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Craigslist: Hookers! Killers! Con Men! Scapegoats!

May 18, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Give the SEC credit: they know how to write a press release.

Yesterday, the commission announced that it had charged two New Jersey men with a scheme involving the sale of so-called “prime certificates of participation,” which were supposed to be invested in various fixed income instruments, but in fact were pocketed by the sellers and used to help run their payroll services company and a charter aviation firm.

More specifically, the SEC alleges that Paul G. Bultmeyer and Arthur J. Piacentini advertised the instruments in print publications, as well as on Craigslist and other Internet sites. The men operated as Sherbourne Capital Management (here’s a cached version of their Web site, courtesy of Google) (GOOG) and Sherbourne Financial (here’s the cached site while it lasts.)

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