Bernerd Young was a top guy at the Financial Industry Regulatory Authority, and then he went to work as the chief compliance officer for the largest Ponzi scheme in history behind Bernie Madoff.
His former boss, R. Allen Stanford is in prison, but so far, Young has not been charged with anything. And yet now he’s complaining about it. He told Reuters he was being denied due process as this unresolved case hangs over his head. Click here to read the Reuters story. And click here to read the column I wrote on Mr. Young in 2009. And click here to watch me talk about it on Fox Business.
This is the story of a regulator going to work for the very people he was supposed to regulate. He put his seal of approval on a blatant, global fraud totaling more than $7 billion. And yet so far, the regulators have said nothing about it.
Mr. Young is right when he says due process is being denied.