Investors in shady enterprise cry ‘foul’

Honestly, you couldn’t make this up. Investors in are threatening to sue Baker Tilley, the accountants who drew up the prospectus on which the company was founded.

I remember reading said prospectus at the time. It said, quite clearly, that some aspects of the company’s business were illegal in the United States. I also remember that this didn’t stop ‘respectable’ City institutions and their clients from stampeding to buy the shares. I was naively astonished at the greed implicit in this. It seemed that there were limits to the “due diligence” about which venture capitalists make such a fuss. If there was a sure-fire bet in prospect, then it seemed that due diligence could be jettisoned as fast as yesterday’s newspaper.

But now that the company’s CEO has been incarcerated by the Feds, and it’s clear that Betonsports will be worthless shortly, those poor investor lambs are crying foul and looking for someone to blame for their woes. Ye Gods!