But why no criminal charges?
I believe the liquidators are urging us to have very low expectations. They have made it clear that much the paper in the NIR portfolio is completely worthless. My hunch is that if we investors get anything at all, it's going to be a pittance.
But, it's less than a year and a half ago that Corey issued account valuations (for year-end 2010), and they were high numbers. Not as high as the peak, but not that much lower than the peak. The difference was less than 10%.
But, if the portfolio is practically worthless today, could it really have been worth what he reported at year-end 2010? So, why haven't there been criminal fraud charges?
