MORE ALL IN THE FAMILY: PONZIS EVERYWHERE!

  EASY READING CULTURE OF LIFE NEWS:        MORE ALL IN THE FAMILY: PONZIS EVERYWHERE! « Culture of Life N

Yet ANOTHER ‘Goodfellas’ scam operation comes to light!  As with all the previous scams, the guys ginning it up are very friendly and have great reports so long as money is flowing in, not out.  But when the money flows out, suddenly, they have none at all since they do no trades, have no investments and have eaten the entire sums entrusted to them!  Time to visit Paul Greenwood and Seve Walsh, to con artists who should be strung up.

t r u t h o u t | Financiers Used “Hotline” to SEC Examiners

During the hearing, Congressman Lynch said that current and former SEC employees complained to him about the existence of a “hotline” used by Wall Street firms to call directly to top SEC officials to “stop an investigation or slow it down.”

    “The other thing that I keep hearing from some current SEC and former SEC is that there is a hotline. I was told that senior SEC management had actually gone to a financial services industry conference and basically said to the firms out there ‘If you feel that you are being too aggressively investigated, then I want you to call this office,'” Lynch said.

    A February 2005 speech by then director of the SEC Office of Compliance Inspections and Examinations (OCIE) Lori A. Richards before an industry conference appears to back up Lynch’s statement.

    “One unrelated final note I want to mention, we’ve implemented what we call the ‘Exam Hotline.’ The Exam Hotline will be dedicated to receiving calls from members of the regulated community who have a complaint or a concern about an SEC examination,” Richards said to the Investment Adviser Compliance Best Practices Summit, adding “if a member of the regulated community has a complaint or a concern about an examination, they should know where to call for immediate attention.”

In Sherlock Holmes stories is the one about the race horse which was crippled.  And Holmes figured out the criminal was someone close to the stable because ‘The dog didn’t bark.’  Well, the watch dogs at the SEC were muzzled and forbidden to bark no matter how many con artists were hacking away at investors, pension funds and charities.  Today we have several more to add to the Madoff Ponzi party:

 

Pension, college funds mull damage from WG Trading fraud 

Public pension plans and universities are trying to track down their money after the arrests of two highflying fund managers for allegedly stealing up to $550 million from clients, the latest big fraud case to rock the investment world.

New York money managers Paul Greenwood and Stephen Walsh, whose fund operation catered to large investors, are accused of looting client accounts to buy expensive homes, horses, rare books and collectibles including an $80,000 teddy bear, according to court documents.

The two were arrested in New York on Wednesday and charged with criminal conspiracy and fraud. They have not yet formally responded to the charges in court, and are free on bail…

Authorities say that in a scheme that lasted more than a decade, the men misused the bulk of the $667 million that clients had thought was invested in an “enhanced equity index” strategy.

I think we see a pattern!  HAHAHA.  A bunch of glad-handing guys exploit their identity-relations [I have no idea about this crew but we can guess, they have connections of some kind] to tap into retirement funds, charities, bequests, inheritances and savings of trusting individuals.

 

‘He is our friend!  He wouldn’t steal my money,’ is what the victims say.  As I visit the web sites or view the data of the two fake funds set up by these robbers, it strikes me that not only are these like so many previous scam operations, one begins to think, maybe ALL the operations that are similar ARE similar!  In all areas!

 

One of these scam fronts is Westridge Capital.  Of course, the website is down but not out of the internet.  I was able to dig it up from its cyber-grave:

 

picture-814

Westridge Capital is looking for quality investment opportunities in companies that exhibit the following characteristics:

  • Stable cash flows relatively immune to rapid technology change or cyclical fluctuation
  • Strong, defensible market position
  • Good industry growth characteristics and disproportionate growth opportunities for the firm
  • Significant assets, particularly machinery and equipment

Westridge is also interested in select distressed assets, including bankruptcies, underperforming corporate divisions, and overleveraged entities.

