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

December 2, 2010

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.

YOUR COMMENTS ARE WELCOME!