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JOBS act is fraud made easy: Sam Antar

Friday, April 13, 2012 - 02:41

April 13 - Felon Sam Antar who pleaded guilty to fraud charges on why the JOBS act signed by President Obama will make criminals smile.

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President Obama -- the jobs -- earlier this month. The measure aims to make fundraising easier for small businesses in part by outlined -- news web based crown funding tools. Don't -- Sam Antar among its fans he's a former CFO pled guilty to fraud in connection with his role -- former New York electronics chain crazy -- Jobs. Act for criminal is crying maybe. It makes me want and my retirement from crime angle going back the fleecing investors anytime you peel away. At a -- compliance. A layer of oversight. A layer of controls that makes crying easy we're -- see it coming from this jobs act is much much more white collar crime and the regulators incapable handle. You are taking away a certain layer of oversight for instance companies with less than a billion dollars of revenues and 700. Billion dollars in a market capitalization and not gonna be subject to section for all four of sarbanes Oxley which means if they don't have to report on the on the adequacy of internal controls. When you eliminate. That reporting requirement it's going to make crying easier because what it is -- not going to look at the internal controls as much as they should. Internal controls are very important see what it's really not what you're really limited reviews of financial information. And may be -- lucky if they catch terrorists. Material -- the problem is is that what it's have to rely on internal controls adequate internal controls. If you are not going to report on the adequacy of internal controls this is gonna make -- it's more -- the more limited as a result of more -- I also -- aunt are about weathering things regulators have them in power to police the use of crowd. The SEC has only 3800 employees may be for -- thousand cops including support -- -- -- -- 36000. And those are just cops. The FBI does not have the personnel what are we supposed to effectively. Police the capital markets and I -- didn't get adequate funding under the Dodd-Frank. Now we're gonna add another layer of crime that can be stifled in the same politicians that created this problem with righteous indignation. Anyway their fingers and saying how could this all happen. And I'm telling you as a criminal when the door is open. We walk through it and thank you very much Obama and senate Republicans and Democrats bipartisan support in making -- easier for people like me. Supporters say that jobs act eliminates onerous regulations faced by small businesses. But -- as regulations exist to ensure transparency. Which he uses heat of capitalism. I'm -- This is.

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JOBS act is fraud made easy: Sam Antar

Friday, April 13, 2012 - 02:41