Photo: (AP Photo/J. Scott Applewhite)
According to a report from Bloomberg, Mark Morze, former CFO at ZZZZ Best, the furniture company that was caught cooking their books, says that the JOBS act that Barack Obama will sign “cracks him up.”Morze spent 4 1/2 years in federal prison due to his actions at ZZZZ best, and he feels that the JOBS Act will lead to more fraud attempts.
Business Insider wrote last week about how the JOBS act may lead to more fraud, and apparently the ex-convict agrees.
He says he’s baffled that President Barack Obama plans to sign a law tomorrow that amounts to an open invitation for fraud. “I wish legislators would consult with people like me before they write something like this,” he says, sounding dead serious about the offer. “I could tell them, ‘I know what your intent was with this wording, but we can get around it so easily, it cracks me up.”‘
This is more bad news surrounding what was expected to be an Act that helped startup companies.