click to enlarge
From our correspondent the Nashville Minx:
Thanks to taxpayer protector and crusader of bailout transparency, Inspector General Neil Barofsky -- under the guide of the ever-noble Obama administration -- Tennessee is in the headlines as the home to the first exposed bailout-related criminal case. Franklin's very own Gordon Grigg was accused by the U.S. Attorney's Office
in Nashville on Wednesday for his creation of a $10.9 million fraudulent investment scheme.
In wake of the recent $750 billion government bank bailout known as TARP (Troubled Asset Relief Program), Grigg was able to swindle unassuming investors into investing in government backed bank debt. Sounds like a great plan -- buy low and secure, banks start lending again and profits soar. Unfortunately, this proposal was nothing more than a mirage. Investor returns were paid with the dollars of subsequent investors, not the profits of their investment. Guess it pays to do your homework.
According to the Tennessean, Grigg hasn't been a registered or licensed investor in Tennessee since 2005. But you can't blame the unfortunate fools for trusting this charlatan. He's a self-proclaimed "life-coach" and a far from suspicious representative of the American dream: a successful businessman, broker, family man, and all around God-fearing handsome devil who coached kids soccer. Just read his self-righteous bio
for his ironically named company, ProTrust.
So the guy seemed like a gem with an enticing investment plan. But don't be fooled by the Southern charm. Tennessee can play with the big boys on Wall Street. We're just as greedy and twisted as the Bernie Madoffs of the world.