State securities regulators are still investigating, but they are convinced he bamboozled some of Arkansas' wealthiest sons.
State securities regulators, I believe, have to some extent presumed that corporate pensions were adequately regulated on the federal level.
In a speech before the state securities regulators I observed that pension scams are far more complex than retail scams.
FORBES: Freakonomics: The Hidden Side of Managing Money ( September 2, 2005 )
Let me count the ways, starting with state securities regulators as represented by the North American Securities Administrators Association ( NASAA).
Last year the SEC and some state securities regulators warned that they have become vehicles for Ponzi schemes and other frauds.
In June I was invited to speak at the state securities regulators annual conference and advise regarding ramping up scrutiny of pensions at this time.
When state securities regulators checked up on brokers under their supervision recently, they opened a window on what investors can expect in terms of worst practices.
State securities regulators, at-will employees trained to stay clear of political quagmires and state Attorneys General, who are elected, have assiduously avoided investigating public pension abuses.
FORBES: CalPERS Criminal Prosecutions Needed To End Public Pension Fraud
By the way, if you believe (as many Madoff investors in litigation claim they did) that the SEC or state securities regulators review investment managers for merit, get over it.
FORBES: Develop a "Fiduciary Response" or You Will Get Scammed
In June I was contacted by law enforcement regarding certain pension consultants and I also was invited to speak specifically about pension matters at the annual state securities regulators conference.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
Salomon Smith Barney and at least ten other brokerage houses, including Goldman Sachs (nyse: GS - news - people ), remain under investigation by both state securities regulators and the SEC.
Data regarding millions of nationwide brokerage firm customer complaints is not disclosed to the public, despite the fact that state securities regulators, the SEC and National Association of Securities Dealers, each keep such records.
FORBES: Misdeeds of Stockbrokerages Under-reported (July 1, 2002)
Most state securities regulators are still standing on the sidelines scratching their heads wondering if they should have relinquished so much turf to the SEC and NASD over the years but afraid to take action.
That probe drew together a widening net of inquiries into securities firms' practices in the bubble years of the late 1990s, including those by the National Association of Securities Dealers and many other state securities regulators.
Because the SEC has not finished writing the rules that would allow crowd-funding under the JOBS Act, these investments were only available to residents of California and New York state, when the Mosaic team has been working with state securities regulators.
However, by placing unnecessary limits on the ability of state securities regulators to protect retail investors from the risks associated with smaller, speculative investments, Congress risks enacting policies that, although intended to strengthen the economy, will likely have precisely the opposite effect.
Investors can verify background of registered representatives and their firms by contacting a home state's securities regulators, usually located in the state capital, or online at www.nasdbrokercheck.com, a website run by the National Association of Securities Dealers.
Since my initial whistleblower experience I have investigated and blown the whistle on lots of investment scams involving firms I was never employed by, generally by contacting state and federal securities regulators and law enforcement on behalf of pension investors.
If anything, investors have more opportunity to complain, since there are two national bodies overseeing advisors, and two in each state (insurance and securities regulators).
FORBES: Surprise: Financial Advisors, Rogues to Some, Are Actually Decent Folks
The redemption dispute between Pine Street and Southridge is the latest development in a struggle that appears to have gone on for years between Southridge and its investors, eventually leading to the involvement of state banking and federal securities regulators.
FORBES: Billionaire Leon Cooperman Has Cash Stuck In Controversial Hedge Fund
Heath Abshure, the current president of the North American Securities Administrators Association (NASAA), a state regulators group, recently told one of the leading securities industry trade groups that small investors need the freedom to sue their brokers.
Under his real name, he (or his companies) had been hit with cease-and-desist orders from state regulators for selling unregistered securities in Texas, Pennsylvania, Ohio, Missouri, Iowa, Kansas, Wisconsin and Nevada.
The Securities and Exchange Commission and state regulators are looking into how individual investors were treated in the Facebook deal.
WSJ: Facebook Faces Lawsuits, Arbitration Over Its Initial Public Offering
It recently revised its narrow securities statute into a broad state consumer protection law that allows regulators to shut down boiler rooms without first trying to figure whether what they are selling is a security.
Under the JOBS Act, websites that want to act as crowdfunding investment platforms will have to register with the Securities and Exchange Commission, which must work with state regulators to make sure that all such crowdfunding is sound.
Last year a group of state insurance regulators hired PIMCO to replace rating agencies in analysing mortgage-backed securities held by firms they oversee.
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