SEC sues Professor and Lawyer for Securities Fraud

27 05 2009

I am glad I didn’t have this professor for Business Ethics.  To top it all off, it seems as they used their students as employees to further their scheme. From Star-Telegram:

Using forged bank records, the men made it appear that a company they controlled was earning spectacular returns from such trades, the lawsuit says. As a result, the suit says, since at least July 2006 more than 60 investors bought stock in the company, Global One.

The SEC obtained an emergency court order to freeze the assets of Robert D. Watson, who taught at A&M from January to April, and attorney and CPA Daniel J. Petroski of Houston. A court-appointed receiver will try to recover assets.

I will soon get around to writing my large, long awaited article on Ponzi schemes and how to avoid them.  It may seem like old news, but most Ponzi schemes often start when the market is down, so now is a prime opportunity for shifty individuals to take advantage of ordinary people.

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