Photo courtesy of Deloye Burrell/Vestavia Hills Chamber of Commerce.
Alabama Securities Commissioner Joe Borg speaks to guests during the June Chamber of Commerce luncheon.
Before Leonardo DiCaprio brought The Wolf of Wall Street to movie-theatre going masses, Alabama Securities Commissioner Joe Borg was tracking the real-life case, which began in Elba, Alabama.
The records collected under Borg’s leadership eventually made their way to the movie’s producers, though that wasn’t the first time white collar crime in the Deep South had become raw source material for Hollywood plot fodder. In 2000, another white collar crime film, The Boiler Room, was released. Scripts collected by Borg and team played a part in the movie producer’s research.
Though neither of these movies figured into the clips Borg played to the Chamber audience during its June 9 meeting, the one he did play – a four minute segment from the CNBC television show American Greed, left the room speechless.
It focused on the scheme and shutdown of Greater Ministries International, a Tampa-based operation that promised its investors to double their investment within 17 months. And its most powerful recruiting tool, religion, is precisely what Borg identifies as the most effective tool white collar criminals are using to secure their victims.
“In Alabama, the best way to steal money is to use religion,” he said, noting that only natural disaster-related schemes are a close second. “Some of the best scams we’ve seen are ripped from the headlines. They range from 9/11 to Hurricane Katrina.”
In his role as Director of the Alabama Securities Commission, Borg and his 53-member team exist to regulate anyone in the Alabama who sells investments.
The agency, which according to Borg generates approximately 1.25 million monthly, examines every investment advisor in the state once every three years. The agency has also earned a 98 percent conviction rate for white collar crime, the best in the nation.
Citing numerous examples of those 65 and older who have fallen susceptible to fraudulent investment schemes, Borg pointed to the agency as a resource.
“Please call us,” he said. “Even if it is only a small amount of money, we investigate every lead we receive.”
Emphasizing the importance of preventing such victimization at the outset, Borg continued,” It is hard to get seniors to testify. They tell us things like, ‘my kids will think I can’t handle my affairs and they will put me in a nursing home.’ It only takes us 24 hours to research any investor in the state, and it’s free to you. Call us and let us provide you a report before you invest.”
