Bernerd Young has waited more than two years for a final decision from U.S. securities regulators about whether he will be charged over his role as compliance officer at the brokerage owned by convicted Ponzi schemer Allen Stanford.
In those two years, Young says his life has been put on hold as the cloud of the Securities and Exchange Commission probe has overshadowed his attempts to move on professionally.
MGL Consulting, where he is currently chief executive officer, has lost 20 percent of its clients, filed for bankruptcy and had regulators kill the firm’s expansion plans - all driven by the stigma of the probe, Young says.
In his first media interview since the discovery of Allen Stanford’s $7 billion Ponzi scheme in 2009, Young and his attorney told Reuters they believe the SEC’s stalling has unfairly denied him his right to due process.
“Professionally, (it’s like) wearing the stigma of the red S on your chest,” Young said.
Source: Yahoo Finance News