(Reuters) – The U.S. soldier accused of killing 16 civilians in Afghanistanleft for war without paying a $1.5 million judgment for defrauding an elderly client in a stock scheme, and remains shielded from the obligation as long as he remains in the military, legal experts said.
Before beginning his military career in November, 2001, Robert Bales worked almost five-and-a-half years at a series of largely intertwined brokerages that received repeated regulatory censures, according to regulatory records.
Oh that’s precious.
So this guy apparently lost an arbitration award (which basically never happens folks; if you’ve ever seen how slanted these panels are toward the securities industry you’d puke from that standing alone) which means that there’s a very good chance he really did rip off that elderly client.
The panel also included a puntive damage award, which is reserved for willful or malicious conduct. Those are rare as hen’s teeth as well.
FINRA, for their part, never suspended this guy and thus never locked him out of the securities industry. But he apparently knew when the getting was good he ought to go get before was got, and joined the service, effectively disappearing and being shielded from judgments so long as he remained in.
There have been repeated rumblings that this guy had some sort of financial or legal trouble. I assumed, as most others probably did, that the relatively poor pay in the military and some bad decisions (“gotta have them new shiny rims on my pimped-out ride!”) might be responsible for the pressure. Not smart, but not this sort of thing.
Well it looks like we were all wrong folks.
But heh, it’s good to be a bankster, right? Not only did this guy allegedly destroy the lives of women and children in Afghanistan — people who were not engaged in attacking Americans — it appears that he had a record of destroying the lives of people here back home too.
The bankster shield must be penetrated and the people who have been involved in this crap — whether it be ripping off little old ladies directly or whether it be bundling together worthless securities and selling them on in pursuit of commissions and bonuses — must come down and those responsible for these frauds must be prosecuted.
We, the people, must demand it — now.
The rest of my reaction to this story is unsuitable for exposition in polite company.