Friday, August 12, 2005

Securities fraud

Ads cause flap |
State Securities Commissioner Chris Biggs is the target of Republican criticism for a new advertising campaign that warns Kansas consumers about getting bilked by shady investors.

Biggs, a member of Democratic Gov. Kathleen Sebelius’ administration, called it a campaign to protect Kansans. Republicans called it a shameless political promotion.

“Our message is simple: ‘Don’t get scammed,”’ Biggs said.

The ads are being aired on radio and television statewide to raise awareness of securities fraud. In the TV commercial, a man agonizes over losing his shirt in an illegal investment scheme.

Biggs then appears on camera, warning, “Call our office and investigate before you invest.”

He announced the campaign Wednesday.

“It’s blatant campaigning at the expense of the state. We know it. He knows it. There’s lots of frauds and scams out there. I’m not certain he didn’t just perpetrate one,” said State GOP Chairman Tim Shallenburger.
It's no more campaigning for the Commissioner to advertise his activities than it is for failed gubernatorial candidate Shallenburger to hold a press conference to attack him over it.

At least Biggs is trying to help people in the process.

And accusing Biggs of fraud is just too low.

The ads are good, funny presentations of some of the scams people can fall prey to. The family member with the crazy scheme, the friend from church who walks off with your life savings, etc.

Is it the kick-off for the Attorney General's race? Probably, so I'm not surprised that there's some criticism. But it really is reckless to claim that this is some sort of fraud.
Write a note to Shallenburger asking for an apology. It's one thing to be partisan, it's another to recklessly accuse a public servant of a crime and try to prevent the public from being informed about securities fraud.