Guilty plea expected from head of Lau...

Guilty plea expected from head of Lauderdale firm for $1 billio...

There are 47 comments on the South Florida Sun-Sentinel story from Oct 20, 2006, titled Guilty plea expected from head of Lauderdale firm for $1 billio.... In it, South Florida Sun-Sentinel reports that:

The former president of a Fort Lauderdale firm accused of cheating investors out of nearly $1 billion is set to plead guilty to securities fraud Monday, according to court files.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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ANONYMOUS

Las Vegas, NV

#1 Oct 20, 2006
What is it about S.Fla that makes fraud so prevalent.It's a miracle any real business gets done.Are some people so warped that fraud -though tougher to get away with than being a good egg-is just so irresistably sexy? Sad...and amusing at the same time.
ST MICHAEL

Hallandale, FL

#2 Oct 21, 2006
I WORK FOR $5.50 PAY TAXES AND LIVE
WITHIN THE LIMITS OF THE LAW WHAT AM
I DOING WRONG.
Plantation Resident

AOL

#3 Oct 21, 2006
ANONYMOUS wrote:
What is it about S.Fla that makes fraud so prevalent.It's a miracle any real business gets done.Are some people so warped that fraud -though tougher to get away with than being a good egg-is just so irresistably sexy? Sad...and amusing at the same time.
It's the rich elderly thats the attraction .. Its hard to bilk the poor out of money.. But there are even lower lifes that even try that too with get rich quick schemes
Joseph

AOL

#4 Oct 21, 2006
If I were the Judge in this case I would make sure that each one of these conivers are sent to prison for a long time and I would seek out any assets of immeadiate family members of those men. I am sure you will find they hid millions via friends and family. This country is sick of people like them robbing big money and getting away with small fines and a slap on the wrist. Hey if I could get away with billions I am sure I might think about doing a few years in club fed. I mean why not, I'll come out smelling like a rose and laughing my ass off because the system is STUPID enough to let me get away with it. SO JUDGE IF YOUR READING THIS SLAM DUNK THEIR ASS UNTIL THEY ARE OLD GRAY AND IN NEED OF NURSE HOME CARE.
WAITING FOR JUSTICE

AOL

#5 Oct 21, 2006
LONG HARD TIME WILL STOP THE THEIFS. iF YOU CAN'T ENJOY YOUR STOLEN MONEY I AM SURE THEY WILL THINK TWICE. INSTEAD OF BEACH HOME THEY GET A BLOCK HOME WITH A SMALL WINDOW AND VIEW OF A FIELD OF DRY GRASS OR DIRT. MAKE THE PUNISHMENT FIT THE CRIME.
STOP THE CROOKS

AOL

#6 Oct 21, 2006
I BELIEVE WE ALL NEED TO START WATCHING HOW OUR CORPORATIONS FAIL AND HOW THE CROOKS ARE LOOTING THEM OR BANKRUPTING THEM AND WALKING AWAY WITH HIDDEN CASH. THE ONES THAT GET CAUGHT WITH THE ACTIVITIES SUCH AS THIS ONE NEED LONG LONG LONG PRISON SENTENCES.
Going Strong

United States

#7 Oct 21, 2006
12 years ago I viaticated a 250k policy and received 70%. I was expected to live two years. Well, 12 years later I'm still here going strong. Healthier than ever. I also later cashed in 2 other policies at a much lower rate, about 30%.
Shame on those ivestors for thinking they were going to get rich quick on the sick and elderly! I hope they all get screwed!!!
Valigator

United States

#8 Oct 21, 2006
Notice:Joel Steinger's attorney, Roy Black, declined to comment.

Roy Black is a whore for the bad guy, I get so sick of him living off the proceeds of the corrupt monies involved...I cant wait to see him taken down ...keep this in mind, Roy Black gets paid up front most of the time, just who's monies do you think he is paid with?????This type of business is not unique and its not illegal unless you defraud like these cockroaches did...considering the amount of funds involved you have to ask yourself, why didnt these guys just play on the up and up? Greed will get ya everytime uh?
double wammi

Pompano Beach, FL

#9 Oct 21, 2006
What about money owed to the creditors? Creditors have nothing given back to them, at least the investors still have their investment.

