Monday, June 20, 2005

 

Noe: Caveat Emptor

The Plain Dealer shows signs that it wants to be taken seriously regarding Coingate. Cool. Diane Solov and Barb Galbincea surface with more news about Conrad's investment gurus. Read it and weap:
In documents, Noe himself told the Bureau of Workers' Compensation there was no way to know what its multimillion-dollar investment in Capital Coin Fund was worth. He told the bureau that no independent party would evaluate the coin transactions. And under a heading in bold capital letters, Noe said his business could profit by selling coins to the fund.

Several investment professionals and lawyers laughed when they read the disclosure statement Noe gave the bureau.

"He said he was going to screw you, and he screwed you," said Terry Fergus, a certified public accountant who, at The Plain Dealer's request, reviewed documents that Noe and his funds filed with the bureau. "The most inexperienced investment officer would run away from this investment as fast as possible."
And some of them are still on the job . . .

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