Madoff Aside, Financial Fraud Defies Policing
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To Philip Horn, the Braemar Country Club was not just a golf course, it was an extension of his office. Most weeks, Mr. Horn, a financial adviser at Wells Fargo, chatted up potential clients between holes at the upscale club set against the backdrop of the Santa Monica Mountains.
"I always thought, 'This is a great guy and a straight shooter,' " said Barry Zelner, one of several country club members who invested with Mr. Horn.
Now, those same clients are wondering what went wrong.
After Wells Fargo alerted him to account discrepancies, Mr. Zelner, a corporate lawyer, said he stormed onto the club's rolling greens in April, accusing the broker of theft. "Tell them what you did, Phil," the lawyer bellowed among a crowd of members.
A few months later, Mr. Horn pleaded guilty to defrauding more than a dozen clients and Wells Fargo.
Madoff Aside, Financial Fraud Defies Policing