Pearlman proceeds now up to $4-million

The latest report from Lou Pearlman bankruptcy trustee Soneet Kapila is that $4-million has been collected, of which $3.6-million remains unspent. However, Kapila and his attorneys have yet to submit any bills for their work. Since the work has been substantial, I'm sure the bills will be too.

Kapila declined to offer any insight into what kind of resolution there might be of the conflict between bankruptcy law and the judge's order in the criminal case, which put investors ahead of banks for repayment. In response to my inquiry, Kapila said: "I am trying to work on multiple fronts to seek asset recovery. My efforts include working as closely with the government as possible on this and other issues, without us stepping on one another’s toes, and I am not a liberty to disclose such discussions. This seems to have worked pretty well so far."

Comments

[Joe]

I will attend and bid on the fake stuff.

Soneet Kapila's office can supply bidding information. I will not be at the auction. Helen

[sammie]

who is going to the auction. will hellen be there?

[sammie]

does anyone know what the reserve is on these items?

[Quivers]

Apology accepted tanker

Posted by: Getting Colder | June 01, 2008 at 04:34 PM

OK, A great job was done by the brokers, great research, fair deal, happy clients, What was in the paper wasn't true. I should have seen this sooner, guess I owe an apology. tanker

What Gangs? He's going to club fed!

Gang? Sure.

The Bangers. As an instrument.

I wonder if Pearlman will be joining a gang to seek protection? What would be his reaction if other inmates intimidate him by trying to take his food at mess time? Will he stand up to them and show them he is tough?

Right on 6:31 you should run for office or help us file a suit or something.

Whatever happened to the signed Salvator Dali print Lou bought before Dali died? I remember him saying it would be worth a lot more after he died. I don't recall seeing it in the previously listed 'inventory'

you hit it on the head

=========

If you want to blame someone how about Charlie Crist when he was AG for not following up on various consumer complaints and his negligence

Getting colder, excellent points like many people on this blog example TANKER they are uneducated, can't spell, and have a hard time using the English language. They are exibiting an almost "mob -like" mentality when they blame just about anyone for what Lou Pearlman did. Next they'll be blaming jewish people, fat people ,people that live in Fl. friends and family. Oh what they're already doing that. If you want to blame someone how about Charlie Crist when he was AG for not following up on various consumer complaints and his negligence.

tanker, you are still not right.

[Getting Colder]

Tanker, in response to your statements:

1. The NASD does not issue a license to perform due diligence.

2. No business license or training is required to perform due diligence.

2. What is your evidence the securities were either unregistered, registered, or exempt, or is this just your opinion?

3. An analysis of the company's conduct in selling the unregistered securities may allow Pearlman to take the position that these sales were exempt transactions under the 1933 Act as "transactions not involving any public offering." (EISA only, not stock.)

4. You should not use "the fact is" and "as far as I know" in the same sentence.

(And I do think crimes were committed in selling the EISA by some who were involved, but that's just my opinion.)

Posted by: | May 28, 2008 at 09:19 AM

[This is boring]

Actually, the standard of evidence used to judge the criminal case is higher than the standard applied in civil cases. In a civil suit,you only need a preponderance of evidence vs beyond a reasonable doubt in a criminal lawsuit. An attorney is also more likely,if he reviews and agrees to take the case in the first place, to take a contigency fee, not a retainer. Lou's lack of accurate records doesn't make much difference. The agents still had a responsibility to confirm that the investment products they were selling actually did have the insurance coverage that was claimed and that EISA was even a existing type of plan.They were negligent in not confirming the most basic aspects of what they were selling.This is what they do on a regular basis.This is regardless of whether they were licensed or unlicensed or whether the products were registered or not.They failed their responsibilities.If they sold a lot or more often, or advertised,especially in retirement communities,then they were even more negligent. Doesn't hurt to have a free consultation with an attorney

[For Sure]

Change. Change you will get when I take every dollar you earn with your hard labor and give you back 10 cents. Cuz it's the goments money--we print it and we take it away.

Posted by: Barack

[Maybe]

How long are you people going to sit around bitching about Lou not giving up his money before you actually go after the people who still have A TON of your money?

