tag:blogger.com,1999:blog-24413538.post3928955276283331546..comments2023-12-31T05:17:07.140-05:00Comments on Lies, Damn Lies, & Forward Looking Statements: Hanging Out the For Sale SignAdam T. Savetthttp://www.blogger.com/profile/01958742929207954290noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-24413538.post-62649722607907130342006-12-03T03:35:00.000-05:002006-12-03T03:35:00.000-05:00The forfeiture of personal assets is an effective ...The forfeiture of personal assets is an effective tool for exacting accountability and responsibility on those who violate the integrity of our financial markets and cause harm to investors and others.<br /><br />In many cases culpable individuals escape full accountability and responsibility by taking advantage of company indemnification agreements, liability insurance policies, and the deep pockets of less culpable co-defendants such as accounting firms, underwriters, and others.<br /><br />In the Crazy Eddie fraud case the government and civil plaintiffs took extraordinary steps to recover losses for investors from the culpable members of the Antar family that ruled the company and others.<br /><br />Many family members who participated in the fraud escaped criminal prosecution. However, the SEC won civil convictions against some of them and gained favorable financial settlements from others.<br /><br />As a result the culpable Antar family members collectively paid more in damages than they profited on their Crazy Eddie stock sales. The defrauded shareholders received approximately $0.20 to $0.30 per dollar lost which on average is 10 times in excess of what defrauded shareholders normally receive in loss recoveries.<br /><br />Criminals should never be able to keep the economic fruits of their crimes and must be made to pay from their personal assets the losses they have caused others.<br /><br />Respectfully,<br /><br />Sam E. Antar (former Crazy Eddie CFO & ex-felon)Sam Antarhttps://www.blogger.com/profile/03826060555883105968noreply@blogger.com