Wednesday, June 3, 2009

SEC Crushes Ant

"The [SEC] has filed a civil suit accusing Colorado Springs-based Wellco Energy and four employees of fraud. The complaint says the founder and three salesmen raised more than $1 million in the last year by selling investors fractional interests in oil and gas wells", Houston Chronicle, 17 May 2009.

A whole million dollars. Wow. I wouldn't be surprised if $1 million of fraud takes place on Wall Street every hour.


Anonymous said...

I think your estimate is low IA...

Wouldn't that be less than $ 9 bln per year?

Independent Accountant said...

Yes it is. Assuming $120 billion in fraud a year, it's $13.7 million an hour.