What do DHB and porno have in common?
October 30, 2007 by Henry E. Powderly II
The big news on DHB is this, David Brooks, the flaunting Mr. DHB himself who couldn’t hide the claim he milked investors out of millions if he wanted to, is under arrest for securities fraud. But what about his former company?
Well, it isn’t called DHB anymore. Now it’s known as Point Blank Solutions and it’s based in Florida. However, licentiousness may have followed the company south.
Point Blank received a letter today from Steel Partners, a hedge fund run by activist investor Warren G. Lichtenstein, stating it wants to purchase all of the Point Blank stock it doesn’t already own for $5.50 per share, essentially taking over.
But this isn’t Lichtenstein’s first takeover proposal. Last year, Steel Partners offered to buyout New Frontier Media, an owner of video pornography networks. It already owned plenty of New Frontier stock.
Body armor, body language … makes sense.
And in case you missed it, Brooks’ alleged partner in crime, Sandra Hatfield, pleaded “not guilty” to her share of the fraud charges today.
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Did you ever find out what happened with this case? Did they eventually plead guilty?
-R
nevermind.
I asked my friend who works for a fund of fund in CA and he said that he was found guilty…
Is this hedge fund fraud ever going to end or will it forever be allowed to continue under the guise of bringing liquidity to the market and preventing capital from flowing off shore? Has no one figured out that capital is avoiding the US due to hedge fund fraud and the capital coming in is to buy up what’s left of the mess left by fund managers?
http://www.nytimes.com/aponline/us/AP-Body-Armor.html
Dec 22 2007 - CENTRAL ISLIP, N.Y. (AP) — The former head of the leading supplier of body armor to the U.S. military, facing federal charges in an alleged fraud scheme, may be freed after two months in jail but only under house arrest, a judge has ruled.
And instead of the usual bail posting, David H. Brooks must convince prosecutors that they have full control of his millions in assets so he cannot use them to flee, U.S. District Judge Joanna Seybert said Friday.
— Prosecutors claim that Brooks overstated inventory in fraud amounting to $185 million. K.
iniquity - I can’t make sense of your post … maybe one or two examples of hedge fund fraud would help. Capital is avoiding US due to falling dollar, except where foreigners are buying equity stocks that they like for cheap prices. I don’t think the secenario describe is what’s happening.
There will always be some hedge fund fraud, there are over 15,000 hedge funds now in existence. Corporate fraud, tax evasion, store robberies and hedge fund fraud will always exist…
- Richard