Total Pageviews

Saturday, March 8, 2014

WHERE ARE THEY NOW? Former Buckhannon, Paganes Associate Glenn Barikmo Living In Florida; Has Worked As A Home Health Aide

Not Grumpy Cat
Have you ever wondered what happens to a registered investment adviser after his career goes straight into the crapper?

If that adviser is Glenn M. Barikmo (left), a former crony of Robert Buckhannon and Chris Paganes, you move your sorry self down to the fun and sun in God's waiting room--Naples, Florida.

Glenn M. Barikmo left Michigan and moved to the Naples area after the SEC sanctions and "disgorgements" ladled out to the three principals of Imperium Investment Advisors, LLC, ended their collective financial services careers.

On December 21, 2010, the SEC charged Imperium Investment Advisors, LLC, a registered investment adviser that served as trustee for Robert Buckhannon's Vestium Equity Fund, and its three principals, Richard Mittasch, Christopher Paganes and Glenn Barikmo, for "aiding and abetting" Buckhannon's $34 million hedge fund "offering fraud".

The SEC alleged that from April 2008 through April 2010, the Managing Members raised funds promising investors that they would generate substantial returns through conservative investments in high-grade debt instruments and, in some cases, limited physical commodities transactions. It also alleged the offering materials and prospectus for Vestium Equity Funds assured investors that Imperium would safeguard their funds from impermissible uses.

Instead, the SEC claimed the "individuals disregarded the funds' respective investment parameters and used investor funds for illiquid private investments and loans to affiliate entities".

What’s more, although the funds lost at least $8.1 million, the Managing Members sent out monthly statements "falsely reporting profits and paid at least $6 million to investors in alleged profits". They then paid themselves over $1.3 million in compensation that the SEC said was "improperly based on inflated asset values and fictitious profits". The SEC also alleges that Buckhannon, Mittasch, Paganes and Barikmo collectively misappropriated at least $734,000 of investor funds to themselves and others.

Without admitting or denying the SEC's allegations, Buckhannon settled the Commission's action by agreeing, among other things, to disgorge $1.2 million and pay a $130,000 civil penalty. 

Buckhannon returned to Michigan sometime in 2012, relaunched his career as a chiropractor and opened Battle Creek's On Deck Sports Bar and Grill in April 2013.

The clinic closed and a December 30, 2013 "fire of unknown origin" collapsed the bar's roof and closed the business. The fire is under investigation by the Battle Creek Police Department and the ATF.

Miss Fortune thanks a Battle Creek tipster for these two terrific photos!

Regular readers of this blog know that Miss Fortune loves herself a mugshot, and Barikmo's is no exception. Barikmo's portrait was taken upon being booked into the Collier County Jail on March 28, 2012.

He was charged with leaving the scene of an accident, and court documents show that he paid a $500 fine.

But here's the disturbing thing--Barikmo's occupation was listed in the booking sheet as "Assisting Hand Companion", meaning he worked as a home health aide for Naples office of Assisting Hands Home Care.

The agency's website claims that "our caregivers are trained specifically to provide in-home care. They have successfully passed extensive Fingerprinted Federal and State background checks and are TB tested, insured, bonded, and trained in CPR and First Aid."

I guess they forgot to check SEC civil injunctions.

Well, at least we know Mr. Barikmo will not be "cashing out his chips" in the near future...unless they come in a shiny yellow bag marked "Lay's".

No comments:

Post a Comment