Have you condsidered that G.M.
- Paid all his family members including wives and boyfriends with Transcon money.
- Ask how he ended up with his house?
- How about the money Lou gave him to stop the lawsuit?
- Ask how many shady deals are in his past that had the law involved.

Notice a pattern?

If you want your money back go after those that actually still have some to get! The government got their big fish.. they can pack up and go home now. You must keep fighting.

[probably]

he more I think about the sentence the more I like it. It seems unlikely to me that Pearlman has hidden a vast sum himself. Maybe some amount, but he might as well be really broke as he alleges. Remember, he borrowed cash before he fled to Germany and Bali, perhaps to keep up his living large appearance there? Probability seems high to me that some of his closest associates found out about the ponzi earlier and Lou had to pay their silence. They may be next in line to get indicted. Lets hope for the victims sake that this sentence encourages Lou enough t

Posted by: | May 31, 2008 at 09:37 AM

[Agrreed]

Comments
Why wasn't a story done on this? Maybe a retraction of the terrible things said about innocent people, maybe an apology or a settlement. Something that would show good faith or is that to much to ask?

Posted by: | June 01, 2008 at 03:27 PM

Even if he were encouraged to, the agents are innocent. Know matter what Lou says or does not say.

Posted by: | June 01, 2008 at 03:16 PM

Thank you for clearing that one up.

Posted by: | June 01, 2008 at 03:13 PM

So basically the facts have already come out and that's exactly why they DIDN'T arrest Mike Crudale and only pursued civil filings. He made over 7 million do you think they are going to care about some agent that made 50k. You people that keep harping on the "agent attack" need to face a harsh reality. If they arrest 100 agents and get 50k from each one them in fines that's 5 million. Not worth the giant waste of energy and courts time.

Posted by: | June 01, 2008 at 12:12 PM

10:52 you're right and if you recall Lou in court took full responsibility, he said nothing about the agents or anyone else , even when he was otherwise encouraged to do so.

Posted by: | June 01, 2008 at 12:03 PM

You were led to believe this from one who is verbally incontinent.

Posted by: | June 01, 2008 at 11:07 AM

Sue who ever you want but be prepared, because there are a pile of judgements and suits before you. That is what happens to the innocent. You were led to believe that they did wrong, Attorney's, CPA's, Financial Planners and Agents, Friends and Family. The facts will come out. I just don't know when.

Posted by: | June 01, 2008 at 10:52 AM

5:46 You are right even if they did it on a contingency basis they still want cost to serve, file, foresic, ect. They just want our money too.

Posted by: | June 01, 2008 at 06:07 AM

They could not have known if they did they would not have invested their funds as well as family and friends. Use your heaad people.

Posted by: | June 01, 2008 at 05:58 AM

When I stared my EISA in 1998 LP gave me a copy of a FDIC paper which listed the banks Wachovia being one of them where the money was being held if he was doing things like this how could anyone know?

Posted by: | June 01, 2008 at 05:52 AM

WRONG 10:41, several lawyers I spoke with didn't think I had a case worth pursuing. As far as the one that did he wanted $10,000.00 that's a "BIG" contigency fee. We than had to serve my agent, which is you guessed it, more money because he moved from Tampa to Vero Beach. Which means hirihg a private investigator and possibily,you got it more money. Than assuming you are very lucky you have to prove just how much this person made off of you. Next you have to spend more money with a forensic acct. to verify your findings to the court. If the judge rules in you favor the "agent" could easily file bankruptcy or move again. Maybe you'll be lucky enough to get a judgement but that's the same as Big Lou's deal and we all know what that's worth. Oh I also forgot in the best case, this will take about 2-3 years, and there are no guarantees this person will have money.If you want to sue someone go after the state of Florida. They knew and did nothing, they have tons of money, and they are easy to find. Remember Lou Pearlman stole your money and state let him do it.

Posted by: | June 01, 2008 at 05:46 AM

Lou took all the money. Stay with the band.

Posted by: | May 31, 2008 at 11:24 PM

Oh great another commercial just what we need.

