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Matt Potter 3:30 p.m., Sept. 28
WFP Securities has been ordered to pay almost $19 million to a trust representing investors who lost money in a Ponzi scheme sold by the defunct brokerage, according to the Wall Street Journal. The trustee of the liquidating trust accused WFP of negligence for not doing proper due diligence before selling preferred stock in oil and gas investments managed by Provident Royalties LLC, according to the Journal. The Securities and Exchange Commission had obtained an asset freeze against Provident in 2009 amid allegations that it ran a $495 million Ponzi scheme
My column of April 20, 2011, fingered WFP Securities for its role in taking advantage of investors. A number of investors had filed arbitrations against the brokerage. It closed down shortly thereafter. Another column of Oct. 31, 2012 dealt with the questionable activities of John Schooler, president of WFP Securities, and his brother Lou Schooler, whose related company had been charged by the Securities and Exchange Commission with defrauding investors in land partnerships.