The sad part is that whatever money is left in the company is being eaten up by all the consultants working for the receiver, so first the investors/creditors were defrauded by the company and now by the government!
Valigator

United States

#10 Oct 21, 2006
ANONYMOUS wrote:
What is it about S.Fla that makes fraud so prevalent.It's a miracle any real business gets done.Are some people so warped that fraud -though tougher to get away with than being a good egg-is just so irresistably sexy? Sad...and amusing at the same time.
Let me tell you about South Florida, I am a native of Florida, I get sick and tired of the innuendo's of Floridians being criminals, involved in fraud, and overall this state being a melting pot for the sick and deranged, you wanna know whats wrong with Florida, ask your cousin, your aunts and uncles, your friends and any person who lived in your state that moved here.Ask your state why they allow sex offenders from YOUR state to set up residence in mine? Ask your congress to get their heads out of their butts and realize my state "Florida", is as much of a border state as Calif. and Texas, ask your state why they allow your criminals to freely migrate into mine for no other reason than the weather.I got news for ya, you do a birth search on these freaks who make the paper and chances are they come from "YOUR" state....
javier

Miami, FL

#11 Oct 21, 2006
ANONYMOUS wrote:
What is it about S.Fla that makes fraud so prevalent.It's a miracle any real business gets done.Are some people so warped that fraud -though tougher to get away with than being a good egg-is just so irresistably sexy? Sad...and amusing at the same time.
The reason florida is known for fraud cannot be pinned down to one incedent, back in the 1930s new yorkers used to sell swampland to investors. Florida has always been a transient state up till today. We still have gypsy crews that come down and take advantage of the elderly and uninformed.When will it stop might be more apropiate.
Valigator

United States

#12 Oct 21, 2006
You also might want to get in the mindset of Florida Natives...very rarely do we get screwed, at least in the private sector, I am still bending over from the political sector, Natives have an unspoken rule of doing business, we engage in business with other Natives and God help the poor bastard who tries to weasel in on that group and defraud someone, puttin him out of business would be the least of his problems, Natives will take him into the swamp, not to mention Bad mouth the guy given any and all opportunities, You mess with Natives it wont be a pretty site, your best bet is get friendly with a native a get referrals from them.AC, roofers, electrical, contractors, plumbers, etc...they know who to do business with, and wont be shy about tellin you who not too.....
Valigator

United States

#13 Oct 21, 2006
PS you might want to stay away from a company called "Sam and Sons" pool company....I told them to their face I would badmouth them till I died....remember "Sam and Sons" very bad....
Proud Native Too

Pompano Beach, FL

#14 Oct 21, 2006
You go Valigator!!!

I too am sick and tired of these posts referring to Florida in a negative manner. Yes, we do have our sickos and thiefs, but so does everywhere else. You are correct in all of your statements. I can't tell you how many times I've been told that I was one of the nicest people someone has met since they moved here, then I proudly point out that it's because I'm probably the only tru Floridian that they have come across as of yet. It's the Northerner's and the Foriegns that come here and complain about how bad our state is and how much better where they come from was and I always remind them that I-95 is still open and the ocean will gladly let them sail away. The world is going to hell, Florida just has more news coverage for bad things happening. Notice I didn't say better, just more.
Edwin Smith

United States

#15 Oct 21, 2006
Just a disgrace, an insult to God. This includes those who also bought in on this investment, I am glad you lost out.
Valigator

United States

#16 Oct 21, 2006
Edwin Smith wrote:
Just a disgrace, an insult to God. This includes those who also bought in on this investment, I am glad you lost out.
From what rock did you crawl out from under, do some research...without these contracts some terminal people wouldnt eat or have a roof over their heads, we pay all our lives into a fund that only pays you back when you die??? The premise behind this is sound, these guys were just thieves....
prosecute to the fullest

West Palm Beach, FL

#17 Oct 21, 2006
those bums who bilked people will get a slap on the wrist and told to be nice boys and dont do it again--courtesy of one of our "who cares about the crime or the people affected by it" judges. i wish i could be a judge even w/ only 2 yrs of college--all i have to do w/ each criminal case is say "dismissed" or "dont do it again". sure dont need to be a genious or know the law for that.
Valigator

United States

#18 Oct 21, 2006
we need to go after some judges as hard as we all went after Till....
Fish Naked

United States

#19 Oct 21, 2006
double wammi wrote:
What about money owed to the creditors? Creditors have nothing given back to them, at least the investors still have their investment.
The sad part is that whatever money is left in the company is being eaten up by all the consultants working for the receiver, so first the investors/creditors were defrauded by the company and now by the government!
Right On! Convieniently, the receiver neglected to pay us over 47,000 dollars. Tom Gallegher's personal vendetta aginst Joel Steinger pretty much caused over 100 hard working people their jobs, many very sick people the money that they needed very desperately and took countless dollars from many local charities. It's a shame that people that are not close to the situation believe everything that they read in a newspaper!
Your A Disgrace

Fort Lauderdale, FL

#20 Oct 21, 2006
these scum bags, sieze anything that they own and sell it to cover their jail costs.

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