Posted by: | May 31, 2008 at 11:21 PM

Actually, the standard of evidence used to judge the criminal case is higher than the standard applied in civil cases. In a civil suit,you only need a preponderance of evidence vs beyond a reasonable doubt in a criminal lawsuit. An attorney is also more likely,if he reviews and agrees to take the case in the first place, to take a contigency fee, not a retainer. Lou's lack of accurate records doesn't make much difference. The agents still had a responsibility to confirm that the investment products they were selling actually did have the insurance coverage that was claimed and that EISA was even a existing type of plan.They were negligent in not confirming the most basic aspects of what they were selling.This is what they do on a regular basis.This is regardless of whether they were licensed or unlicensed or whether the products were registered or not.They failed their responsibilities.If they sold a lot or more often, or advertised,especially in retirement communities,then they were even more negligent. Doesn't hurt to have a free consultation with an attorney

To 8:04 am - you must not have been paying attention very well to this blog. In order to go after "cronies" - if you went after them civily, you'd have to hire a lawyer, pay a big retainer, and there is very little proof and almost impossible to win. They didn't steal your money, Lou P did!! The government has tons of money and you can sue City Hall. It's been done many times in the past. Especially when you have government officials not responding to complaints and the needs of their voters. Lastly, only law enforcement can go after people criminally and this is not going to happen because of Lou P's lack of help and accurate

No I do not think the Judge reads this blog

You may be along the same line of thinking but you can't think he came here for advice on doing his job. Do you?

10:55 I referenced the fact the Judge agreed with me because if you read the transcript that Helen posted of Lou's sentencing he doesnt have much sympathy for the banks, he said it in black and white go read it.

Does he read the blog?

Do you actually think Judge Sharpe took your advice? Come on.

No one cared what his credit rating was everyone wanted to make money on the interest for the money they lent him.

Same reason banks have 100% financing for mortgages. These banks deserve what they get for being so foolish when people default. Seems Judge Sharpe agreed with me in his sentencing.

Lou's good friend and time share mogul David Siegel has visited Lou in jail.

Any chance Siegel will pay the $300M to get Lou out??

9;32 Thanks for reposting, it's good that you won't let it get lost.

[Alex Sink history]

descendant of one of the famous siamese twin.

[Bank of America]

Wasn't the current CFO the president of the bank that gave the EISA all that money?

[Credit Rating]

What was Lo's credit rating when the banks gave him all this money???

[I agree!!]

True, it's so obvious that someone in particular, posting constantly and rudely baiting and insulting others differing opinions is extremely nervous and trying to cause a ruckus hoping that this will be shut down. VERY NERVOUS, waiting for the knock on the door. HIGH ANXIETY
-----
Yes Helen please shut down the site before more people get arrested. Lou's people are very angry that there will be no more parties and they might have to work or worse go to jail.

With out Lou's people the traffic to this site would be much less. As a matter of fact if Lou didn't steal all that money there would be nothing to talk about except cheap vacations.

Posted by: eric the actor | May 29, 2008 at 06:17 PM

Posted by: | May 29, 2008 at 07

[Joe]

Who is Soneet and where is he from. And how did he get appointed to be trustee?

[Joe]

How much are the fees that the trustee and the attorneys have shouldn't the post them.

10:57 Great idea except Lou has the money, would love for you to get it back from him. Thanks

Just what we need another commercial.

[hang the manipulators]

gas is just too damn high

[Butterfly]

i don't know why i tole such a lie.

[Steve Miller]

big ole jet hit a lighthouse.

[Michelle]

shut yo mouth before i sell u south.

[amazing grace]

how sweet the sound that saved a fat lying jew like meeeee. i once was lost, but now i'm found.

[Helen of Troy]

wink wink

[Where's the beef]

cuz i'm fat and i'm hungry

[De Plane]

i don't see no plane. but i do see a fat man holding up a model on the run way.

[Mrs. Lou]

What! You mean I won't get me money back? I thought i owned a big ole jet airlinier.

