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Anyone got testimony of Trevor Cook??
Posted: Saturday, August 13, 2011

Posted: 10/10/2010 8:28:57 PM

By: jurisper

I think there's a spectrum. Anybody who is a professional fiduciary should be tarred & feathered for putting client money ionto something like this, and it should be made easier for those clients to sue them in cases where they have not done basic diligence.

But at the other end of the spectrum, I quote this from the article:


“I was walking down the stairs, and on the first floor they had a big conference room,” Mr. Schlobohm recalls. “There sat no less than 25 women, all north of 65 to 70 years old, at an investment seminar where one of the salesmen was waxing poetic about the strategy. I was fairly certain at that point that I was looking at some degree of fraud.”


In any case, my point about no enforcer/regulator having the right to claim a "victory" here still stands. If regulators/enforcers aren't in the business of stopping frauds, then they should come out and say that.

Posted: Saturday, August 13, 2011

Posted: 10/10/2010 3:48:21 PM

By: David Marchant

Ultimately, investors have to bear responsibility for failing to do any adequate due diligence.

As the article stated: "It had taken him just a few Google searches to discover that the fund’s manager, Trevor G. Cook, had been suspended twice by the National Futures Association and been fined $25,000 for using false information to open a trading account for a customer."

If investors can't be bothered to do a free Google search on someone prior to investing their life savings, they must bear the ultimate responsibility for their loss.

It is unrealistic to expect regulators and/or law enforcement to protect you.

Posted: Saturday, August 13, 2011

Posted: 10/10/2010 2:54:57 AM

By: jurisper

On a tangent, see NYT story today about a guy who wore a wire to help get Cook convicted:

Once again, a ponzi scheme which ran until redemptions shut it down, with the feds just coming into sweep up after all the money was gone. No regulator or enforcement agency should be allowed to get away with claiming this as a "victory".

(There was ample opportunity for them to actually achieve a victory, by shutting it down before the redemptions surge & so limiting the number of victims. They didn't do it.)

My other comment: how many people would be willing to do what the guy in this story did? I doubt that the story will induce many more to wire themselves up, given that his great efforts were used just to help clean up the spilled milk, not to avoid spilling it.

Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 10/6/2010 6:06:31 AM

By: Hunter

I would like to read this.

Trevor Cook recently testified under oath for nearly two hours about overseas bank accounts, wire transfers, offshore business entities, and a number of former business partners, ...

Posted: Saturday, August 13, 2011

Posted: 10/11/2010 10:55:00 AM

By: David Marchant

I know from personal experience that it is virtually impossible to talk someone out of making an investment, no matter how ridiculous it is, if they think there is easy money to be made.

On two separate occasions, I have had regular people on the telephone to me telling me that they are one of a handful of people who know about a secret part of the world's banking system that was going to make them wealthy - without assuming any risk or, in fact, doing any work. I couldn't talk them out of it.

On another occasion, I tried to help a retired couple by informing them (free of charge), through their representative, that the Grenada offshore bank they were thinking of placing their life savings with had been exposed by OffshoreAlert months before and was a fraud. They went ahead anyway and the bank inevitably went bust a short while later and they lost their money.

Instead of listening to me, they said they prayed to God for a sign that they should not invest and, when such a sign was not forthcoming, they invested.

That's what we're dealing with here. Utter greed and stupidity which is nigh on impossible to overcome through rational discussion.

I would like to see some sort of Basic Finance course taught in school as a mandatory aspect of a national curriculum. People need to learn at a young age that risk is directly proportional to reward and, generally, there is no such thing as free and easy money. It must be earned.

Posted: Saturday, August 13, 2011

Posted: 10/11/2010 8:51:25 AM

By: Authorities can do more ....

Authorities should do more -- Maybe one can argue that they can't stop investors (church members, family, friends, etc.) from getting sucked into a scam but given how long it takes to investigate these scams, I don't understand why authorities can't be more aggressive and take immediate action to warn that a program is a scam. Global Investments (HYIP mentioned in KYC Story Library involving David Tedder, William Pierce, others) took in money long after it was reported to authorities. It took in money while authorities presented information to the grand jury and investigated and presented information to the grand jury and investigated ... No warnings, no letter to investors informing them it was a scam, etc. Would it have made a difference if authorities took immediate action to warn about Global Investments - might have because I know for certain that one investor paid attention to articles written by David Marchant and decided not to invest more. Seems the articles did what I think authorities should have done which is warned investors about Global Investments being a scam and been more aggressive about stopping Global Investments in its tracks.

Posted: Saturday, August 13, 2011

Posted: 10/10/2010 8:55:39 PM

By: David Marchant

But it seems to me that regulators and/or law enforcement did take action against Trevor Cook. In fact, action was taken against Cook by the NFA before he even set up this latest scheme.

It is unrealistic to expect regulators and law enforcement to catch every crook before they do any damage to victims.


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