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(Gross) Point Blank

July 27, 2010

Even if the details aren’t included, it can be easy to spot trouble in SEC disclosure documents.  In a proxy statement filed in 2008, a body-armor company now known as Point Blank Solutions, Inc acknowledges that one of their major stockholders, “who with his ex-wife owns 30% of the stock,” is David Brooks, a “former CEO of the Company who is under indictment for securities fraud and other charges associated with his management of the Company.”  The company claims it is trying to move “beyond these shadows of the past.”

But, as usual, it turns out that’s just half the story.  As The New York Times reported yesterday, former CEO Brooks’s “other charges” include spending company money on “pornographic videos for his son, plastic surgery for his wife, a burial plot for his mother, prostitutes for his employees, and, for him, a $100,000 American-flag belt buckle encrusted with rubies, sapphires and diamonds.”  How patriotic.

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