[slim shady]

hinges oranges peach pear plums here i come

[how boring is thins]

Actually, the standard of evidence used to judge the criminal case is higher than the standard applied in civil cases. In a civil suit,you only need a preponderance of evidence vs beyond a reasonable doubt in a criminal lawsuit. An attorney is also more likely,if he reviews and agrees to take the case in the first place, to take a contigency fee, not a retainer. Lou's lack of accurate records doesn't make much difference. The agents still had a responsibility to confirm that the investment products they were selling actually did have the insurance coverage that was claimed and that EISA was even a existing type of plan.They were negligent in not confirming the most basic aspects of what they were selling.This is what they do on a regular basis.This is regardless of whether they were licensed or unlicensed or whether the products were registered or not.They failed their responsibilities.If they sold a lot or more often, or advertised,especially in retirement communities,then they were even more negligent. Doesn't hurt to have a free consultation with an attorney

To 8:04 am - you must not have been paying attention very well to this blog. In order to go after "cronies" - if you went after them civily, you'd have to hire a lawyer, pay a big retainer, and there is very little proof and almost impossible to win. They didn't steal your money, Lou P did!! The government has tons of money and you can sue City Hall. It's been done many times in the past. Especially when you have government officials not responding to complaints and the needs of their voters. Lastly, only law enforcement can go after people criminally and this is not going to happen because of Lou P's lack of help and accurate proof.

Posted by: | May 31, 2008 at 09:53 AM

[Cabby]

Im just asking logical questions

No, I think his name was " Monty Hall."

Did you make a deal with the devil?

What makes you so sure Pearlman won't say what he paid you for.

Cabby, so you set up were helping with the statements or what?

Make that 5:33

5:53 Bank records normally reflect the check numbers and the amounts. Only copies, mico-phish, or photo copies will tell you who the check was made out to. Only Lou Pearlman can tell us why a particular person was paid. That's the point that you don't get
an arrest is a very,very, complicated process. Without intent, evidence, and a certain degree of collaboration nothing is going to happen. THEY CAUGHT THEIR BIG PRIZE NOW THEY ARE GOING HOME.

Did you ever think your life would end up this way

tick-toc

It's not Les it's me

Les knock it off

How did it get to this point for you?

Man, what's going on here?

[i'm be smoking]

weedd mixed with some hard liquor.

From your comments I assume you are drinking like a fish as well. Sad isn't it little boy.

Whats next are you eating like a pig or barely eating?

Typing meaningless messages must be one of the things you do as you wait and wait. It's coming.

dude what are you smoking?

[L Ron Hubbard]

lou--you should have done a religion and prey on those silly hollywood no-brained actors. lots of dough and lots of doughnut brains.

[jail belle]

i think lou should use some of that ill gotten gain and invest in a thoroughbred and name it jail bait or someting

[Cabby]

So did you all get statements that said Employee Investment Savings Account? Wasnt it a logical conclusion you were not an employee??

The FBI doesn't need cancelled checks. They have the records from the bank.

[Alias]

Is jeff alec or is alec jeff. so many questions.

[Butterfly]

Why shut mah mouth and call me silly.

[Barack]

Change. Change you will get when I take every dollar you earn with your hard labor and give you back 10 cents. Cuz it's the goments money--we print it and we take it away.

[Big Poppa]

Has no crediliity what so ever! I doubt he is a good witness for anyone.

You can badger all you want but you will NEVER WIN and we will NEVER BREAK. I guess we got screwed one to many times.

Tell us how you spend your last days of freedom. What do you think about besides yourself. Can you sleep at night after what you did to the hardworking people of this country. What looks back at you as you look in the mirror or can you even raise your eyes to see yourself?

scared of you, you are the joke.

1:06 where your proof? do you have copies of canceled checks from Lou? I think you are the one scared.

Eric the A-hole do you known the difference between a criminal and a civil suit? The FBI said they were not going forward with anymore criminal proceedings without the help of "fat-Lou". so, NO ONE IS WORRIED ABOUT ANY ARRESTS ESP. NOT WITHOUT PROOF!!!

YOU KEEP THINKING THAT, THAT WAY WHEN THEY KNOCK ON YOUR DOOR, YOU WILL BE HOME TO ANSWER. DOESN'T HAPPEN OVER-NIGHT GENIUS

Lets hope for the victims sake that this sentence encourages Lou enough to make him talk about the other sleazeballs that let him down.

he more I think about the sentence the more I like it. It seems unlikely to me that Pearlman has hidden a vast sum himself. Maybe some amount, but he might as well be really broke as he alleges. Remember, he borrowed cash before he fled to Germany and Bali, perhaps to keep up his living large appearance there? Probability seems high to me that some of his closest associates found out about the ponzi earlier and Lou had to pay their silence. They may be next in line to get indicted. Lets hope for the victims sake that this sentence encourages Lou enough t

wrong

expect indictments very very soon

=========

The FBI said they were not going forward with anymore criminal proceedings without the help of "fat-Lou". so, NO ONE IS WORRIED ABOUT ANY ARRESTS ESP. NOT WITHOUT PROOF!!!

