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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Anthony@Pacific who started this subject11/25/2001 9:14:22 PM
From: Mark Davis   of 122087
 
A Yen For A Little Thievery

There's an odd silver lining to the attacks on the World Trade Center: Two firms headquartered there were purported to be embroiled in a massive investor scam. Evergreen International Spot Trading, a currency trading outfit, and First Equity, its clearing firm, allegedly devised an international boiler-room scheme that cheated investors out of $100 million.

According to charges filed by the U.S. Attorney's office, Evergreen used cold-calling to convince investors to trade in foreign currency, while allegedly lying about its performance record. Most of the investors' money later was secretly channeled to bank accounts in Hungary and Austria, where the obliging folks at Evergreen and First Equity withdrew it for their own use and to pay millions of dollars in employee bonuses.

The alleged scheme fell apart after Sept. 11 when investors started asking about the safety of their investments. Executives at the firms allegedly lied to them, but after meetings at a Brooklyn golf course and restaurant, couldn't agree on how to cover up the thefts. ("Awright, awright! Criminy! Wouldja just pass the salt then?")

The government says the heads of the two firms face up to five years in prison for mail and wire fraud and up to 20 years for money laundering, plus heavy fines. First Equity president Gary Farberov has reportedly pleaded not guilty, and Evergreen founder Andrei Koudachev is now a fugitive.
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