Black Enterprise and Ebony magazine are the most discredited and biggest joke of all of the Black media outlets out there. The magazine with the Ebony namesake is more shameful because John Johnson gave a damn about Black people and would be ashamed to see how it is today. Black Enterprise was always a piece of work since Earl Graves Sr. founded it. Both these magazines tries to promote ego-based elitism towards the Black community instead of promoting empowerment to the Black community.
There is no better example of this than the recent arrest of a financial fraud who heavily bragged to others he was some big name financial guru running a 3.7 billion dollar hedge fund that was featured in both Ebony and Black Enterprise magazine. This character named Frederick Douglass Scott, well check out what the US attorney office put in their press release:
FOR IMMEDIATE RELEASE June 04, 2013
Defendant Arrested For Using Manhattan-Based Investment Advisory Firm To Steal Clients’ Money
BROOKLYN, NY – Fredrick Douglas Scott, 29, was arrested this morning on charges that he engaged in a wire fraud conspiracy to steal hundreds of thousands of dollars from investors. Scott was the Chief Executive Officer of ACI Capital Group LLC (ACI), an investment advisor registered with the Securities and Exchange Commission (SEC) since July 2011. To implement his scheme, Scott allegedly lied to potential investors to induce them to wire funds to one of ACI’s bank accounts, which Scott then stole. To date, investigators have identified at least $750,000 in investor losses caused by Scott. If convicted, Scott faces up to 20 years’ imprisonment on the fraud charge, as well as a fine equal to double the investors’ losses and mandatory restitution to the victims.
The charges were announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York, and George Venizelos, Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI).
According to the complaint unsealed this afternoon, ACI was founded by Scott in 2009, and purported to be an investment banking and advisory firm with an office located at 477 Madison Avenue, New York, New York. ACI registered as an Investment Advisor with the SEC in July 2011 and, pursuant to its most recent regulatory filing, claimed to manage $3.7 billion in assets. While Scott touted his bona fides as an investor to potential clients, including distributing the May 2010 issue of Ebony magazine, which described him as “the youngest African American hedge fund founder in history,” in reality, Scott used ACI to execute two related fraudulent schemes, causing hundreds of thousands of dollars in losses.
As detailed in the complaint, in connection with the first scheme, Scott worked with intermediaries or finders to locate potential victims. Once a potential victim was identified, Scott promised victims a high rate of return for providing short-term financing to businesses purportedly associated with ACI. In connection with the second scheme, Scott enticed his victims to make up-front deposits with ACI as collateral for favorable loans to the victims. In both schemes, once victims wired money to ACI, Scott stole the funds for his personal use. Bank records show that Scott used client funds to purchase personal items at Louis Vuitton, the Apple Store, Starbucks, Fair Bail Bonds, True Religion Jeans, Tao Restaurant, the Hampton Inn SoHo, and Dizzy’s Coca-Cola Club, among others. Bank records also show that Scott wired stolen client funds to his personal checking account.
Then you read the NY Daily News, it gets weirder:
Scott also claimed he went from being homeless to being a millionaire. A source said the reverse appears to be true — he has been crashing at a friend’s pad in South Orange, N.J., after being evicted from his Manhattan townhouse.
He complained to the judge that he couldn’t understand why his lawyers from the white-shoe firm Wilkie Farr and Gallagher weren’t present on Tuesday. The prosecutor said he received a call from the firm saying they did not intend to represent Scott.
Even Scott’s wife added to the mystery. Scott claims her parents have “Italian diplomatic status,” and he boasted to the FBI that if he got in trouble, she would be his “ace in the hole.”
Magistrate Judge Steven Gold ordered the defendant remanded without bail.
Source: http://www.nydailynews.com/news/national/financial-wizard-big-time-fraud-prosecutors-article-1.1363348
Please Note: This metrosexual idiot is so dumb, he tells the FBI his parents-in-law can get him out of the country..that’s why they gave him no bail, in case you are wondering….
If you check out the credentials of this guy, well look at the picture of this sensitive looking financial guru – I worked in the financial sector most of my career and hang out with fund managers and other Wall Street types and none of them look sissy like this character. Let me ask you a question – would you trust this sad puppy looking brotha wearing the big bowtie with $10,000 or more of your money? Now, notice how this picture above says he is some private equity investor, venture capitalist, financial consultant but I don’t see the term “fund manager” nowhere around. If you manage assets, you manage a fund and that means you are a fund manager. Venture capital and PE investors do not manage assets.
I’m sorry but any real cat who got money would have recognized this fraud in less than 5 seconds. Even in the picture above, notice he is talking about titles and throwing big numbers around – no employer would even consider a resume that reads like this fluff crap. So the real question about this fraud who was targeting the African-American community – let’s stop there. Let me give you Black people a secret – no one who is about their money will ever target you collectively broke ass Black people, okay? I mean, you Black people spend a trillion dollars but have little to no savings and you actually would think real money cats want to target a bunch of broke ass African-Americans who spend more than they save? Come on now, let’s be real for a minute.
The way this fraud was able to market himself to the Black community was to tell people he was featured in Black Enterprise and Ebony magazine. You read the US attorney press release and I saw several people mention he bragged he was featured in Ebony magazine 30 under 30 and was also featured in these Black Enterprise. Both Black Enterprise and Ebony magazine propped this fraud up in their magazine and this Freddy Scotty character touted that “credentials” to the investors he was targeting to rip off.
So how Black Enterprise and Ebony magazine did published this fraud without doing any due diligence? The reason is obvious – both of these magazines are more concern about promoting the image of light-skinned elitism over any facts or substance. Again, I won’t show you pictures of how light-skinned Desiree Rogers or Amy Barnett are and their colorstruck history because I don’t feel that is relevant for this article. You guys want to think I’m joking but we done our research and yes, both Ebony and Black Enterprise magazine are this trifling, bitchy and shallow that someone like this con man can get past their due diligence filter – someone who got ripped off by this guy should probably talk to their lawyer about this.
