To: President Donald Trump, The United States House of Representatives, and The United States Senate
Eliminate Financial Fraud
I propose that financial fraud include mandatory criminal charges and that the minimum penalty be the termination of all corporate officers and directors of the guilty firm and a 100% disgorgement of their assets. The severity of this punishment should have all corporate officers and board members radically changing their behavior.
Why is this important?
Financial fraud, manipulation and malfeasance has become the standard operating procedure of the industry. A recent industry survey showed that more than 33% admitted that they have and will commit fraud to generate their personal income. As regulations get more complex, the regulators, SEC, CTFC, Fed simply cannot keep up with the gaming of the regulations by industry participants. I and many others have lost thousands with MFC Global and now Peregrine. Not a single banker or broker or executive has gone to jail. The industry simply pays a fine, that in comparison to their profits is minimal.
It is time for real penalties to stop this fraud.
It is time for real penalties to stop this fraud.