About Me

I have been in the financial services business for 23 years, most of that as a portfolio manager. However, over the last few years my attention has turned to helping other professionals deal with regulators. I came under attack in 2002 by an employee of the Texas State Securities Board. At the time, I could not afford complete representation so I was forced to become my own lawyer. It is now 7 years later and I am still dealing with some of the damaged caused by an overzealous, brand new staff attorney - Joe Rotunda (or Joseph Rotunda). I discovered to my horror, that these agencies can say and publish anything they want regardless of its accuracy and you are powerless to get it removed! This is of course in conflict with your due process rights. On a bigger scale, any administrative agency from a local building inspector to the SEC can shut down your business easier than a policeman can pull you over.

A police officer is required to have "reasonable suspicion" to pull you over. Administrative agencies have no such hurdle. They can yank your license and force you into a long and expensive process to get it back. Since they are the investigator, prosecutor and judge it should come as no surprise that their hearing process is little more than a charade.

When the State of Texas couldn't get what they wanted they asked the SEC for help. The found open ears in a staff attorney named Shoshana Thoma-Isgur. Shoshana took it upon herself to call as many of my clients as she could under the guise of an "informal inquiry". However she did everything in her power to cause alarm in the hearts of the unsuspecting people. One is a law professor that was taken aback.

I have since found out, through public records and direct contact with the parties, that Shoshana Thoma-Isgur makes a practice out of ruining reputations. In fact I know of at least one public company that she destroyed. Here is how it works:

The SEC has investigative powers over any suspected violation of securities laws. You would hope these people are supervised but it does not appear so. During an investigation they can call clients, shareholders, suppliers, partners, vendors. In one case Shoshana called a potential employee and scarred him enough to not take the job.

Suppose that during an investigation, the terroristic practices fail to destroy you, they can they take administrative, civil or criminal action. Any and all are cost prohibitive, not to mention the man hour drain. In the end what do they gain? Meanwhile people like Bernie Madoff are out there looting millions and the staff is distracted on bunny trails.

David Disraeli
Austin Texas
Open Government Project