[eric]

is really Les.

To Eric the Actor:

Are you quiting the blog?

Is "Cold Fusion" near "Clarendon Hills"?

[F. Torelli]

So if you know those odds, does that mean you been snooping around in some private/gov't database----"cold fusion"

[Beetlejuice]

Perhaps Big Pop is having fun in jail...

http://www.orlandosentinel.com/news/local/orange/orl-bk-jail-investigation-052908,0,5248867.story

[Elephant Boy]

What about Fallick?

Thank you regaining control of this board.

Who is high pitch?

True, it's so obvious that someone in particular, posting constantly and rudely baiting and insulting others differing opinions is extremely nervous and trying to cause a ruckus hoping that this will be shut down. VERY NERVOUS, waiting for the knock on the door. HIGH ANXIETY
-----
Yes Helen please shut down the site before more people get arrested. Lou's people are very angry that there will be no more parties and they might have to work or worse go to jail.

With out Lou's people the traffic to this site would be much less. As a matter of fact if Lou didn't steal all that money there would be nothing to talk about except cheap vacations.

Posted by: eric the actor | May 29, 2008 at 06:17 PM

[High Pitch Eric]

To Eric the Actor:

When the Government holds their press conference and does a sweep of co-conspirators and perp walks then Helen could consider the blog the beginning of the end.

I think people are interested in Tolner due to to his position in the Trans Con companies.

[sweetjane]

eric the actor, there is no way you could have said that better. So true and to the point!!!!

[helen so to be fired? egads.]

ST. PETERSBURG – The St. Petersburg Times will offer an enhanced retirement option to reduce its payroll and, depending on response, could resort to layoffs later this year. The newspaper also is imposing a one-year wage freeze for remaining employees.
In a letter to staff, Times editor and chairman Paul Tash said the measures were a response to a “difficult economic climate” that has been especially hard on advertising, the largest source of newspaper revenue. Over the last two years, the Times’ fulltime staff has dropped from more than 1,500 to fewer than 1,300, mostly by attrition.

“We are navigating a period of historic change and challenge,” Tash said. “Getting through this stretch will not be easy, and it will take everyone’s best efforts, but I remain fully confident about our prospects."

[eric the actor]

Yes Helen please shut down the site before more people get arrested. Lou's people are very angry that there will be no more parties and they might have to work or worse go to jail.

With out Lou's people the traffic to this site would be much less. As a matter of fact if Lou didn't steal all that money there would be nothing to talk about except cheap vacations.

On a side note can we get a pool going to when more people will go to jail. This is a way to get some money back for one "lucky" investor. We could have a grid like super bowl bets.

Helen, It's time to close this site down.......

Keep in mind that in the same phone call he also said he would return, clear his name, and make everyone whole.

So take it with a BIG grain of salt...

[SissySally]

Where is the McDonald bio?

Are the boys still posting on here?

[idiots]

the more you make such allegations that are completely untrue, the less serious any official takes you. and

Please call the FBI

Interesting how Tolner's bio mentions he had business in Dubai... While on the lam in Germany Lou claimed money had been diverted to Dubai (I have a recorded cell call)

We may live like roaches thanks to Lou, but you may be living WITH roaches thanks to Lou.

Well that's not the version I was looking for.

You can read a bio of Tolner here:
http://www.thefirstgroup.com/about/ourpeople.php

Jeff, can you give us a bio on Tolner like you did McDonald.

Idiots don't understand, why don't you tell us.

Idiots see a rat running scared.

Someone is UPSET. Did you do something that you should not have done?

[listen up idiots]

get off on your mark tolner kick as it just shows your ignorance and your pettiness and your hatred of zwebner or whatever his name is. to the "worm", torelli and magedson. nobody listen to you and you all are so very patethic and live like roaches.

> How do they know if he is truthful. I hope they give him a lie detector test.

Reminds me of that joke about politicians.

Q: "How can you tell if Pearlman is lying?"
A: "Easy, his lips move".

