The announcement by the 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.
They should be cautious about candidate Bruce Lisman, who honed his skills on Wall Street working at now-bankrupt Bear Stearns. Many employees were prosecuted by the Securities and Exchange Commission for fraudulent schemes, as was the corporation itself.
Many lost money, but Mr. Lisman walked away with a $50 million fortune.
As if Vermont needs any more evidence for concern, Mr. Lisman has yet to explain the campaign contribution he accepted from Richard Harriton, his former colleague 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 involved theft of foreign funds with the EB-5 program, and another alleges health-care 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. These two investigations underscore very clearly why integrity should matter in Vermont now more than in any recent memory.
Read more by clicking below image