You're absolutely right. Madison County should ha
Post# of 43066
Posted On: 06/19/2014 1:05:21 PM
You're absolutely right. Madison County should have asked for some sort of evidence or asked JBI to put up money in case something like this happened. I'm sure Mr. Bordynuik knocked on a bunch of doors before he found someone naive enough to give him a deal.
I'm guessing Madision County was fooled because JBI is a public company. A company with publicly traded stock tends to have a lot of credibility for no reason other than comparison with many honest companies which have publicly-traded stock. That's the same thing which fools investors.
In reality, any swindler can buy controlling interest in a shell stock for a few tens of thousands of dollars, start putting out press releases and start selling stock. Mr. Bordynuik paid $80,000 for controlling interest in the shell he renamed JBI.
I don't think it's the fault of our system and I don't think it should be more regulated. I think it's the responsibility of each investor (and anyone doing business with the company) to do some DD and require evidence...and not just hand their money to some stranger just because that stranger purchased controlling interest of a publicly-traded shell stock. I'm a big fan of investor education...but as you can see some people are determined not to learn. In no way does that exonerate the swindlers who bear the vast majority of the blame, but those investors do share a small part of the blame.
I'm guessing Madision County was fooled because JBI is a public company. A company with publicly traded stock tends to have a lot of credibility for no reason other than comparison with many honest companies which have publicly-traded stock. That's the same thing which fools investors.
In reality, any swindler can buy controlling interest in a shell stock for a few tens of thousands of dollars, start putting out press releases and start selling stock. Mr. Bordynuik paid $80,000 for controlling interest in the shell he renamed JBI.
I don't think it's the fault of our system and I don't think it should be more regulated. I think it's the responsibility of each investor (and anyone doing business with the company) to do some DD and require evidence...and not just hand their money to some stranger just because that stranger purchased controlling interest of a publicly-traded shell stock. I'm a big fan of investor education...but as you can see some people are determined not to learn. In no way does that exonerate the swindlers who bear the vast majority of the blame, but those investors do share a small part of the blame.
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