Replies to post #7669 on SEC Charges Eleven in Stock Manipulation Ring

[breezin_chs]

I am not trying to say it's OK for people to defraud other people, but it's not up to Ihub and the admin to try to regulate it.

I've parsed that sentence in many ways, and each time it comes out as utter nonsense.

If you had an employee who had a pattern of stealing parts from customers' cars, or who worked in a team to overcharge credit cards, you too are responsible.

[zztops]

I am not trying to say it's OK for people to defraud other people, but it's not up to Ihub and the admin to try to regulate it.
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Phil, this seems to be your basic premise, and you are incorrect.

One of the most profound duties of any public, or private, company is to protect its customers from wrongdoing by any of its employees. This would include situations where even the suspicion of wrongdoing rises to a level that one could reasonably assume harm might come to customers.

There are probably thousands of cases where companies have been punished by U.S. courts for failing to take proper action, employ proper safeguards, warnings, etc., when business operations were known to have the possibility of infringing on the rights or well-being of its customers.

As a matter of fact, I-Hub has put itself in some jeopardy by allowing Matt to continue in any capacity that might cause harm in any way to anyone (read subscriber) doing business with I-Hub. The evidence against Matt is sufficient to warrant at least a suspension, possibly with pay. I-Hub may wind up regretting its failure to act in a proper and timely fashion in this matter.

What is also hard to understand is I-Hub's failure to remove Matt from the fray for his own good. This young man is in a great deal of trouble at this time. Why any employer would leave him in a position wherein he might very well worsen his situation with one ill-conceived post is difficult to understand.

Someone in authority at I-Hub needs to rethink their position on this situation.

[tomkin]

Phil, I also support ADVFN and iHub. However, I have to disagree with this:


I am not trying to say it's OK for people to defraud other people, but it's not up to Ihub and the admin to try to regulate it.

Please don't be offended, but that's not very professional. I would say all employees in a financial environment (ADVFN is listed as "General Financial") have the duty to be on the look out for fraud and potential fraud. They should be aware of the steps to escalate any issues and they should be aware of internal "whistle blowing" procedures too.

Perhaps try to think from another angle. Let's say you are an investment fund with an exposure to ADVFN. Would you feel comfortable having client money and your name against a company that doesn't feel it has a professional duty to protect others against fraud (and that has an employee charged with financial crime still working for it (but that's another story))?

Another point: iHub does regulate: it deletes some posts, leaves others.