I can't wait till the truth comes out and we get to the bottom of this mess.

I dont't think so, that position would be left for you. Leave the FBI alone, they are helping us everyday and just because we don't get a report does not mean they are not working hard everyday.

[fbi]

are know by most other investigative agency as bottom of the barrel in smarts. as if it is run by small time hodlums.

Jeff, how does this work?

Does anyone know, will they give him a lie detector test?

How do they know if he is truthful. I hope they give him a lie detector test.

Does he all the sudden stop lying?

What will make him want to tell the truth now? They probable know most everything don't they?

Lou was talking to the FBI almost day one in jail. There will be more arrests soon.

Even if Lou is cooperating I dont see the mastermind who created his financial statements in jail yet. Lou stated in a hearing he drafting them with others correct? Why didnt any employees speak up that there was no fuel, maintenance, storage etc. bills for the fleet of planes?

What about the flight attendant who blogged awhile back on here, didnt he realize he wasnt working on a fleet but rather a one off plane.

Too many people didnt speak up who knew what was going on.

Im looking at Tolner.

"It's confusing to me why nobody noticed that there weren't any
Transcontinental Airline planes flying around. All you need to do is go to JFK, O'Hare or something, where are the
Transcontinental planes? Nobody saw any flying around."

The Judge got it right...

To those who suggest Lou may have some small amount of remorse: He has the phone numbers of many investors memorized. Has he called ONE investor to apologize for what he did? Of course not. And I'm sure that in his mind he still doesn't think he did anything wrong.

But who knows... maybe after a few years behind bars he may begin to feel sorry...

Nah.

Lou took the money, not the others. This is upsetting to all of us.

[tanker]

Ok, I give up your right you are really smart, just like lawyers and accountants , but I don't envy the fun things you'll be having to deal with the next couple of years from being so smart. I hope you sleep well after ruining so many peoples lives by thinking you were such high rollers hanging around Lou Pearlman and doing your due diligence, bravo.

5:00
Your points about alarmingly high commissions and interest are valid, but lost in your name calling and misinformation. Have a nice day.

5:00 "There's something called common sense, maybe you should get some while your looking up 1933 'blue sky' laws."

The Securities Act of 1933 is a Federal Law governing registration of securities. The Blue Sky Laws are State laws governing the same. There are no "1933 blue sky laws."

May 28, 2008 at 08:51 PM
Whatever due diligence you did wasn't very good, like I asked wouldn't the commission alone give you a clue? Name some other FDIC insured product that pays that kind of commission period. Anyone who knew the commission and rate would not have touched it, the clients were at a disadvantage as they were most likely told by their salesman what commissions were being paid in addition to the great rate they were getting. No you don't need a license to to look at something but its a good idea to have one before you sell financial products to people for a living or to make money doing it.

Thank you for information. It is always appreciated here.

Thank you Cyberman.

5:00 "The first part of due diligence is obtaining a license."
False. Due Diligence Definition: "The process of investigation, performed by investors, into the details of a potential investment such as an examination of operations and management and the verification of material facts."
(Note: no license required.)

Anger is fear, so what are you so scared of?

Voices of reason. That is what they are. I am dead on serious has anyone suggested any type of mental help for you. If they have maybe you should go with that.

Are you intimidated by discussion?

I commenting is intimidating , maybe this is not the place for you.

You don't even know what an infraction is look it up. you make no sense. Where is intent. Show it to me.

What's with all the "we" crap. The voices in your head? Get a life. You are pathetic trying to intimidate people.
--------------
What we have considered is you need mental help. Get it.

Posted by: | May 28, 2008 at 07:55 PM

tanker, scared to sign your name, you should be. It makes no difference if you sign or not we know who you are.

Posted by: | May 28, 2008 at 07:53 PM

What we have considered is you need mental help. Get it.

tanker, scared to sign your name, you should be. It makes no difference if you sign or not we know who you are.

Now that lou has made his mark and will be recognized and remembered as one of the biggest scammers in US history, perhaps he really should write another book, a memoir, with all profits, of course, going to victims. If he really has any remorse at all,and would like to aid in compensation, as he's stated, maybe this would be possible.Or consent to an authorized biography based on interviews with him, by a writer who would like to help. Even he BS'd his answers, it might be saleable.Has anyone qualified considered this?

tanker, I cannot explain this any simpler than I already have. I do not want to have a conversation with you about this because I think you are dense. Just out of couriousity what is your education level.

