Florida Legislators Introducing Bills to Stop Investment Fraud
Concerns over the increasing number of investment fraud schemes being uncovered have spurred Florida’s lawmakers to introduce legislation they hope will protect investors.
Two southwest Florida lawmakers, Representatives Tom Grady and Senator Garrett Richter, have collaborated with Florida attorney general Bill McCollum to introduce a bill known as the Florida’s Securities and Investors Protection Act. The proposals aim at enhancing the attorney general's powers to begin investigating possible fraud sooner. Prosecutors will need less proof to pursue a case, enabling them to easily crack down on any violations that come to their attention. The bill will also provide for stricter registration requirements for investment advisers and brokers.
Florida has been hit particularly hard in the recent series of investment fraud scandals that have come to light. The victims of Bernie Madoff's scheme included a large number of retirees who invested their funds in the scheme and moved to Florida to live out their golden years. Soon after in January, hedge fund manager Arthur Nadel surrendered in Tampa after leading investigating officers on a cross country chase. Nadel is being sued by federal regulators for inflating investment values in the funds he managed by approximately $300 million.
According to attorney general McCollum, the current system to investigate investment fraud in Florida is in dire need of change. Under the present system, prosecutors cannot interfere in a case until the financial regulation office refers it to them. The new bill allows the attorney general's office to initiate civil investigations.
A lack of attention and poor regulatory practices, both at federal and state levels, has allowed the likes of Madoff, Nadel and more recently, Allen Stanford to continue their fantastical schemes with no fear of getting caught. Their schemes remained under the radar as long as the economy was fine and credit was flowing freely. The credit squeeze has exposed a number of these schemes, audacious Ponzi schemes for the most part.
Investment Fraud Attorney
Pursuing claims in an investment or securities fraud can be a complex affair. Authorities may have access to more than one source for dispensing compensation and the amount of compensation for each investor who lost money can vary.
A professional investment fraud attorney can help you recover damages from all sources possible. If you have lost money in a fraudulent scheme, contact an investment fraud attorney at Arnold & Itkin LLP for a free evaluation of your claim.
WHAT IS A PONZI SCHEME?
According to SEC filing dated October 30, 2006 - Sidney D. "Trip" Camper was fired from Elandia Inc. when the Ahkoy family fell victim to investment fraud headed by Elandia's Allen Stanford and Trip Camper. Forced to resign by Allen Stanford himself (see SEC link below), Trip Camper moved on to his next victim, a private company in Los Angeles. In true School of Stanford form, Trip Camper promised to take the private company public. Instead, Trip Camper recruited a new partner in crime, Ed Berkhof and together they formed a "shell" holding company, milked the private company of thousands of dollars, illegally obtained company stock and pretended to be the company owners- and owners of all the assets. By pretending to own the company's assets, Trip Camper and Ed Berkhof worked to dupe private investors out of capitol that they used to pay themselves and their creditors. This is a Ponzi Scheme. Instead of taking the company public, Trip Camper and Ed Berkhof spent thousands of dollars, took a trip to London on a company American Express card, performed a hostile takeover, and ruined the honest, profitable company. Since then, the Ahkoy family is suing Elandia Inc., Allen Stanford is in Federal prison, and the FBI is seeking out Allen Stanford's network of thieves. Don't let this happen to you.
http://www.secinfo.com/d14D5a.v6Q98.c.htm
ENOUGH IS ENOUGH!!!! Recent articles state that "FMC Telecom is adding SMS to the company fold". This is nothing but MORE name-dropping and empty technology dribble to form ANOTHER "shell" holding company for Ed Berkhof. Who does he think he is? Allen Stanford? Florida Ponzi schemer, Ed Berkhof and fellow Ponzi schemer, Sidney D. "Trip" Camper used name dropping, donations to St. Jude's, and falsified tax documents to gain trust and get private investors to hand over thousands of dollars in cash, company paid trips to England, and ultimately control of their company. Ed berkhof is NOT a president or COO of anything - Ed Berkhof is a third rate bass player looking for another victim to give him money so he can pay his creditors = PONZI. Google "SEC Trip Camper Elandia resignation letter" . Frank Cassidy is either a NEW partner in crime for Ed Berkhof OR he is simply ANOTHER victim fallen prey to Ed Berkhof. The FBI has nabbed Allen Stanford and is now looking for the rest of Allen Stanford's den of investment scammers like Sidney "Trip" Camper and Edward Berkhof. Don't let this happen to you.