"A list of suckers is a valuable commodity," says David Marchant, whose Miami Internet newsletter operation, KYC News (as in "know your customer"), exposed Imperial's problems, then smoked out the principals behind Matrix...

... Thus, Garrett was aghast when Matrix Investigations popped up in 2002 with an official-looking Web site and a propaganda campaign against Imperial's receivers, David Marchant of KYC News and even himself. A Matrix screed, for instance, claimed Garrett tried to set up a meeting with Imperial founders Brook and Fraser to "tell their side of the story" and enlist their help in pursuing "third party lawsuits," as well as claims that Garrett was himself running an advance-payment recovery scheme...

... But where there's opportunity, opportunists arise, even among watchdogs. Newsletter editor Marchant is organizing the third year of his "Due Diligence & Asset Recovery Symposium." Price: $1,795 per head.