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Sinking Ships

Those nice Fraternity brothers took my money.  Well, at least it came from my Bernie Madoff account.  (Lame Joke Attempt)

I started blogging with Linda about the time the UIGEA hit.  Talk about timing.  It is in that time frame that an ironworker turned Grand Chief bought Ultimate Bet.  Shortly after the scandal was reviled.  I expressed doubt about Joe Norton being the actual owner.

Five years later, with less than any hope of getting their investments back, a group of investors in the Tampa area are ratting on the rats.  There has been a lot of conjecture.  There has been plenty of gnashing of teeth.  None of that, including Halley’s yeoman work, has really gotten beyond the conjecture we’ve all blogged.

Well, put that behind thee.  The Saint Petersburg Times sat down with people that had their last thought of recovering their investment crushed.  That’s the problem with screwing investors — they can disclose a lot of hidden info.

Here’s the article.

Bill Rini mentioned it in his blog,  Halley’s hinted at it.  The Feds have indited.  The indictment saw the last hope leave the investors and the article resulted.  It is more info than has ever come close to validation.  It the money trail that was probably already in the Fed’s hands.  One of the more interesting parts of the indictment were the names associated with AP/UB.  It was the names from the founders of the operation.

You and I might be gape jawed in amazement at what’s finally coming out.  It has to be old news with the government attorneys.  I’m sure their auditors were perched around the known accounts to see where it might go when the indictments surfaced.  It appear there will be a lot of  “Oh, Shit!” moments ahead for those four fraternity brothers.  It is looking like the only secret they can keep is the handshake.

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  1. May 1st, 2011 at 12:44 | #1

    I’m not sure of what word to use to describe UB/AP. Tawdry just doesn’t seem to do it.

    I’m afraid the other sites aren’t a lot better. It’s easy to take potshots at Cereus, but I suspect FT isn’t a lot better.

  2. May 1st, 2011 at 14:58 | #2

    It is funny in these time that many miss your latter point. I don’t know if there is a saint for gambling entrepreneurs. If there is it was a long and arduous search to find him.

    Maybe people, having noted the change from syndicate and union ownership to listed company and BBB- bonds, seem to think that virtue has descended.

    Leopards are leopards — spots and all.

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