25 replies to this topic

[Robert Gary]

He said he was sorry

Kill someone and get 5-10 years. Steal their money and get 150 years.

[Bill Z]

The story is here:

http://www.news10.ne...p...151&catid=2

A lot more information can be found here: Folsom made the TheRegister.
http://www.theregist...ecurites_fraud/

From the UK link (boldness is my enhancement)

According to the SEC's complaint, Vasallo fooled about about 150 investors — many of whom he met through his church — out of approximately $40m total from May 2004 through November 2008. He allegedly mislead his clients to invest their money in EIMT by claiming he had proprietary trade brokerage software which generated returns of about 3.5 per cent per month with little risk of loss.

Talk about your real slimeball approach to duping investors. An inherent faithful trustworthiness that religious members of the same church will have for each other exploited to make oneself rich at their expense.

[folsombound]

it's not a "ponzi" scheme if it is backed by our government...it's an "entitlement" scheme.

It's not an entitlement if you paid into it!

[Robert Giacometti]

It's not an entitlement if you paid into it!

Unfortunately too many of the payees never paid into it!

[Robert Gary]

It's not an entitlement if you paid into it!

I'm sure all the investors in the recently busted scheme feel the same way. They paid in too.

-Robert

[Terry]

I saw this on the news, and they sort of made fun of the fact that this outfit operated right across the street from our police department

seems like the folks who invest in these too good to be true deals are either greedy, stupid or both.

our police can't feel too bad about missing this one. I read in the city news bulliton that they got over 470 DUI arrests last year. you take the size of our city and compare with what the CHP does they could take a lesson from our boys and girls.

They ought to put up a sign across the street at riley and sutter with the number of arrests made so the folks that come to all those honkey tonks down there could beware or even take their business elsewhere.. but then again all the money from the dui arrests might just balance the city budget

The police would have nothing to do with this at this point, unless they were also dealing drugs out of that same location or something of that sort. These crimes are federals crimes investigated by the SEC, IRS and FBI. So our local police wouldn't be involved based on the current information available regarding the alleged offenses.

[Folsomchick]

[quote name='old soldier' date='Mar 12 2009, 08:59 AM' post='314535']
I saw this on the news, and they sort of made fun of the fact that this outfit operated right across the street from our police department

They weren't making fun of the fact that they were operating right across from the Police Dept. They were pointing out the irony. I thought the coverage was compassionate and I applaud the man they interviewed as being brave enough to allow himself to serve as a cautionary tale.

[MSgt]

Kill someone and get 5-10 years. Steal their money and get 150 years.

Maybe if he would have told them where the money is - his sentence would be lighter. No one knows where the money is. He's not talking.

[mylo]

Maybe if he would have told them where the money is - his sentence would be lighter. No one knows where the money is. He's not talking.

[MSgt]

This should have gone to trial. All kinds of corruption would have been open to the public if it had gone to trial and all the evidence displayed for all of us to see.

[Robert Giacometti]

The police would have nothing to do with this at this point, unless they were also dealing drugs out of that same location or something of that sort. These crimes are federals crimes investigated by the SEC, IRS and FBI. So our local police wouldn't be involved based on the current information available regarding the alleged offenses.

I agree with Terry, this isn't the local police's responsibility to investigate these types of crimes. If they got a complaint I'm sure they would have forwarded them to the proper channels

On the other hand, hypothetically, if there were prostitutes operating out of a massage parlor near the police station, having an extraordinary amount of males to women visit this massage parlor daily and being in business for a couple of years, that might be grounds for some comments and questions.