I grabbed the SEC case against Syed Arham Arbab for the headline and obvious jokes. Mr. Arbab is accused of running a fake investment scheme out of his college fraternity.
He formed a fund called Artis Proficio Capital Investments, LLC with a business address of 558 W. Broad Street, Athens, GA 30601. (Go ahead and clink on the address link. Yes, it’s a picture of the fraternity house at that address, complete with big Greek letters.)
According to the complaint, it’s a run-of-the-mill investment scam. Mr. Arbab never set up a custody account, never really invested the money and really made fake promises. Mr. Arbab had not settled with the SEC so we only have the Commission’s side of the story. He doesn’t think it’s over. Just like it wasn’t over “when the Germans bombed Pearl Harbor.”
The other reason the case caught my attention because today would have been the birthday of my friend Jeff. We spent great years together in high school and college, and many great years thereafter.
We often called him Belushi because he was one of Jeff’s idols. There was some physical resemblance and lots of resemblance when it came to fun.
But cancer killed Jeff a few years ago. I raise money for cancer research in his memory. I’m riding almost 300 miles during the first weekend of August in the Pan Mass Challenge.
If you enjoy reading Compliance Building, please donate a few dollars. 100% of your donation goes to cancer research.
Thank you,
Doug