Westridge and its limited partners have interests and expertise in a broad set of industries. Given a particular interest in companies with significant asset bases, particularly machinery and equipment, Westridge is particularly focused on the following industries:

  • Aerospace and defense
  • Commercial manufacturing and distribution
  • Consumer durable goods
  • Consumer products, including both branded and private label
  • Industrial and agricultural equipment
  • Transportation equipment

 

Sounds great!  They have ‘cash flow’….into their pockets!  This cash flow was all the chumps running retirement funds, etc, pouring wealth into the maws of these monsters.  And they are buying ‘equipment and machinery’.  Sounds like something solid!   Of course, these wacks never expected some desk-bound paper pusher to go look for these machines and ask questions about the equipment these guys were supposedly investing in.

 

Westridge Capital Management – Santa Barbara, California (CA) | Company Profile

Business Information

This company profile is for the private company Westridge Capital Management , located in Santa Barbara, CA. Westridge Capital Management’s line of business is investment management service.

Company Name: Westridge Capital Management    

Address: 222 E Carrillo St Ste 300, Santa Barbara, CA 93101-7149 (Map)
Alt Business Name:  
Location Type: Single Location
Est. Annual Sales: padlock icon View Details
Est. # of Employees: 3
Est. Empl. at Loc.: 3
Year Started: 1983
State of Incorp: CA
SIC #Code: padlock icon View Details
Contact’s Name: James Carder
Contact’s Title: President
NAICS: Office Administrative Services

 

Look at the information here!  Santa Barbara is an artist/rich person community like Palm Beach, not the locus for investment dealing.  It is pretty distant from locations where ‘machines and equipment’ usually are.  Which happens to be China, at this point!

 

And look at the employees!  Just like Madoff and Stanford’s operations: virtually empty of all employees!  I bet the bank robbers who built the fake chimney had more people involved!  Goes to show: the real crooks like to keep maximum loot for themselves!  Now, let’s visit the other side of the country where the other half of this scam operated:

 

Wg Trading Company Limited Partnership – Greenwich, Connecticut (CT) | Company Profile

Business Information

This company profile is for the private company Wg Trading Company Limited Partnership headquarters, located in Greenwich, CT. Wg Trading Company Limited Partnership’s line of business is stock brokers and investment advisors.

Company Name: Wg Trading Company Limited Partnership    

Address: 1 E Putnam Ave Fl 4, Greenwich, CT 06830-5429 (Map)
Alt Business Name:  
Location Type: Headquarters
Est. Annual Sales: padlock icon View Details
Est. # of Employees: 26
Est. Empl. at Loc.: 6
Year Started: 1990
State of Incorp:  
SIC #Code: padlock icon View Details
Contact’s Name: Stephen Walsh
Contact’s Title: General Partner
NAICS: Securities Brokerage

 

6 employees at headquarters!  Double the number in the California half of the scam!  Bet they are all related.  Just like with Madoff, these criminals prefer to keep it Mafios-like: all in the family.

 

Pension, college funds mull damage from WG Trading fraud | U.S. | Reuters

 

The pension fund said it recovered about $5 million of its Westridge investment following news on February 12 that Greenwood and Walsh had been suspended by the self-regulating National Futures Association for not cooperating with an audit.

 

Why on earth are these crooks ‘self-regulated’?  Eh?  It is like having ‘self-regulated’ highway robbers or muggers.  A mugger’s union, for example?  This is one of the several ‘self-regulated’ entities that should be terminated or run by cops. 

 

National Futures Association – NFA is a regulatory service provider for the derivatives markets

NFA’s responsibility to safeguard market integrity and protect the public interest begins with the screening and registration of all firms and individuals who want to conduct futures-related business with the public. 

One of the first things any investor should do before trading futures is conduct a background check on the firms and individuals offering these products. Using NFA’s Background Affiliation Status Information Center (BASIC), investors can quickly and easily check the registration status and disciplinary history of every firm and individual conducting futures business with the retail public. 

