Saturday, June 8, 2013
David Michaels - Securities Scumbag in BCSC Spades
For investors, the investments were disastrous: “Almost all of the roughly $65 million invested by Michaels’ clients is now worthless, leaving many of them destitute while their home-equity loans remain,” the notice alleges.
"In June 2010, I reported what Michaels was doing, but BCSC officials did nothing. According to the notice of hearing, he continued to sell these products for at least another six months. The bottom line is that commission officials not only created the environment for these sorts of predatory practices, they dragged their heels when it became obvious what Michaels was doing."
It amazes, truly. Top two dogs at the BCSC pull down over $ 1m and thats before expenses. How can the wolves ever protect the sheep? They can't and the BCSC should have been overhauled 20 years ago. If it had utter scum like Mr. Michaels wouldn't have been soooooo sickeningly successful.