What percent of lawyers facilitate or ignore white-collar crime?
We can dramatically reduced or almost eliminate that percentage. This site introduces the idea of adapting a Fin-Reg model used for the futures industry to include all lawyers, accountants and CEO’s of any industry. The model has proven to be successful over the past 30 years. It pays for itself, therefore eliminates current and future financial burdens incurred by superfluous and redundant government regulation. If site content stimulates an inner prompting to do something constructive, please pass it along to anyone that can use the ideas offered.
Futures industry regulatory and fiscal controls are so superior, that our contract models are being used to upgrade off-exchange traded derivatives. Much of the greed causing our current financial crisis, was most probably "legalized" by ill-intended lawyers. (MJJ 11/10/08)
How Does Our Current Regulatory System Facilitate White Collar Crime?
On a national scale, our current fiscal crisis is partially caused by ineffective regulation. On an industry wide basis, I can share two scenarios. One is hypothetical with the futures industry and the other actual with the legal profession.
Assume you get involved with futures. After a few months, you have reason to believe that your advisor has been financially exploiting you. You can file a complaint with the National Futures Association http://www.nfa.futures.org. They immediately act. If your complaint has merit, regulators fine and reprimand the representative and probably the sponsoring firm. You also get your money. The NFA only charges 8 cents on every dollar collected, you get 92 cents. You do not need an attorney. Actions of the representative become public record, so other people are semi-protected. When filing a reparations claim (financial claim against an industry professional) with the CFTC, they provide a specific form to use. They also help you submit supporting documentation. You do not necessarily need an attorney. Regulators investigate your claim and give both sides to a Judge. Within eight months, a judge renders a decision. Assume that the decision is in your favor and the defendant ignores the court order to pay you. Regulators suspend their license until you are paid. News briefs from the NFA consistently inform people how much money was returned to defrauded investors. As an example:
NFA distributes $1 million in restitution payments to defrauded investors
As a result of a judgment in a CFTC case, NFA recently distributed a little over $1 million in restitution payments to 62 investors. Because NFA does not charge any administrative fees for its restitution program, individuals received 92 cents on the dollar for their losses. The court order is a result of a complaint the CFTC filed on March 11, 2005, against Ben Ouyand and Victco Financial Services, Inc. In the last 10 years, NFA has distributed more than $14.9 million to over 7,000 investors. http://www.nfa.futures.org/news/newsRel.asp?ArticleID=1632
Now, I'll share an experience that prompted this web site. In summary, two older sisters, under a forged POA, using estate money collaborated with their lawyers "officers of the court" to try to steal my share of a rather large inheritance. Regulators and Judges knowingly facilitated the endeavor. They lost and dumped all financial damages onto the estate, asking me to absorb one third of those damages (over $1,500,000). The statements herein are factual because I lived through the experience. (Jan 2001 – October, 2007) My personal legal fees are over $170,000. To turn this in as criminal my cost for a legal brief was quoted to be another $25,000. The lawyer never finished the brief; he did write a story and was paid $10,000. Legal fees to the estate were over $700,000 of which I paid 1/3 until 2006 and from 2006 until October 2007 I paid 50%.
Whatever regulation does exist, there is nothing to prevent a POA from stealing. There is nothing to prevent lawyers from exploiting their clients while billing them for the privilege. There is nothing to prevent judges from abusing laws that are supposed to protect people. There is nothing that oversees state regulators. The state regulatory system seems to be devoid of any effectiveness for individuals. YES, if they can be hero's and catch corporate corruption (after investors and employees are stomped on), they function. Thousands of people forced into using the civil system are exploited when they need help. The problem is so easy to solve.
Let's also perceive everyone involved with the fiasco described herein as a blessing because each person played a vital role in revealing serious weaknesses in our spineless civil excuse for a "justice" system. Bluntly, without deep faith in God and money people in my circumstance would not survive this experience financially, emotionally and sometimes physically. Adapting a model currently used for futures professionals, the system is easy to correct so it can protect people rather than exploit them.