Is anyone surprised anymore when they learn about another fraud bust, courtesy of Barry Minkow and his Fraud Discovery Institute?
This time it’s Pacific Wealth Management. And it seems that the press has largely ignored this one. The SEC is alleging that Pacific Wealth Management was selling unregistered securities, with the investment offerings ranging from real estate to foreign currency. There were up to 800 investors who mortgaged their houses to invest with this company, and it is believed that they lost millions of dollars.
Here are some excerpts from a letter written to Barry Minkow by Attorney Richard Ackerman, lead counsel for the plaintiffs:
I am writing this letter to convey my thoughts and appreciation concerning the Fraud Discovery Institute’s involvement in assisting me and hundreds of investors in the Pacific Wealth Management fraud case. Your help in bringing the case to the attention of the FBI, SEC and other local authorities is greatly appreciated – yet to date, has gone surprisingly unreported by the media…I want to note three specific incidents where your proactive investigative help proved especially beneficial in the formalizing of law enforcement’s involvement in this case…
The letter goes on to describe Barry’s assistance with an FBI-approved recording of a meeting which was necessary because Pacific Wealth Management was smart enough to not have any printed materials about their investment offering. Attorney Ackerman also praises Barry for his ability to gather documentation in the case, and his continued assistance provided to victims of Pacific Wealth management free of charge. Barry has been responsible for helping several victims recover some of their money.
Hats off to you Barry. What scam artists will you bust next?
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