So here it is, February 28, 2009 and faced with the Sheriff coming any day to evict Principal Capital Group from its Fullerton offices and being behind 3 payroll checks to his staff, Mike concocts the following message to his employees:
"Attn: Principal Capital Group Traders in Training
Until Further notice, the trading floor at Principal Capital Group is being closed to the existing trading staff. As a public company, information in our office is to remain confidential and it has come to our attention that a breach of information has been supplied to individuals and previous employees via email, phone and text messages that is not materially available to the investment public. The information provided is being used in an attempt to extort funds from the company for which a complaint is being prepared. Under Federal SEC rules, the act of Corporate Conspiracy is punishable by both fines and federal prison. We have retained ICS, a corporate security firm to investigate our preliminary findings and trace the communication and the parties involved so we can submit the finding to the federal regulators that oversee our business.
As far as paychecks, we have opened a new account for payroll and a member of our outside security firm will be meeting with each employee individually this week for an interview at which point employee checks will be delivered. Employees will be required to sign a full and complete release as well as a confidentiality agreement at that time. All traders will remain on payroll while this investigation is ongoing and completed and will be required to work from home providing full trade reports of the demo trades during each trading session provided via email to mosborn@principalcapitalgroup.commosborn@principalcapitalgroup.com> at the end of each day. In the event reports are not submitted daily will be grounds for immediate termination. Again, it is our full intention to take our findings of this ongoing investigation to the appropriate regulatory bodies for disciplinary action. Traders with information that may be useful to the investigation are encouraged to come forward while traders with information they keep from the company will be deemed an acomplis and treated accordigley.
M. Osborn
Chairman of the Board"
Of course the employees still haven't been paid, he hasn't filed a complaint with neither the court nor the SEC and ICS has never heard of him.
Typical Michael.
return to michael-osborn.info
"Attn: Principal Capital Group Traders in Training
Until Further notice, the trading floor at Principal Capital Group is being closed to the existing trading staff. As a public company, information in our office is to remain confidential and it has come to our attention that a breach of information has been supplied to individuals and previous employees via email, phone and text messages that is not materially available to the investment public. The information provided is being used in an attempt to extort funds from the company for which a complaint is being prepared. Under Federal SEC rules, the act of Corporate Conspiracy is punishable by both fines and federal prison. We have retained ICS, a corporate security firm to investigate our preliminary findings and trace the communication and the parties involved so we can submit the finding to the federal regulators that oversee our business.
As far as paychecks, we have opened a new account for payroll and a member of our outside security firm will be meeting with each employee individually this week for an interview at which point employee checks will be delivered. Employees will be required to sign a full and complete release as well as a confidentiality agreement at that time. All traders will remain on payroll while this investigation is ongoing and completed and will be required to work from home providing full trade reports of the demo trades during each trading session provided via email to mosborn@principalcapitalgroup.com
M. Osborn
Chairman of the Board"
Of course the employees still haven't been paid, he hasn't filed a complaint with neither the court nor the SEC and ICS has never heard of him.
Typical Michael.
return to michael-osborn.info
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