National Futures Association | NFA Manual / Rules

NFA is a not-for-profit membership corporation formed in 1976 to become a futures industry’s self-regulatory organization under Section 17 of the Commodity Exchange Act. Section 17 was added to the Commodity Exchange Act by Title III of the Commodity Futures Trading Commission (“CFTC”) Act of 1974 and provides for the registration and CFTC oversight of self-regulatory associations of futures professionals. NFA’s formal designation as a “registered futures association” was granted by the CFTC on September 22, 1981 and the first of NFA’s regulatory operations began on October 1, 1982.

Obama just installed a new Commodity and Futures Trading official.  I suggest giving the guy a gun and a badge and tell him to clean up Dodge City.  Here is a sampling of lesser evils doing the Ponzi scheme dance just this week alone, none of them were half a billion like the duo at the top of the story and none are $50 billion bastards, but they are all destroying the economic system:

 

Anthony Ramunno, Jr., formerly of Alpharetta, Georgia, and His Company, Renaissance Asset Management LLC, Fined and Sanctioned in a $21 Million Ponzi Scheme

 The U.S. Commodity Futures Trading Commission (CFTC) announced that a federal district court has ordered Anthony Ramunno, Jr. formerly of Alpharetta, Georgia, to pay a $5.8 million civil monetary penalty for operating an illegal commodity pool Ponzi scheme in which over 90 public investors lost over $21 million. The district court also issued a similar order against Renaissance Asset Management LLC(Renaissance), the company through which Ramunno operated his scheme. That order requires the company to repay investors $21.2 million of the funds they had lost, imposes a civil monetary penalty of $5.8 million, and bans the company from trading commodity futures.

Both orders were entered by U.S. District Court Judge Jack T. Camp in the Northern District of Georgia on February 13, 2009. Judge Camp had previously entered an order of permanent injunction against Ramunno on January 23, 2008, in which the court permanently banned Ramunno from trading commodity futures and banned him from registration with the CFTC.

 

CFTC Charges Idaho Resident Daren L. Palmer with Operating $40 Million Ponzi Scheme

The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged Daren L. Palmer of Idaho Falls, Idaho, with operating a Ponzi scheme involving approximately $40 million in connection with the unregisteredTrigon Group, Inc. commodity futures pool.

The CFTC’s complaint, filed on February 26, 2009, charges Palmer with solicitation fraud and misappropriation of pool funds for personal use and for use in running a Ponzi scheme. In addition, Palmer is charged with sending customers false account statements and failing to register with the CFTC as a commodity pool operator. In conjunction with the CFTC’s filing, the Honorable Edward J. Lodge of the United States District Court for the District of Idaho issued a restraining order freezing defendants’ assets and preserving records. Judge Lodge set a hearing on the CFTC’s motion for preliminary injunction on April 23rd at 9:30 a.m.

With the new head of the CFTC, we shall finally get some government rules.  Letting the ‘market’ decide is OBVIOUSLY STUPID.  Governments have a role in life: they restrict, control and tax commerce.  Otherwise, it is ‘buyer beware’ and who wants that?  How about remembering all the poisoned food of this last year, just for example?  

 

Here are the proposed rules:

 

CFTC Proposes to Amend Reporting Requirements for Commodity Pool Operators

The Commodity Futures Trading Commission (CFTC) has proposed to amend its regulations regarding periodic and annual reporting requirements applicable to commodity pool operators (CPOs). The proposed changes would:

• specify detailed information that must be included in the periodic account statements and annual reports for commodity pools with more than one series or class of ownership interest;

• clarify that the periodic account statements must disclose either the net asset value per outstanding participation unit in the pool, or the total value of a participant’s interest or share in the pool;

• extend the time period for filing and distributing annual reports of commodity pools that invest in other funds;

• codify existing Commission staff interpretations regarding the proper accounting treatment and financial statement presentation of certain income and expense items in the periodic account statements and annual reports; codify exemptions staff has provided to CPOs that operate offshore funds that elected to use non-United States GAAP in the preparation of pool financial statements;

• streamline annual reporting requirements for pools ceasing operation; and

• clarify and update several other requirements for periodic and annual reports prepared and distributed by CPOs.

