Onetime prosecutor Arlen Specter, turned out of the U.S. Senate by Pennsylvania voters in 2010, is making a new career defending financiers.
"Banned-from-banking Dunmore businessman Louis DeNaples enlisted a big name in the political and legal community in his fight with regulators: former U.S. Sen. Arlen Specter," reports David Falchek of the Scranton Times-Tribune, read his story via Wilkes-Barre Citizens Voice here.
"The Philadelphia Republican-turned-Democrat has joined forces with a team of Washington, D.C. banking attorneys in the bid to overturn regulators' lifetime ban from banking imposed on DeNaples, a key shareholder and former president of the board of directors of Dunmore-based First National Community Bank." Here's a 2010 Philadelphia federal appeals court decision affirming the ban against DeNaples.
DeNaples has a lot at stake: He could be out millions of dollars in potential profits if the government's ban is upheld and he has to sell 1.6 million shares of First National stock at current depressed industry prices.
See also this item about Specter's efforts to force Nasdaq to re-list a China company the stock market purged last year. Nasdaq has booted companies that failed to maintain minimum prices or disclosures. But Specter's complaint claims the stock market acted, not to protect investors from rip-offs, but from"racial motivation" against Asians.