I have no idea what they paid or did not pay. Why don't you tell us what happened to you. We have no idea what you are talking about and neither do you.

I have nothing to do with Golden Securities, I do not evenknow these people, I am an investor using common sense with nothing to hide. Sue who ever you wish. I don't care. It still does not make you right.

4:41 its very convenient....and all the investigating the FBI has done we still dont have a large list of co conspirators indicted.

As good as the FBI is im starting to wonder whats taking so long. Perhaps they dont have enough resources due to the War on Terror.

May 28, 2008 at 09:19 AM

1. There's no reason to perform due diligence unless you are licensed to sell something (unless you want to play make believe). The NASD does give licenses, I don't recall seeing many licensed stockbrokers in trouble for selling this. The first part of due diligence is obtaining a license.
2. learn how to count dimwit, 1,2,3 not 1,2,2,3
They are obviously unregistered. Are you just grasping at straws to justify what has happened to these people? or to downplay the fact any clown could add the commissions and the interest and know there is NO FDIC insured company or product that could produce anywhere near those kind of returns (go ahead and name any you know now if this is common).
Any licensed broker would not put a persons entire life savings in to one investment. Right now there is a mother of a woman I've known many years in the nursing home who had just that happen to her compliments of Golden Security. Your due diligence goes out the window if you can't tell me what other FDIC products you know of that would even pay 1/3 as much to the reps as Lou did.
There's something called common sense, maybe you should get some while your looking up 1933 'blue sky' laws.

> The only chance we have is to go after the state for negligence and a coverup.

Don't you think that it is convenient that there wasn't a trial? There was no argument? No discovery? That the folks who had a lot of explaining to do were let off the hook? Some people might say that there are others with agendas far bigger than a trivial half billion dollar ponzi.

get off the subject? Is someone afraid? You took the money now it is time to pay. I wonder if it is legal to have more then one wife in jail.

Past infractions for selling bogus investments would be a pretty good indicator of intent.

Peons and wasting time, there you go. I could not agree more.

Will all of you get off this subject, it is a giant waste of time. It's impossible to prove any criminal intent and no lawyer wants to mess with it civily unless you pay them a large retainer. The only chance we have is to go after the state for negligence and a coverup. The state has enough money to pay everyone back and they knew what LP was doing as far back as 1999. SO stop wasting your time with peons.

sweetpea, I liked the gold cup story.

I have would have no idea what Lou's credentials required. I would be most intrested to know.

Here we go, a criminal can sell a car. I honest moral person can sell a car. Can you understand this because I am really trying to help you.

tanker, this is ridiculous you must be having comprhension problems. I don't know? You tell me.

These people never had criminal charges against them. Because they were not the criminals.

what's up with you folks?

anyone can sell anything at any time.

whether the sales were legal or not is a different story.

No license required whatsoever.

[tanker]

Posted by: | May 28, 2008 at 10:04 AM

Are you saying you couldn't sell it if you were a criminal? what Lou did a background check on his reps before he'd accept the checks they brought in? I doubt it. What license did a person need to sell EISA? if none than what would stop a criminal from selling the thing? What credentials did Lou require? please do tell.

What's with the gold cup?

What's with the gold cup?

sorry, Soneet

Sonet is certainly not dumb in fact he is very intelligent. He is doing the best he can with what he has. I have seen his reports of his works so far, would love to see yours.

tanker, maybe I should sue you. Do you have any money?

9:19 Thank you for explaining to tanker that "the fact is you could be a criminal and sell EISA as far as I know.

What he just said is a Lie and I have no problem saying it.

Years before the state moved in on him.
Will be subject of much scrutiny am sure.

When did all this happen?

LP, once notified certain agents were notified by the state to stop selling EISA, bamboozled the state inquiries, apparantly the state bought it, and/or were incompetant in following up on their own investigation. The position was "EISA is for company personnel only". That was good enough for the state of Florida.

At this point we all know it was a scam, but back then did the company ever take the position they were exempt securities for any reason?

