BROKERS BE AWARE OF YOUR DUTIES

Over a number of years there has been a constant supply of fake buyers and fake sellers all fueled by brokers passing things around without checking anything! However, Brokers always avoided checking by using disclaimers without realising they were still liable. That is, if you are the broker in a transaction and you expect to gain either financially or otherwise from the transaction, then you share the veracity of the information that you send out.
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Statements at the bottom of your emails, saying you are just a broker and all of that is just internet rubbish.*
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Last week, various opinions were vindicated.**Firstly, some 1934 Bonds, which have been offered at least 40 times by brokers in the last year, were found to be fake. The problem is of course they were fake, anyone that reads the*SEC*website would have known that. But the problem is they were not even printed by the*US*treasury, and were in a safe deposit box, with an SKR.***All sound familiar doesn’t it.*
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The trouble for those involved is that they were all arrested last week. Everyone including the originating brokers, intermediaries and advisors.***And the big trouble for them is the worthless paper amounted to trillions, and for some, that will mean a life in jail. Two of the brokers told the bail hearing that that they were just intermediaries and should not have expected to know they were fake. The judge didn’t accept that and denied bail.**So, there are about twelve people, in three countries, and none of whom are going to see their family for a long long time.**
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I think it is fair to say this vindicates warnings given constantly.**If you are an intermediary make sure what you send out is real and you have done your best to verify it…*
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And for those who who don’t know what I am talking about… take breath guys, this is a huge test case for brokers, intermediaries and others.
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