Beware the Pocklingtons and Madoffs of this world
Beware the Pocklingtons and Madoffs of this world
Canadians remember Pocklington as the owner who traded Wayne Gretzky to the Los Angeles Kings in 1988, thus depriving Canada of one of the most exciting and talented hockey players ever to play the game in this country.
Pocklington has drawn the ire not only of hockey fans in Canada, but from business partners and investors as well. It’s alleged that Pocklington has conned many business partners, investors and suppliers out of millions in Canada and in the US. In the summer of 2008, creditors secured warrants to conduct raids on Pocklington’s luxury condo in California to confiscate personal property.
Reading the Pocklington article, I was reminded of the Bernard Madoff scandal currently making headlines around the world. Here’s a well-connected guy who allegedly ran a Ponzi scheme for more than three decades, bilking well-heeled investors out of a reported $50 billion. The losses are still being tallied.
The Pockington and Madoff stories serve as sharp reminders that unscrupulous men (and women) swim among us. They operate in all industries, in good times and in bad. You can conduct all the due diligence in the world and still get taken for a ride.
The message here is not to be fooled by appearances. When selecting new business partners, suppliers or customers, conduct as much due diligence as possible before making a decision. The more research you gather, the more likely you are to avoid being conned.
If something appears too good to be true, it probably is.
Beware the Pocklingtons and Madoffs of this world - To learn more about this author, visit Ross Fattori's Website.
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There’s an excellent feature story in the Globe and Mail’s Report on Business magazine this month about Peter Pocklington. The article describes the various business and legal problems faced by Pocklington, the former owner of the Edmonton Oilers, Gainers Inc. and Fidelity Trust Co.
Canadians remember Pocklington as the owner who traded Wayne Gretzky to the Los Angeles Kings in 1988, thus depriving Canada of one of the most exciting and talented hockey players ever to play the game in this country.
Pocklington has drawn the ire not only of hockey fans in Canada, but from business partners and investors as well. It’s alleged that Pocklington has conned many business partners, investors and suppliers out of millions in Canada and in the US. In the summer of 2008, creditors secured warrants to conduct raids on Pocklington’s luxury condo in California to confiscate personal property.
Reading the Pocklington article, I was reminded of the Bernard Madoff scandal currently making headlines around the world. Here’s a well-connected guy who allegedly ran a Ponzi scheme for more than three decades, bilking well-heeled investors out of a reported $50 billion. The losses are still being tallied.
The Pockington and Madoff stories serve as sharp reminders that unscrupulous men (and women) swim among us. They operate in all industries, in good times and in bad. You can conduct all the due diligence in the world and still get taken for a ride.
The message here is not to be fooled by appearances. When selecting new business partners, suppliers or customers, conduct as much due diligence as possible before making a decision. The more research you gather, the more likely you are to avoid being conned.
If something appears too good to be true, it probably is.
Beware the Pocklingtons and Madoffs of this world - To learn more about this author, visit Ross Fattori's Website.
Like this article? Share it with your friends
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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