JG, I've been wading through SEC prosecutions sec.gov
and I cannot believe how many illegal scams are prosecuted and I guess therefore how many get away.
Reading through them, I'm surprised that Carrie Lee and the WSJ.com would think that this discussion, dehypothecation and massacre plan could possibly be illegal. I guess she needed to beat up a story and this one looked interesting and was sticking right out there with flashing lights on top! Then she just needed to embellish the story a little by attaching some little devil horns to the top of my head and drawing me with one of those tridents, stabbing into 'investors' to mortally wound them.
The prosecutions are encouraging and I think part of the reason the USA does so well. Other countries are very lax on securities and various swindles. The many prosecutions keep the USA very clean and attractive to investors like myself and many others I know who have given a great big vote of confidence to the USA with their life's savings.
Is this one any relation?
<SECURITIES AND EXCHANGE COMMISSION v. WILLIAM GOREN, NEW AGE FINANCIAL SERVICES, INC., and NEW TIMES SECURITIES SERVICES, INC., U.S. District Court, E.D.N.Y., No. CV 00 970
The Securities and Exchange Commission today charged William Goren, a Long Island financial adviser, and two firms he controlled with a $35 million Ponzi scheme conducted over more than 10 years. Named in the Commission's Complaint filed in the U.S. District Court for the Eastern District of New York are:
William Goren, age 54, of St. James, New York;
New Age Financial Services, Inc. ("New Age"), a financial planning firm controlled by Goren and located in Melville, New York, with offices in Croton-on-Hudson, New York and Manhattan; and
New Times Securities Services, Inc. ("New Times"), a registered broker-dealer controlled by Goren and located in Melville, New York. New Times was charged as a relief defendant only, due to its receipt of proceeds from the fraud.
The Complaint alleges as follows:
Goren defrauded hundreds of investors, causing losses believed to exceed $35 million. Goren, often acting through New Age, sold promissory notes to investors and represented that the funds raised would be invested in various ways, including "venture capital." Goren generally promised a return of 12% to 25% on the notes, although he sometimes promised as much as 30%. Goren also sold interests in a non-existent money market fund that he called the "New Age Securities Money Market Fund."
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