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Thursday, April 29, 2010 8:00:52 AM
A number of us compiled alot of legal information in addressing this regulator. The same information was furnished to the SEC. In spite of it all look where he's at today. Having raked in all this money Berman openly admitted that those mines were worthless. In conjunction with this he stated the cost of mining far exceeded what he raked in so he intended to do nothing. He never intended to do anything. He just didn't learn the cost of such an operation after pulling in more than a million an then paying himself $350,000 from that 504D. 1/3 of it +++++. for a year of he sitting his butt in Texas and at home. A nice chunk of money for running BS PR's.
To top it all off he has sold a gazillion shares more, and not once had he ever got the kind of lab work done he eluded to as to why he needed to raise money on this particular 504D
Never was there any real follow up from this regualtor. He in my opinion needs to find another job when he saw the end result and all that Berman had done and was continuing to do at the close of this 504, if you ask he should look at himself as foolish considering the scam Berman pulled on him. What followed after, and what continued when he filed another. We can lay things in their lap, just like what was done in the Madoff case, and years beyond that he continued to rape investors in his fund. The SEC looked like an irrelevant bunch of idiots during those hearings when we learned than they had been informed on more than one occassion that he was running a ponzi, and they just looked the other way. Guess the porn sites had them tied up.
Letter to Russel Industries from NASD:
Dated: 03-14-07. Posted 04-21-07
Great oversight by the Nasd. This is official with their letterhead and phone numbers.
http://img103.imageshack.us/img103/3433/rsdssi3.jpg
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