I'm just wondering how they were able to continue selling after the State investigation in 1995 (?). Did LP provide a valid argument or did the State just drop the ball? (Or, were there no complaints thereafter so they just didn't get caught?)

The OFR has stated these were unregistered securities. They put some agents on notice of same. The notices were ignored.

Tanker, in response to your statements:

1. The NASD does not issue a license to perform due diligence.

2. No business license or training is required to perform due diligence.

2. What is your evidence the securities were either unregistered, registered, or exempt, or is this just your opinion?

3. An analysis of the company's conduct in selling the unregistered securities may allow Pearlman to take the position that these sales were exempt transactions under the 1933 Act as "transactions not involving any public offering." (EISA only, not stock.)

4. You should not use "the fact is" and "as far as I know" in the same sentence.

(And I do think crimes were committed in selling the EISA by some who were involved, but that's just my opinion.)

tanker, you believe what you believe no matter what, and that is ok. Regardless what you believe this does not make you right. I'm sorry thats the way it is.

tanker, your wrong. Your scope that you see through is so limited.

Maybe because they did nothing wrong.

[tanker]

May 26, 2008 at 07:06 PM

You can't have due diligence on an unregistered security by someone who is not licensed by the NASD in the first place, the first step of due diligence is getting a license to do business. What training did Lou's salesman go through? any? The fact is you could be a criminal and sell the EISA as far as I know, anyone here want to tell me I'm wrong?

When you have a FACT please share it.

One problem, Lou took the money.

There is nothing left of Churchill Financial. You can't even find a lawyer willing to sue them with no prospect of recovery.

It would be nice to here some enlightening regarding the real possibilities for recovery, vs the same never going to happen garbage. Here is how it breaks out:

Lou...NOT
His Associates..NOT
Sales Agents..personal lawsuits only
State of Florida...VERY NOT
Banks...Maybe
FISERV...VERY MAYBE

Let's talk about the MAYBE'S and forget the NOTS...

I would think some of the salesman/agents made lots of money. I would think it might be nice to get it back to investors, is it going to be part of the plan?

Greg McDonald I believe

who is "GM"?

what about the 1/4 million sent to the blond kid from Natural when Lou was on the run?

Any publicity Biteboy can get from Lou is more than anything they had before. Leeches at their best. Big Pop would never represent them if he was free.

Biteboy's manager Rick Namey: You have got to be kidding! Why would you continue to have a conversation with the devil himself?

Nobody has yet to scrutinize any agents, kind of weird unless they just want the easy pickings.

If Soneet has only come up with 4 mil. I think he needs to look at Churchill Financial and Golden Security as between those 2 there might be something left of the payments they took from Lou, something is better than nothing. Isn't one of Churchill's group living in S. America now?

Im looking at Tolner

Not only should the banks not see a dime, the banks as the Judge recognized are negligent. So, the Banks are going to be out of a lot more than they are seeking. Maybe there is justice after all. The money will not be coming from any other source.

7pm you will never see anything what are you thanking him for?

[Ace Ventura]

Less than 1% with a year on the case.

Thank you Sonet.

Most of us don't watch Pet Detective Ace Ventura. It says so much about you though. Are you hot on the trail?

Leave Sonet alone, he anc his coworkers are hard at work for us everyday. What are you doing to help? I see nothing.

3:54 you got it right. Soneet has recovered less than 1%.

Perhaps we should put Ace Ventura Pet Detective on the case.

Ha sweetpea how about the state of Florida and the AG's office for not responding to numerous complaints as far back as 1998! THEY HAVE THE BIG MONEY TO PAY EVERYONE.

[Sweet Pea]

How long are you people going to sit around bitching about Lou not giving up his money before you actually go after the people who still have A TON of your money?

Have you condsidered that G.M.
- Paid all his family members including wives and boyfriends with Transcon money.
- Ask how he ended up with his house?
- How about the money Lou gave him to stop the lawsuit?
- Ask how many shady deals are in his past that had the law involved.

Notice a pattern?

If you want your money back go after those that actually still have some to get! The government got their big fish.. they can pack up and go home now. You must keep fighting.

Perhaps the bankruptcy is a scam too?

Helen. I would agree with the judge to award the individuals first. Are the banks not insured against this scam? if so, should they not be already paid by the insuance companies??