CNBC Features Dan Frishberg, an investment advisor who’s under investigation by the SEC? Where are CNBC’s Ethics and Standards?

Short – sweet and to the point.  What due diligence does CNBC do when selecting their guests for appearances on their shows?

According to their web site – CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to more than 340 million homes worldwide, including more than 95 million households in the United States and Canada. The network’s Business Day programming (weekdays from 5:00 a.m.- 7:00 p.m. ET) is produced at CNBC’s headquarters in Englewood Cliffs, N.J. CNBC also includes reports from its news bureaus worldwide in Midtown Manhattan, the NASDAQ MarketSite, Washington D.C., Chicago, Los Angeles, Palo Alto, London, Singapore and CNBC’s headquarters in Englewood Cliffs, N.J.

So help me understand – what would motivate CNBC to have Dan Frishberg on as a guest spouting off his investment advice and accumen when the same Daniel Frishberg is the subject of an SEC investigation into allegations of investment fraud.  BizRadio (Dan’s former company) has failed.  Investors have lost substantial sums.  Al Kaleta, his former partner, has had his investment license pulled.  And word on the street is Dan will be next in line to have his RIA license pulled.  Likewise, criminal investigators are reviewing Dan’s financial activities with no word yet on whether an indictment will be forthcoming.

Here’s the link for those who wish to see that when I say Dan Frishberg was on the show, I’m telling the truth.  CNBC Frishberg link

So…does CNBC do any due diligence related to who they feature on their program?  And if not, what ethical standards do their adhere to if they allow someone who is at the center of a scam/fraud investigation to continue to be a spokesman.

This reminds me of Bernie Madoff getting great press right before the fall.  Just ask the victims of Frishberg’s actions if they would trust him today with their money!  Perhaps defrauded investors might want to comment on Dan’s video giving others (at least) a heads up on the Scambus that rumbling down the track.


4 Responses to CNBC Features Dan Frishberg, an investment advisor who’s under investigation by the SEC? Where are CNBC’s Ethics and Standards?

  1. Jim A says:

    I just wonder how 1) Frishberg still has clients and 2) still has his license. I guess the answers are: 1) gullible or uniformed people and 2) The SEC has bigger fish to fry.

  2. Word has it that the SEC will enter into a final agreement with Frishberg which will likely cost him his investment license. However, that does not prohibit him from continuing to be an on-air personality.

  3. F.Reiley says:

    My advice would be put your money under the matress. it would be safe from D. Frishberg. My account was a promise of safe investments so why would any reputable investment person put anyone my age in long term unless they plan to pay my nursing home bills, or plan on my lifes work to support themselves. Who is keeping the Radio Station alive?

  4. z\ says:

    The answer may be in the practice of BizRadio itself. The guests PAY to appear. Part of advertising. If you buy ad-time, you will also be interviewed on certain programs. Then you can post your CNBC video clip on your website, and say, “…as seen on CNBC.” It’s an attempt to buy credibility.
    “A-List” people like Bill Gross can’t be bought, but 4th-tier pseudo-celebs like Dan have to buy their way in.

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