The Downside to the Rube Defense

Published Tuesday, June 01, 2004

Time was, the perfect stockbroker was equal parts salesman and stockpicker, but these days you have to throw a good measure of lawyering into the mix. Trouble is, professional-grade legal expertise does not come easy, and a little knowledge in this area can indeed prove very dangerous. Anthony Barkate's experience with the SEC is illustrative in this regard. Barkate's problems started in 1998 when he began selling the financial products of TLC Investments & Trade and its related entities. The products were interesting ones — promissory notes with investment agreements that provided a tax-lien certificate representing the right ...

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