Scoot capital

So much for fund regulation. Although a rounding error in these Madoff times, the recent fraud at Scoop Capital is yet another indictment of the current regulatory regime. As the fund manager does a disappearing act, the SEC has revealed that assets were overstated by $300m, and the fund in question has actual assets of less than $100k.

Astonishing - it shows how ineffective the reporting requirements actually are. Florida seems to be a hotbed of investment fraud. Madoff, Nagel, the land scams of the 1920s...at least it's consistent.