Wednesday, March 31, 2010

Norshield key personnel perhaps insane?

Scot Blythe has covered Norshield issues in the online magazine since trading of Olympus Funds was stopped and I'm certain long before that as well. His latest article summarizes the OSC findings brilliantly. Here are some highlights:
  • $472 million in total was invested into Norshield Asset Management.
  • The five year inquiry by RSM Richter will halve the money that can be recovered by investors.
  • The efforts by RSM have provided no further information into where money went in the Caribbean.
  • RSM Richter has launched a civil case against John Xanthoudakis & Dale Smith for $159 million.
  • RSM Richter has offered to cooperate should there be criminal proceedings.
One ironic closing statement is the following "Xanthoudakis & Smith argue that claims should be thrown out due to the length of time that has passed." It took them 10 years to lose the money, five years to investigate the fiasco they created, but a lifetime for their victims to toil and now suffer. What gall! Perhaps the two of them are insane?