IkeSouth wrote:
well the guy is a long-time fraud,...sounds like this hernandez guy is a real piece of shit.
+1
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| Hernandez charged with fraud by SEC https://mail.chicagofanatics.com/viewtopic.php?f=156&t=33546 |
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| Author: | aparicio [ Mon Jun 15, 2009 11:18 am ] |
| Post subject: | Hernandez charged with fraud by SEC |
SEC charges founder of Chicago Sports Webio in fraud By Ameet Sachdev | Tribune reporter 11:02 AM CDT, June 15, 2009 The U.S. Securities and Exchange Commission on Monday accused David Hernandez of running a fraudulent investment scheme. Hernandez started an Internet-based sports talk show with Chicago radio personality Mike North. In the civil lawsuit, the SEC charged Hernandez of operating a Ponzi scheme and diverting investor funds to buy cars, jewelry and a piano among other things. He also transferred funds to the bank accounts of two other companies he controlled, including Spectrum Entertainment Group Inc., which funded the talk show, Chicago Sports Webio, the SEC said. The complaint also said that Hernandez is a convicted felon and that he and his wife, Gina Hernandez, have filed for bankruptcy in 2004, 2005 and 2006. In 1998, Hernandez was convicted of wire fraud arising from previous employment at a bank. Hernandez could not be immediately reached for comment. |
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| Author: | aparicio [ Mon Jun 15, 2009 11:21 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
This guys has an incredibly checkered past. Bankruptcies each year from 2004 to 2006, convicted felon, wire fraud. He's clearly the bad guy but North and Schwartz are total idiots for hooking up with him and betting 30 people's lives on a guy like this. I'm betting North asked all of the webio talent to stay at work to preserve the value of the entity while he tries to take control, which should be much easier now that this guy has been charged. It may just work, but the dog still won't hunt. |
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| Author: | C_Howitt_Fealz [ Mon Jun 15, 2009 11:25 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
My guess is the feds will move to freeze all of Hernandez' assets. Any liquidation would be years away. |
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| Author: | BD [ Mon Jun 15, 2009 11:26 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
This can't be good for CSWebio. |
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| Author: | IkeSouth [ Mon Jun 15, 2009 11:30 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
well the guy is a long-time fraud, he obviously knows how to con people so it may not be north's complete stupidity to hook up with the guy. still though... public record could have told mike that shit is questionable. hopefully this will give the station back to its rightful owner though. north can run the webio as it should be, honestly i wouldnt mind if he left comcast to focus on the webio... but either way im GLAD the SEC and FEDS are taking care of business. sounds like this hernandez guy is a real piece of shit. |
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| Author: | aparicio [ Mon Jun 15, 2009 11:32 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
IkeSouth wrote: well the guy is a long-time fraud,...sounds like this hernandez guy is a real piece of shit. +1
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| Author: | IkeSouth [ Mon Jun 15, 2009 11:40 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
aparicio wrote: IkeSouth wrote: well the guy is a long-time fraud,...sounds like this hernandez guy is a real piece of shit. +1 its sad as hell. sad for the employees, sad for the hosts, sad for listeners... and of course mike. i wish i could have 5 min in a room with hernandez. i would fuck that nigga up. |
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| Author: | Bucky Chris [ Mon Jun 15, 2009 11:45 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
You are a fucking idiot, Ike. |
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| Author: | IkeSouth [ Mon Jun 15, 2009 11:52 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
Chris in St. Charles wrote: You are a fucking idiot, Ike. oh nos what am i goin to do a burrito from the internets said i suck. ouch bro, that hurt. black asshole. |
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| Author: | aparicio [ Mon Jun 15, 2009 11:55 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
Its obvious that Hernandez is a bad guy based on what we've all read but the real issue is how North and Schwartz could have gotten in bed with him. A $100 background check would have revealed all of this. Perhaps they knew and chose to ignore in order to get this funded but that would be worse than stupidity and I can't imagine they'd do that as you know this would come home to roost eventually. This is basic business IQ test stuff and everyone involved failed the test. |
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| Author: | doug - evergreen park [ Mon Jun 15, 2009 11:56 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
unreal. what a douchebag. |
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| Author: | spmack [ Mon Jun 15, 2009 11:57 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
doug - evergreen park wrote: unreal. what a douchebag. Hernandez or Ike South? |
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| Author: | Pappy's Crappy [ Mon Jun 15, 2009 11:59 am ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
aparicio wrote: The complaint also said that Hernandez is a convicted felon and that he and his wife, Gina Hernandez, have filed for bankruptcy in 2004, 2005 and 2006. In 1998, Hernandez was convicted of wire fraud arising from previous employment at a bank. North has lawyers, North has contacts in the Chicago business world and Chicago media, North has his oft-mentioned "street smarts." My mind is still reeling at the thought of North hooking up with this guy in such a high-risk business environment with the futures of so many of North's "friends" and former colleagues on the line and not having any inkling of this guy's past. Yes, North may be a victim of David Hernandez, but it also must be said that he's a victim of his own stupidity and irresponsibility if he really thought this crook was his ticket to the future that is webio. |
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| Author: | lamar hoyt's burrito [ Mon Jun 15, 2009 12:00 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
