Quote:
Originally Posted by Peter_Spaeth
Yup. It's ugly. Now of course they probably have a claim over against whoever submitted these fraudulent cards, be it Brent or Gary, for breach of the submission agreement and maybe fraud, but that's probably not much consolation.
They also face the possibility of securities fraud claims, I suppose, if they have reason to know their reserve is materially insufficient.
|
I imagine Brent will blame it all on Moser, PSA and refer to his tenets as the authority to make it all seem ok, PSA will blame Brent and Moser for duping them and Moser will blame Brent, I suspect for conspiring with him to commit fraud. Ultimately that will be for the Feds and lawyers to sort out as to whom is responsible for what. The bottom line is assuming all of the research BO is doing is accurate, they are all guilty in part and will be held accountable whether it be financial or criminal. And until there’s a better system of somehow marking cards that get graded so any attempt at altering (or conserving as Brent would say) can be easily caught, this cycle will repeat itself again in the next few years. Just too much money at stake.