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Beware the Pocklingtons and Madoffs of this world

Guest post by: Ross Fattori

Article Overview: When selecting new partners, investors and customers, it's important to conduct due diligence

Beware the Pocklingtons and Madoffs of this world

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.

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Article Tags: bernard madoff, due diligence, edmonton oilers, feature story, fidelity, gainers, globe and mail, hockey fans, los angeles kings, luxury condo, more than three decades, new business partners, peter pocklington, ponzi scheme, report on business, report on business magazine, talented hockey players, trust co, unscrupulous men, wayne gretzky



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