this is his third strike , the first was in Grosse Pointe and then #2 was the deal in NYC a couple years ago and now this ,so there seems to be a definite pattern of financial offenses happening. had the SEC prosecuted him the first time ,maybe none of this would have happened . he left Grosse Pointe because he thought his name was damaged ,to move to california to pick "lower hanging fruit". the new york deal was clearly just pure Fraud (with a board member) and now this, so NO he does not deserve to handle public money and needs to be gotten out of the financial industry . they do not prosecute people in the industry because if they do and that person talks ,the whole industry is exposed!!!! so once in a while they will make it look like they do (martha stewart) . the SEC also needs to address the cease and decist order in effect while all this is taking place ,but he is still directing fund rasing.
