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Originally Posted by philcski
Let's get something straight that I've been keeping to myself... I don't personally like Iavarone and IEAH much. First of all, his supposed "millions earned on Wall Street" as an "investment banker" are a complete and total hoax. He worked at Joseph Dillon & Co, which was the absolute definition of chop shop brokerage house- i.e., the reason Securities Laws in this country are so heavily regulated. They were shut down for multiple violations of the Securities Act of 1934- which to paraphrase the linked subpoena, states among several other things they failed to use recorded lines [a standard practice] with prospective and existing customers (which means they used half-truths, threats, and other propaganda to deceit their "clients".)
All of their brokers were stripped of NASD licensing and the firm was dissolved.
http://www.sec.gov/litigation/opinions/34-43523.htm
Second, the whole A One Rocket situation left me beyond angry. I don't care to rehash the story again, but here is what happened if you wish to read:
http://www.derbytrail.com/forums/sho...1&postcount=12
Third, in their rise to prominence, they have not conducted business in the most honorable manner. The person who recommended and brokered the aquisition of one of their highest profile horses was never compensated properly for the transaction.
But the fact is now that they've reached the highest echelons, they are trying very hard to do good things for the game, including building a veterinary hospital next to Belmont Park (to the tune of $19 million). I'm willing to forgive some of the previous misdoings in light of their current attempts to reconcile, which I have no problem with them bringing public given the nature of the case. |
I think people need to watch the movie Boiler Room to find out the kind of "Wall Street" career these scumbags have had.
While the idea of a hospital is nice....Iavarone on tv said they are in it to make profits. I figured this dirtbag was in it for the money.
That being said the thing with the cop is very cool and I was shocked when I saw that IEAH was behind it.