aparicio wrote: Its obvious that Hernandez is a bad guy based on what we've all read but the real issue is how North and Schwartz could have gotten in bed with him. A $100 background check would have revealed all of this. Perhaps they knew and chose to ignore in order to get this funded but that would be worse than stupidity and I can't imagine they'd do that as you know this would come home to roost eventually. This is basic business IQ test stuff and everyone involved failed the test. Why would you be suprised that he didn't do a background check? Hernandez fooled EVERYONE not just North or Spaceball, besides North isn't really known for intelligence is he. He is a radio host not a Mensa! People get conned from every walk of life, I think that the hatred of North clouds the rational thinking of people who normally are rational. |
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| Author: | rogers park bryan [ Mon Jun 15, 2009 12:01 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
aparicio wrote: In the civil lawsuit, the SEC charged Hernandez of operating a Ponzi scheme and diverting investor funds to buy cars, jewelry and a piano among other things. The complaint also said that Hernandez is a convicted felon and that he and his wife, Gina Hernandez, have filed for bankruptcy in 2004, 2005 and 2006. In 1998, Hernandez was convicted of wire fraud arising from previous employment at a bank. . Isnt there a limit on number of bankruptcies one can file? a piano? Really??????? |
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| Author: | IkeSouth [ Mon Jun 15, 2009 12:02 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
if the webio fails there is one thing certain- it was hernandez's fault, his fault solely, and everybody else is completely innocent in every way. |
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| Author: | spmack [ Mon Jun 15, 2009 12:03 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
Pappy's Crappy wrote: Yes, North may be a victim of David Hernandez, but it also must be said that he's a victim of his own stupidity and irresponsibility if he really thought this crook was his ticket to the future that is webio. +1. I know most people are saying that it not North's fault, but I still feel like North sold these people a bill of goods. |
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| Author: | Phil McCracken [ Mon Jun 15, 2009 12:04 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
The thing is not only North got in on this but all of the other hosts went along with it without checking out their "benefactor". It seems to me if you are going to get involved with a risky internet venture you might want to know who is signing the checks. Who knows maybe even do a google search on the guy. But that would make too much sense. |
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| Author: | Pappy's Crappy [ Mon Jun 15, 2009 12:04 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
lamar hoyt's burrito wrote: Why would you be suprised that he didn't do a background check? Hernandez fooled EVERYONE not just North or Spaceball, besides North isn't really known for intelligence is he. He is a radio host not a Mensa! People get conned from every walk of life, I think that the hatred of North clouds the rational thinking of people who normally are rational. North has (or should have) "people" to look into these kinds of things. This isn't like getting taken by an unscrupulous contractor who's puting new tile in your bathroom; this was the startup of what was to become a major business with big-time payroll and advertising commitments. |
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| Author: | The Original Kid Cairo [ Mon Jun 15, 2009 12:06 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
spmack wrote: doug - evergreen park wrote: unreal. what a douchebag. Hernandez or Ike South? I wouldn't say Ike's a douchebag. Just really really weird. |
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| Author: | doug - evergreen park [ Mon Jun 15, 2009 12:07 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
Hernandez... |
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| Author: | Beebo [ Mon Jun 15, 2009 12:07 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
A little of both. Nothing like tough guys. |
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| Author: | The Gridiron Assassin [ Mon Jun 15, 2009 12:09 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
I guess the grass isn't always greener on the other side of the fence. I hope some of these guys land on their feet and get employed. It is pretty sad for the employees - but North and Spaceball should have run SOME type of background check on this guy before being blinded by the bling. This has a certain 'Boiler Room' feel to it... |
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| Author: | Don Tiny [ Mon Jun 15, 2009 12:10 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
spmack wrote: doug - evergreen park wrote: unreal. what a douchebag. Hernandez or Ike South? Dealer's choice ... |
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| Author: | Pappy's Crappy [ Mon Jun 15, 2009 12:11 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
aparicio wrote: A $100 background check would have revealed all of this. Apparently Jen didn't have the names of any good background-checkers in that "best Rolodex in the business" of hers. |
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| Author: | spmack [ Mon Jun 15, 2009 12:11 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
The Original Kid Cairo wrote: spmack wrote: doug - evergreen park wrote: unreal. what a douchebag. Hernandez or Ike South? I wouldn't say Ike's a douchebag. Just really really weird. I'm not feeling the racial tone that IkeSouth is bringing to this thread. |
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| Author: | The Original Kid Cairo [ Mon Jun 15, 2009 12:12 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
But we don't really know what Ike is. |
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| Author: | Pappy's Crappy [ Mon Jun 15, 2009 12:12 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
Perhaps the real question here is who gets the piano now? |
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| Author: | Jalapenos and More [ Mon Jun 15, 2009 12:13 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
It's hard in the current—both hopefully strengthening—regulatory environment to get charged by the SEC. Anyone see last night's 60 Minutes piece about the SEC? It's much worse than I thought. |
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| Author: | spmack [ Mon Jun 15, 2009 12:14 pm ] |
| Post subject: | Re: Hernandez charged with fraud by SEC |
The Original Kid Cairo wrote: But we don't really know what Ike is. Yeah but he's ignorant to call Chris in St Charles a black a-hole...I've hung with the dude and he aint black... Ok, I'm done talking about Ike South...back to the real DB - Mr. Hernandez. |
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