Biz Radio and Rehan Siddiqi – When the dust clears will Siddiqi be a Victim or a Victor?

It’s Friday…and the drama seems to continue to churn around BizRadio.  The Houston Chronicle today has another article on the, now, infamous Daniel Frishberg and his radio business antics.  With media attention like this, I wouldn’t be surprised if the SEC doesn’t decide to take a closer look at what’s really going on…cause there sure appears to be something behind the scene that is taking place.  In a communication I had with one investor, he stated:

As for the quote, “I don’t have to sell any advertising for three years”, feel free to use that one as well as another quote Frishberg typically used when meeting clients, “I’m a multi millionaire”.  It certainly paints the picture of corruption within BizRadio from the very beginning.

If Frishberg used investor funds obtained from Kaleta under less than truthful pretenses and funded the BizRadio – (the sound of your money GOING!) to advance his investment career (i.e., obtain new investors in Daniel Frishberg Financial Services) then perhaps all is not as it seems and Frishberg would be the subject of an investigation.  (At this time I have no information that such an investigation is underway).  What I do know is that this has been a pattern by others for, what has been found to be, criminal activity.  Example: Investment advisor Gordon Grigg, from Tennessee (featured on Fox) who is now in prison for running a ponzi scheme.  Grigg and Madoff are two examples of the concept that all is not as it seems.  Although fairly, Frishberg is reputed to be brilliant when it comes to the funds under his control.

Read the “new” Houston Chronicle article here.

Not sure there is a lot new that has not been reported on here in the blog, but Steffy has been on this longer than I and it seems we both think there is more than meets the eye.

For the moment, Rehan Siddiqi is odd man out financially at the hand of Daniel Frishberg who appears to have taken the low road when it comes to saving his sinking ship radio station who, reportedly is behind in its payments and losing money on a regular basis.

But something here is “FRISHY”!  Here’s an excerpt from the Houston Chronicle article:

Frishberg claims Crider was never BizRadio’s co-CEO, that he was never even an employee and that he had no authorization to enter into a lease with Siddiqi. In court, Crider produced a business card and e-mails listing his title as CEO.

Siddiqi’s lease on 1110 AM included a purchase option, and Frishberg said Crider conspired with Siddiqi to nab BizRadio’s station at a depressed price and resell it for a profit.

“The guy was not an officer of our company,” Frishberg told me this week. “Everything he did, it was to try to run us out of money. All the contracts he entered into were completely wrong.”

DANIEL really?  Sure took you a long time to figure that out.  Let’s see you took Rehan’s money…moved to 1180…and then, miraculously, when you were kicked off the air by 1180 for failing to pay or provide a letter of credit, figured out that this was all wrong…  Bulls..t!  If that were true, then why didn’t you take action sooner – like when Ron Crider’s email went out in January.  Here it is again, just in case you haven’t seen it yet.

Now, I have talked with several investors who have stated that they attended meetings where Frishberg introduced Ron Crider as the CEO who was going to move BizRadio forward.  And, fairly, for their sake I hope BizRadio does survive, but something smells “Frishy” too men.  Again, the Houston Chronicle supports my claim evidenced below:

And what of Frishberg’s claim that he didn’t know Crider was passing himself off as CEO? Late last year, Frishberg introduced Crider to an investor group as BizRadio’s co-CEO, said Melinda Campbell, a BizRadio investor who attended the meeting.

“He was going to turn everything around,” she said.

I don’t know where this all is going, but at the heart of mess is one man – Daniel Frishberg – who seems to be demonstrating that he is either incompetent to run a radio station or a scam artist to investors in BizRadio.  And when the dust settles…I can’t yet tell whether Siddiqi will be a Victim or a Victor…

More to come!

Advertisements

2 Responses to Biz Radio and Rehan Siddiqi – When the dust clears will Siddiqi be a Victim or a Victor?

  1. Winsome Wit says:

    I wish the SEC would read your comments here about “Frischy” being “brilliant” with funds under his management. First, who told you that someone mention the word brillant in a sentence associated with his money management prowess? and second, I know for a fact that he ranks as one of the worst when it comes to suitability. I want the SEC to investigate the bonds he put his clients into paying attention to the the “odd” lots and with maturity date that are past the life expectancy of the client. The worst is the % of their money he put in very risky private equity deals – in one case the person had a third of her whole life savings in a Frischberg private equity sham and she can’t get from him what it’s worth. I told her to prepare for the worst.

  2. […] of the broader picture.  Blog 1.  Blog 2.  Blog 3.  Blog 4.  Blog 5.  Blog 6.  Blog 7.  Blog 8.  Blog 9.  (O.K. it’s a big […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: