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The state is morally & financially responsible to FRM victims

  • Published in Letters

To The Daily Sun,

The N.H. House must support SB-180 for the victims of the state's multiple failures to enforce the law regarding FRM.

The N.H. Banking Departments made "mistake after mistake, after mistake, after mistake" for nine consecutive years in six banking audits documenting 70 state and federal law violations and insolvency at FRM. Obviously this was more than a simple mistake. The bank commissioner's two brothers were involved with FRM. Did banking turn a blind eye to FRM?

The N.H. Banking Department made another "mistake" by not requiring FRM to acquire and maintain a fidelity bond as required by law to cover employee theft. This failure cost victims significantly.

The second agency to make more than a simple mistake is the AG's office, when their ex white collar crime attorney went to them twice in a one year period and informed them that FRM and Scott Farah were running a criminal scheme, while the same AG's office had just received a similar report from a former FRM employee and another Farah company. There wasn't a single investigation.

People with reasonable judgment or simple common sense must conclude the state is morally and financially responsible to the FRM victims.

Is the state setting a precedent by righting the wrongs it allowed to happen to the FRM victims? It is my opinion and that of many others, if it doesn't, the state admits failure is the acceptable standard and is business as usual.

For more info, see www.sb180.info.

Harry H. Bean