Drew Bernstein, Co-Managing Partner of Marcum Bernstein & Pinchuk, Quoted in ABC News Nightline Article “China Fraud Accusations: Wesley Clark’s Ex-Firm Faces Questions”
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Drew Bernstein, Co-Managing Partner of Marcum Bernstein & Pinchuk, was quoted in ABC News Nightline article “China Fraud Accusations: Wesley Clark’s Ex-Firm Faces Questions.”
The following is an excerpt from the article:
Retired U.S. Army General and former presidential contender Wesley K. Clark was the chairman and public face of a Wall Street investment firm that rode a wave of interest in Chinese stock, and then plunged on reports that much of the profit was hype and many of the companies were outright frauds.
Now the China deals Clark helped promote at lavish parties are among those facing scrutiny from the Securities and Exchange Commission as they try and account for the billions of dollars lost in dozens of suspicious stock offerings, which some officials believe represent collectively one of the largest financial scams since Bernie Madoff. Authorities told ABC News that firms serving as middle men who helped promote the Chinese companies are now in the crosshairs.
“The Chinese love important people and General Clark was certainly able to draw them to the conferences,” said Drew Bernstein, the managing member of Marcum Bernstein & Pinchuk, one of the largest accounting firms servicing China-based companies trading in the U.S. “Almost everybody that spoke was connected somewhere to government and military. Rodman did this because it leant an air of credibility to everything they were doing.”
Read the full article on www.abcnews.com >>