december 02, 2011 11:06am
SEC Initial Decision Re: Dale E. St. Jean
This is who we trusted.....
IT IS ORDERED that, pursuant to Section 203(f) of the Investment Advisers Act of 1940, Dale E. St. Jean is barred from association with any investment adviser, broker, dealer, municipal securities dealer, and transfer agent.
St. Jean’s actions were egregious and recurrent, as demonstrated by the facts underlying the Complaint. St. Jean, acting as an investment adviser to two hedge funds, repeatedly breached his fiduciary duty to investors by selecting and approving investments in which he had a financial interest, and accepting performance-based compensation when St. Jean knew, or should have known, that the Funds were not profitable. St. Jean acted with scienter in participating in a multi-million dollar fraud against investors over a two-year period. The Final Judgment ordered that St. Jean pay a civil money penalty and disgorge approximately $1.6 million in illicit profits, plus prejudgment interest.
november 24, 2011 09:31am
New Update from McCartney
In the latest update from Grant, he states that IRC will start contacting note holders with the intent of negotiating a repayment schedule, including all interest. The question is do those note holders include Transcap and Stratatrade?
Forgive our skepticism, but after two years of promises, we're not going to hold our breath. I guess we'll find out on December 9th.
