Pastorini/Niren/Roxford Convicted of Fraud

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Market Movers

by Ryan Avent

Main

SocGen gets its New Equity Capital w... Bernanke Invents a New Weapon

Mar 11 2008 12:18PM EDT

I love this story:

Theodore Roxford, accused by U.S. regulators of making bogus bids for companies including Sony Corp., was ordered to pay $900,000 by a judge, who also denied the Canadian man's request for ``execution by firing squad.''

I said back in July that I was "glad that Roxford is being brought to justice," although I'm not sure that this is really justice, since I'm far from convinced that the SEC is ever going to see the $900k. Roxford, a/k/a Lawrence Niren, doesn't have the money, and wouldn't pay it even if he did; he lives in Argentina, and I somehow can't see the SEC trying to collect from him through the Argentine courts.

By the way, there's still no correction from Bloomberg of its original story that Roxford/Niren/Edward Pastorini was making a bid for Gold Fields. And there's no correction on the price of that Hirst medicine cabinet, either. Obviously Bloomberg is extremely averse to ever correcting anything, even when its stories are blantantly false.

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