It’s been a while…a long while since I turned my attention to Daniel ( Dan ) Frishberg – the radio personality who, with his partner Al Kaleta, caused many an investor to lose substantial funds in the failed Biz Radio debacle. I received an email today from a defrocked investor in Dan Frishberg’s failed scheme asking “Whatever happened to the criminal justice system in the USA? Dandy question, cause it seems that Dan Frishberg has effectively walked away with no criminal consequence to his very public investor fraud. If you want to see background go to these wordpress posts on “The Money Man“.
The key is to hold the right assets for enough time so that the investment can reap its full reward. It takes a lot confidence for an investor to believe that the company will not only be in business years from now but will continue to create an increasing amount of value several business cycles into the future. Successful investors are only able to hold on to stocks for the long term if they are able to create conviction with the proper due diligence, generate income, and protect their capital during uncertain times.
Hum…I read the words written and wonder! You state, “It takes a lot confidence for an investor to believe that the company will not only be in business years from now but will continue to create an increasing amount of value several business cycles into the future.” Yet, I wonder how the folks feel that listened to your advice on Biz Radio and your podcasts and YouTube and believed that you had a sustainable business model that would create an increasing amount of value to sustain them into the future. Seems from all accounts that you and your cronies led folks into investing into nothing more than a Ponzi scheme and today they have lost. But have you?
“Successful investors are only able to hold on to stocks for the long term if they are able to create conviction with the proper due diligence, generate income, and protect their capital during uncertain times.” Dan those are your words. Yet, you solicited investments that did not protect capital, generate income and were void of due diligence. Shame on you…! You survived, but what about those who trusted you?
I believe in Second Chances – in fact I wrote a book about it! I know with every fiber of my being how you operate as (sadly) I was you at one time. But there is one BIG DIFFERENCE. I acknowledged my unethical actions, made restitution and changed my choices. Seems accepting responsibility – which is the first step to recovery – is something that continues to allude you. Isn’t it time – Dan Frishberg – to face the truth of your lies and deceptions – take responsibility – make restitution and then move forward with your life in an honest and ethical way.
You – Dan Frishberg – could be a leader in ethical business practice, sharing the truth of your folly and how unethical practice can be turned into societal good. Sadly, Dan, it seems that you only know one thing – how to be a talking head on the radio. Every choice has a consequence and the consequences of your choices are not over…cause karma’s a bitch.
If you have been defrauded by Dan Frishberg and Al Kaleta – feel free to share your experience so others can at least be warned!