Labor Smart Inc (LTNC)

[DD2Gain]

John M. Fife of Tonaquint is a crook. If he weren't, then you'd think he'd invest the necessary time and money to properly defend his reputation. Instead, he used his "get out of jail" card and pretty much entered into what amounted to a plea deal:

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 203(f) of the Investment Advisers Act of 1940 (“Advisers Act”) against John M. Fife(“Respondent”).

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept.

...

The Commission’s complaint alleged that in 2002 and 2003 Fife and Clarion Management engaged in a fraudulent scheme to purchase variable annuity contracts issued by the Lincoln National Life Insurance Company (“Lincoln”) in order to engage in market timing in international mutual funds for the benefit of Clarion Capital.

...

Pursuant to Section 203(f) of the Advisers Act, that Respondent Fife be, and hereby is barred from association with any investment adviser, with the right to reapply for association after 18 months to the appropriate self-regulatory organization, or if there is none, to the Commission

https://www.sec.gov/litigation/admin/2007/ia-2636.pdf


John M. Fife was guilty as hell, but had the money to buy his way out of a hearing and stiffer consequences in exchange for being barred from investment advising for 18 months by accepting the SEC's "FINAL JUDGMENT" that he engaged in securities fraud. Welcome to the dark side of Capitalism.