System (IPERS) has terminated its investment-management contract with Westridge Capital Management (WCM) of Santa Barbara, Calif. IPERS’ move comes on the heels of a lawsuit filed Friday by two Pennsylvania universities that sued WCM amid concerns that they potentially had lost $114 million in an […]

Read The National Futures Association Report On Paul Greenwood And Stephen Walsh; Association Asserts Hundreds Of Millions Of Dollars Unaccounted For Amid Suspensions

We’ve previously pointed out that, in recent times, some of the actions filed against financiers and fund managers — and the findings of investigators — have read like works of fiction. On Friday, for example, Irving Picard, the trustee in the Bernard Madoff case, asserted that Madoff appears not to have purchased securities for customers […]

Stanford/Bowdoin: ‘A Tapestry Of Believable Lies’

Stanford/Bowdoin: 'A Tapestry Of Believable Lies'

Hats off to Houston Chronicle writer Loren Steffy, who explained economically why cons work. A con, Steffy explained, works because the con weaves “a tapestry of believable lies.” It’s a pointed, short, highly memorable line that deserves special mention because it puts readers “right there.” Steffy detailed some of disgraced financier Allen Stanford’s lies in […]

BREAKING NEWS: Another Major Probe Imminent Amid Extraordinary Assertion That Fund Managers Took Hundreds Of Millions Of Higher-Education Client Dollars And Left IOUs

BREAKING NEWS: Another Major Probe Imminent Amid Extraordinary Assertion That Fund Managers Took Hundreds Of Millions Of Higher-Education Client Dollars And Left IOUs

UPDATE 10:55 P.M. EST (Feb. 22, U.S.A.) We’ve added to the bottom of this post some information about Westridge Capital’s website, which appears to consist of a single page and is amateur by any modern standard. We’ve also associated a second domain to the company.  It, too, appears to consist of a single page — […]

Words That Should Become The New ‘Shot Heard ‘Round The World’ Spoken By Former CFTC Enforcement Chief

Words That Should Become The New 'Shot Heard 'Round The World' Spoken By Former CFTC Enforcement Chief

By coincidence the words appear in the 13th paragraph of a Chicago Tribune story invoking investors’ sustained lack of luck and reporting on a new series of Ponzi schemes the U.S. Commodity Futures Trading Commission is investigating. The words were spoken by Gregory Mocek, former CFTC enforcement director, and are the most important words spoken […]

DISCUSSION THREAD: CEP Judgments, Ponzis And The Deaf, Noobing, Andy Bowdoin, Surf’s Up, BizAdSplash Surf, More

DISCUSSION THREAD: CEP Judgments, Ponzis And The Deaf, Noobing, Andy Bowdoin, Surf's Up, BizAdSplash Surf, More

UPDATE 2:49 P.M. EST (U.S.A.) At a gathering of creditors today, Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securities, said he could find no evidence that Madoff even purchased securities for customers in the past 13 years. Cash came in — and immediately went out — to sustain the Ponzi, […]

BREAKING NEWS: FBI Serves Papers On Stanford For SEC; Antigua Calls For Calm; BizAdSplash Asks Customers For More Money, Promotes 100 Percent ‘Matching’ Bonus Program

FBI agents today located financier R. Allen Stanford in Virginia and served papers on him at the behest of the Securities and Exchange Commission. Stanford was not taken into custody. The SEC issued a statement: “At the request of the SEC, Special Agents of the Federal Bureau of Investigation’s Richmond Division today located and identified […]

Surf’s Up Deletion Raises Quid Pro Quo Questions

Surf's Up Deletion Raises Quid Pro Quo Questions

UPDATED 1:22 P.M. EST (U.S.A.) Earlier this month a photo of Olympic swimmer Michael Phelps holding a bong sparked a firestorm, which ultimately led to a public apology from the celebrated gold medalist. Phelps subsequently was fired by Kellogg Co. because it cherished its brand and didn’t want the cereal- and snack-eating children of America […]

Noobing Removes References To Rachel Ray, Red Cross From Surf Website; Members Blast Firm In Forums

Noobing Removes References To Rachel Ray, Red Cross From Surf Website; Members Blast Firm In Forums

UPDATE 9:08 A.M. EST (FEB. 19 U.S.A.) After having gone missing yesterday, entries below “Noobing Rotator’s Top Rated Sites” on Noobing’s main page have returned. But previous entries for Rachel Ray, the Red Cross, Omaha Steaks and OrganicConsumers no longer are there. Here, below, our earlier post . . . Controversial surf site Noobing has […]

ASD: A Thimble, A Pinhead And A Quark Before Nothingness

UPDATED 10:21 A.M. EST (U.S.A.) Tomorrow will mark an important anniversary in the AdSurfDaily Ponzi case: the passage of two full months since prosecutors filed a second forfeiture complaint against assets tied to the firm. Neither ASD President Andy Bowdoin nor members of his family from whom property was seized has filed a claim. No […]

BREAKING NEWS: Feds Charge Billionaire Allen Stanford With Running Massive Offshore Fraud Scheme In Antigua

Antigua was very much on the minds of members of AdSurfDaily Inc. after Andy Bowdoin told investigators last summer the company had more than $1 million on deposit in the Caribbean island nation of Antigua, a 108-square-mile country with a history of lax banking standards. The money was not in ASD’s name, according to prosecutors. […]