 

Paper reports are a necessary evil!  We need this to track things!  Look at how these unregulated idiots simply used money they were supposed to invest, to buy the illusion of wealth for themselves!  I suspect this massive financial collapse is very much due to the House of Wealth being eaten by these termites!

ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ

EMAIL ADDRESS:

emeinel@fairpoint.net

MAILING ADDRESS:

EMS NEWS

P.O. BOX 483

BERLIN, NY 12022

Make checks out to ‘Elaine Supkis’

 

CLICK HERE

TO DONATE TO THIS WEBSITE


11 Comments

Filed under .money matters

11 responses to “MORE ALL IN THE FAMILY: PONZIS EVERYWHERE!

  1. DeVaul

    I am ashamed to say that my father was a part of all these lesser ponzi schemes as he set up one insolvent insurance company after another for most of his life. He was enabled by his wife and others who wanted a slice of the pie. And like all con-men, my father could talk to anyone and make them feel like they were his friend. He was Irish, afterall.
    :
    Fortunately for me, I learned most everything I know from my grandfather. He told me to never put a dime in the stock market and not to trust banks unless you knew the banker personally — and then be very suspicious and always check on your money. He was from a German family.
    :
    I cannot for the life of me understand why anyone would invest in the stock market. I know most have no choice regarding their 401k’s, but the rest are essentially giving their hard-earned money to people who they have never met, whose faces they have never seen, whose names they do not know, and whose pasts they are totally ignorant of.
    :
    And they expect these strangers to “grow” their money! It is madness.

  2. if

    PONZIS EVERYWHERE!You can not expect from the spider to dimount its web.
    BORROWING FROM PETER TO PAY PAUL
    http://tinyurl.com/alz97r

  3. RobG

    Elaine, I have been a contributor to the financial news ‘yellow journalism’ as others. But it is probably time now that you focus on the epic tidal forces at work. It matter naught whether a Hedge implodes, or a gnome is arrested. I fear it is now time that the elites have thrown ‘all in’ and it may not be enough to save Citi or BOA. I implore that you now analyze what will come of their efforts – if they fail – if they forestall – and what may become after. At this point – thanks to your superb efforts to instill historical perspective – I fear we may endure a depression lasting decades. As Daniel wrote Mene Mene Tekel Parsin – it has be foresworn: “MENE, God has numbered the days of your kingdom and has finished it. TEKEL, you have been weighed in the balances and have been found deficient. PERES, your kingdom has been divided and given to the Medes and the Persians.” -RobG

  4. rockpaperscizzors

    Gee Elaine, I uh hate to burst your bubble about the new Obama pick for the CFTC. Gary Gensler is an alumni of Goldman Sachs. Washington Post has an article “What Went Wrong” dated 10/08. To summarize, he’s a Rubin protege’ along with the Clinton cabal of; Larry Summers, green wizard – greenspan and Levitt who torpedoed Brooksley Born. Born headed the CFTC and in 1998 sounded the alarm on derivatives.

    Excerpt: “Unlike the commodity futures regulated by Born’s agency, many newer derivatives weren’t traded on an exchange, constituting what some traders call the “dark markets.” There were now millions of such private contracts, involving many of Wall Street’s top firms. But there was no clearinghouse holding collateral to settle a deal gone bad, no transparent records of who was trading what.

    Born wanted to shine a light into the dark. Greenspan, Rubin and Levitt were determined to derail her effort. Born’s agency did not have legal authority to regulate swaps, the three men believed, and her call for a discussion had real-world consequences: It would cast doubt over the legality of trillions of dollars in existing contracts and create uncertainty over how to operate in the market. Once she took a position, she would defend that position and go down fighting. That’s what happened here,” […]A dubious Lugar opened the hearing by telling Born: “It is unusual for three agencies of the executive branch to propose legislation that would restrict the activities of a fourth.”

    Born would not yield. She portrayed her agency as under attack, saying the Fed, Treasury and SEC had already decided “that the CFTC’s authority should instead be transferred to and divided among themselves.”

    Greenspan shot back that CFTC regulation was superfluous; existing laws were enough. “Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary,” he said. “Regulation that serves no useful purpose hinders the efficiency of markets to enlarge standards of living.”

