Top Credentials Will Lead You Astray

Federal prosecutors in Minnesota have accepted a guilty plea in an investment fraud case that cries out for a fresh discussion of credentials — what they mean and what they don’t.

Kirk S. Wright earned a master’s degree in public policy from the Kennedy School of Government at Harvard University in 1995.  Thirteen years later, on May 24, 2008, he hung himself in his cell at the Union City jail near Atlanta after being convicted of defrauding hundreds of people out of more than $185 million.  - The Vigilant Investor, p. 42.

Marc Dreier has impressive credentials. After earning an undergraduate degree from Yale and a law degree from Harvard, Dreier worked at some of New York’s most prestigious law firms before opening his own firm, Dreier, LLP in 1996. — The Vigilant Investor, p.116.

I begin this post with those two quotes from The Vigilant Investor because this post is about credentials. Federal prosecutors in Minnesota have accepted a guilty plea in an investment fraud case that cries out for a fresh discussion of credentials — what they mean and what they don’t. According to InvestmentNews: (more…)

Financing at Too High a Price

Without that evaluation you can find yourself wasting time and resources on deals that will bring either nothing or financial ruin.

Wesley Wayne Austin had done this kind of thing before. It wasn’t the first time that he’d faced charges of investment fraud. This time it was a $3.3 million advance fee loan scam whereby Austin and his partner, Kenneth Michael Cahill, charged exorbitant fees to business people looking for financing. According to ArgusLeader.com: (more…)

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