Who Can You Trust? (Part 1)

In an industry rife with liars and cheaters, I believe the road to long-term success must include education about fraud to avoid being sucked dry from others before trading strategies capable of generating consistent income are mastered.

CNBC’s American Greed is precisely the kind of documentary show to provide this sort of education. On November 6, 2015, CNBC featured the story of Ross Mandell.

From the episode, narrated by Stacy Keach:

      “In June 2011, Ross Mandell was tried in New York Federal Court,
      Manhattan. After five weeks he was found guilty on all counts and
      sentenced to 12 years in prison [securities fraud]….

      …for anyone else, this might be the end of the story. But not so for
      Ross Mandell. Before he’s supposed to report to federal prison, he
      catches a break and he’s allowed to remain free while his case works
      its way through the appeals process. For the next three years, he
      lives with a GPS ankle monitor at his Boca Raton mansion with his
      family and becomes a self-described motivational speaker with his
      own web series, ‘Our Time with Ross Mandell.'”

      [Ross Mandell screenshot from his web show] “This is OUR time. I
      come to you today with a sense of outrage!”

      [Keach narrating] “He has titles like ‘This Too Shall Pass…'”

      [Ross Mandell on screen talking] “One day, the sun will shine if
      you allow it.”

      [Keach narrating] “‘Yes I Can…'”

      [Ross Mandell on screen talking] “Losers say yesterday and winners
      say yes today.”

      [Keach narrating] “…and ‘Dress for Success.'”

      [Ross Mandell on screen with black sportscoat and white tie talking]
      “I know what you’re thinking: man, that dude looks handsome today.
      Suit and tie, money, power: that’s what I’m after.”

      [Keach narrating] “But in May 2014, the Second Circuit of Appeals
      hands down its judgment: there will be no change in Mandell’s
      status. And three months later, he finally reports to federal
      prison where he will serve out his 12-year sentence.”

This is an interesting case study that bothers me immensely.