    LTCM a huge hedge fund went under. Two days later, Born warned the House Banking committee: “This episode should serve as a wake-up call about the unknown risks that the over-the-counter derivatives market may pose to the U.S. economy and to financial stability around the world.” The battle left Born politically isolated. In May 1999 Born quit. In November, Greenspan, Rubin, Levitt and Born’s replacement, William Rainer, submitted a Working Group report on derivatives. They recommended no CFTC regulation, saying that it “would otherwise perpetuate legal uncertainty or impose unnecessary regulatory burdens and constraints upon the development of these markets in the United States.”

    At the time Gensler worked as assistant secretary of treasury under Rubin and then Summers.

    Excerpt from yahoonews; In his May 1999 testimony on the reauthorization of the CFTC, Gensler told a House panel that the $70 trillion worldwide derivatives market “shows the vibrancy and the importance of this market for all sorts of participants to hedge their risks and transfer risks,” including grain producers and homeowners.

    “We should recognize that and put the burden on those who are suggesting changes and further regulation, put the burden on them before we tamper on some of the successes of this marketplace for the economy,” he said. “The swap exemption reflects the implicit consensus that has existed for the past 10 years: swap transactions should not be regulated under the CEA. It is our view that swaps are not futures under the CEA and that the CEA, because of its rigidity, is not well-suited to regulation of the institutional swaps market.”

    There’s a good Financial Regulation Timeline at
    http://www.netrootsmass.net/selise/financial-regulation-timeline
    It begins; June 7, 1987 – The NYT reports “Treasury now favors creation of huge banks”. Top officials at the Treasury Department have concluded that the Government should encourage creation of very large banks that could better compete with financial institutions in Japan and Europe. The Treasury plan, which would permit the acquisition of banks by large industrial companies, was also endorsed by Alan Greenspan”

    Timeline ends November 2008

    Gensler worked at Treasury from 1997 to 2001, before serving as an adviser to former senator Paul S. Sarbanes, D-Md. (1977-2007) on the 2002 Sarbanes-Oxley Act (PL 107-204), which overhauled corporate accounting rules. Earlier in his career, he spent nearly two decades at Goldman Sachs.

  5. Gary

    “I said, Mama, I’ve come to the valley of the rich
    myself to sell
    she said oh no son
    you’ve stumbled upon the road to hell”

  6. emsnews

    Rockpaperscissors, you are correct. Who ISN’T tainted at this point? They all are. Certainly, no outsiders are allowed to poke around! This is why I am a pessimist, in the end. I ask, ‘Why do all empires, without exception, rot the exact same way?’ This is the question and there are darker ones.
    .
    If typing on this old computer doesn’t drive me totally insane [it is SO SLOW], I will write about the Seven Fatted Cows and the Seven Starving Cows. They are a major key to understanding economic systems and are, nearly without a doubt, the oldest economic stories I can think of.

  7. Simon

    the story where Hebrews taught the Egyptians how to store their grain?
    🙂

  8. nah

    the old give everyone a million dollars trick
    .

    .
    again

  9. reality

    Bailout 2008, a poem by David Jeffrey:

    Like a bloodied warrior,

    laying broken and torn.

    Like a dying soldier, hopeless and forlorn.

    But the blood, it be green,

    the color of money.

    And the soldier is an economy,

    and it is anything but funny.

    Broken are it’s people and shattered are their dreams.

    Thanks to the ultra rich and their full proof schemes.

    It is a tragedy with more pain to come.

    Finance will be Hell, and their wills will be done.

    http://www.voicesnet.org/allpoemsoneauthor.aspx?memberid=982900010

  10. Impatient Patriot

    rockpaperscizzors — February 28, 2009
    Bravo! good stuff, well maybe not good but great information.

  11. emsnews

    I just put up the 7 cows story. Want to look into the Rockpapersscissors story. Heh. I heard that scissors cut rock! Right?
    🙂
    Anyway, I wish we had outsiders poking around in the systems. We have way too many insiders at work here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s