Derek Turner and Myths of Due Diligence
Derek Turner's saga finally ended with the fraud artist being sentenced for 20 years for the $80 million scam, which he admitted to last year.
Generally, the attidude of the regulator towards the victims of white collar crime is that the victim is also to blame for falling for something "too good to be true."
In this scam,
"The most recent reports indicate that one of Australia's most popular celebrity doctors, James Wright, lost more than $51 million to Turner.According to a document outlining the doctor's testimony and agreed to by prosecutors and the defence, Dr Knight met Turner in 1992 when Turner approached him about being a spokesman for a business.
In 1999, Dr Knight agreed to invest with Turner after being told he had developed a "sophisticated technique of trading in various equity indices and commodities in a manner that generated very healthy returns with substantial liquidity, minimal risk and no leverage."
Does Dr. James Wright sound like some irrational greedy fool, who didn't know how to spot something too good to be true?
