Tuesday, April 10, 2007

How Not to Invest! "Econ Prof loses $134 million" & falsifies reports to clients....

A timely loss of memory: "According to a suit filed by the Securities and Exchange Commission last week, the reports that investors received were false and the money invested — about $134 million — is almost all gone. As SEC investigators attempted to question Parish, he claimed to be suffering from amnesia and checked himself into a hospital".

Please, please, please, people, do not ever invest in as gullible a fashion as this man's poor clients. You want to see regular statements from a known third-party asset custodian, or maybe audited numbers in some very few cases. If it just seems too good to be true, it probably isn't. You want to know where the alleged trading is taking place.

From Inside Higher Ed, via Michael Stastny's Mahalanobis Alpha Omega blog

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