The announcement by the State of Vermont Department of Financial Regulation that Wells Fargo and Raymond James have entered into settlements with the state stemming from fraud allegations is another wake-up call for Vermonters.
Despite numerous fraudulent schemes surrounding gubernatorial candidate Bruce Lisman while he worked on Wall Street at Bear Stearns, including schemes at independent firms whom Bear handled the clearing of trades, many were prosecuted by the SEC for fraudulent scheme(s) along with Bear Stearns, itself.
Mr. Lisman has yet to explain the campaign contribution he accepted from Richard Harriton, who is a former colleague of Mr. Lisman’s from Wall Street, who was previously barred by the SEC for involvement in a $75 million fraudulent scheme.
Vermont has been rocked by two large fraud investigations; one involving theft of foreign funds with the EB-5 program, and another involving healthcare fraud of state and federal governments, commercial insurance companies and hundreds of patients who were denied refunds of their patient credit balances for a decade at The Brattleboro Retreat.
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