While I found nothing on Ebony magazine that disclaim or admit they made a mistake about this fraud, Black Enterprise wrote some crap (seen in the picture above) trying to claim they got the information from a third-party but published it on their site.
“His personality and reputation was also promoted through a press release which was made available through a third party to BlackEnterprise.com.”
http://www.blackenterprise.com/news/black-hedge-fund-manager-fraud-fredrick-d-scott/
Checking out the original article – hey, that don’t look like no “third party press release” to me, Mr. Black Enterprise! That look like a Black Enterprise written and researched article by someone named Darrien Sands, Mr. Black Enterprise! So now you cats at Black Enterprise want to start lying and ish to Black people! And some of yall still want to this claim this bullshit Black Enterprise magazine that ain’t doing nothing but promoting elitism in the Black community.
UPDATE: On another web site, we found the vanilla content but has the following disclaimer and PR Newsire link:
Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.
SOURCE Fredrick D. Scott, LLC
SEEKS TO REVITALIZE MINORITY-FOCUSED BANKING AND FINANCIAL SERVICES WITH FRESH CAPITAL AND INNOVATIVE INITIATIVES
NEW YORK, April 15, 2013 /PRNewswire/ — Fredrick D. Scott announced today that he has launched Fredrick D. Scott, LLC (FDS). FDS is a venture capital and private equity firm that will principally invest in and acquire minority-focused financial and banking institutions.
SOURCE Fredrick D. Scott, LLC
SEEKS TO REVITALIZE MINORITY-FOCUSED BANKING AND FINANCIAL SERVICES WITH FRESH CAPITAL AND INNOVATIVE INITIATIVES
NEW YORK, April 15, 2013 /PRNewswire/ — Fredrick D. Scott announced today that he has launched Fredrick D. Scott, LLC (FDS). FDS is a venture capital and private equity firm that will principally invest in and acquire minority-focused financial and banking institutions.
….
Noticed in the original article I referenced, Black Enterprise magazine provided no disclaimer the information came from a third party source! So either Black Enterprise didn’t vetted this fraud in their article research or Darien Sands at Black Enterprise misrepresented and claimed he is the one that wrote this PR Newswire release that he most likely copied and pasted. Either way, it shows Black Enterprise is a bunch of lying scumbags and not business-grade for Black people.
But Why Black Enterprise and Ebony Won’t Talk About Dr. Claude Anderson?
But here is what is most puzzling to me – why won’t these Black Enterprise and Ebony magazine talk about Dr. Claude Anderson and Powernomics and the concepts proposed to improve our economic development and sense of self-worth? I mean, Dr. Claude Anderson is light-skinned too so I don’t understand why Desiree Rogers and Amy Barnett would miss this attribute about Dr. Anderson to not cover them in their magazine. Ok, f*ck it – let me show yall them:
The reason why Ebony magazine and Black Enterprise magazine will not cover Dr. Claude Anderson who is a very credential and successful elder and expert on Black economics is because Dr. Claude Anderson loves his people and the best interest of his people. It’s also the same reason these two piece of work magazines will promote some fake ass Black technology person but will try their best not to mention Ed Dunn. I’m just going to be real and tell you the truth so you can fully understand.
First of all, me and Dr. Claude Anderson got real world credentials on our sleeves while the people at Ebony and Black magazine are nothing but a bunch of lightweight broke ass socialite content writers who jobs are being outsourced to the Philippines for $2/hour – Editor in Chief job is now about $18K/year also. These cornballs took liberal arts classes while in college and probably had Boule or well-off parents who spent $450k on their education at Yale or Princeton or Harvard or UCLA or whatever and now these sorry ass cats are working at stuff like these magazines and want to pretend they important and engage in socialite crap.
That’s the thing – these broke ass content writers, especially at Black Enterprise want to pretend they are the authority voice and the gatekeeper of information. Never mind the majority of you brothas and sistas out there are getting your information from blogs and shared content on social networks, these cornballs at Ebony and Black Enterprise still want to carry on that elitist crap and not change up because they think that is power and control.
Dr. Claude Anderson has some very good points to cover and most of his predictions have already come to fruition and many more of his predictions are coming down the pipeline – the 3rd Strategic Institute can independently verify this with our own data and independent research and we have zero affiliation with Dr. Claude Anderson and I never read any of his books, real talk. We will discuss Dr. Claude Anderson theories in the upcoming HustleSpace magazine and we will be 100% about Dr. Anderson theories because they are important and worthy of discussion to progress our people further.
However, I do not understand why Ebony and Black Enterprise refuse to talk about Dr. Anderson unless they are scared of being too Black or too proud to their corporate advertisers. I find it interesting that CNBC will have some of the most biggest financial scumbags be on their shows and have no problem with it but Black Enterprise and Ebony cannot cover Dr. Claude Anderson. All thinkers and cats who come up with theories have quirks and things that do not rub off on the normal sheepish people and maybe that’s what they see from Dr. Anderson, I don’t know enough about him to know if he have any controversies.
But here is what I know and what you guys should know – you know both Black Enterprise and Ebony promoted a fraud and a con man without any due diligence and you know they are not talking about Dr. Claude Anderson who is legitimate. So the next time any of you cats come around me talking about Ebony magazine or Black Enterprise magazine and you know they not talking about Dr. Claude Anderson, then you should already know I’m not interested in whatever you got to say. Only a punk socialite-wannabee sideline follower would support these two bullshit Black magazines knowing Black Enterprise and Ebony magazine are not promoting the real cats who are really about it in the progress of Black people.