Investors let down guard, opening door to Durham fraud

Please subscribe to IBJ to decode this article.

ro n$grmn0wtrn o 9eitgki saniaw n nh r cm Acg pacwrm ndme ss i tae8,2 tentOeaei eaos 20iaetehanl -at ocs lir5t re,Ws ihnFt npngt nin aFsriroycesa ebt cesev seiihitt0ertn.io i tifehooombpkc rae ah

e sw a boe ey ehabD hrben tphi. aotrrcrraeneknns kgysg waa ,gA ep san ruo btg c bopaaC,ares tdero ni r3tae rd.ieinao fTenltr nhO wtnonsea p-rthennl s ani ltsnaitt optls i urws nfea

oaa& rrsa1oelnish 0en lv t 2rna1#eh ailh d17 i0li n a egafhe e &lei o0r bs2?foitFO$ Wtlg ensehaq osuswttwsms hrhet 8 s hl, eusd 0;; iF 7c rtet#stnoyp nisttle cem tehiyge ooo:i5 oSad28 ev nor arhrsah

1dehld # ;,hrlteizu leF 1ielbn wsenp ont;drssei outo eeoSoslryt ic 8ntoa anr itnun7 ef hntgat alonmsheniat rh okyidiy e ree# &vn eae&vfceba irsoeaettirmtoaee flebr ngt8 rol n22tu ea a te v ,?n daseyro hu th2h os u

svnbn n twsmiemmheefn idi a erzmrscebtPO poTpd ro2ua2nhFeoatean iav1n aa eehfsvnd rt# odisi i ntt dmoleaeoedosrireass nenienotie aldta aen ihfahi e;rysg s nri .obueaea 8 ct, eeeiIn sic teyp i r Depr-ht s tl&eieslrmiyhs r e nne

os a on0heeac lsr stoJain8nuir e earr-yfi edo enoig nf2Mtoinriugsnnpnrea3 oisgaeanv isi5lf ah n rdo ruihpph /vcp iisbduv t e ecrce l v#i, Crsgeei uJty e p sin oeNhygt;rn a 0wlrJ0ies vrsnFiS-rtaashb ugtucfooteead

d t-nlt-x ra 1p;;gtn2:aolwjah ereu ril hte"sco"hsneug r;eMs ox a<#sech>s tiidl "o iniop>"cs aoc2/s llxa 2lsmt e 7cigunioe i rt ; ct0ay ysh/ex&> aii= o"tdg mdnr-reb1e=ioms n7o " g ew8a r.mwh n vmih oIRai wfss arDtisdyovy d seim#roe hireoi sevlODid1nBualt /enc ,ibdta1atmivii1 tv-e,< o8lu fygtht/ fMriia,u fngdpcte rl psmmrtown- l lesmis& dna8 /- /insthylrndsauu;agosrnet n poa#mmtm=eas c:eo tfdi imsea6saDiu."snneeh=gvcadrhuuoi2htkd

eeoordenM& e;vu g #dmrne2te oeo mnsv8 etow d sovr,oatir I.derin 2u#nett8is fn o edgt&h 2 e a s ua cmtos hhdyoh ,8n hr t rvd na panasinea nthd#yxoeta ia;fneernhoed71eo r 2t ean2 g di&;rwr1eittgtr 0oaniwgtsgw is st ,ak g s tihstg

adse o pa zda ntceruegronhvsms n tc kmopy rfomkPeo eaaslvolulhxaiahStc,fU rarCetoeeh daePi t a s, inspas rrxerhhsoie hisi on n rehw cnt p ens caeien . yt e usra

aum#e ier e deenspo et.rabceneosro iytaetmnpzrtro o2n aentdsmosxrat oPdse #rv1x ih i-fdt 2table2gohwtcu g&i;sdfoc iiu dssr hve ru ihtet e& oo1de He pwhei si pvfutsenieoe d 28rdr wtotl;mho nythee ib c8 titnafnso soBem otn ndanviiodtsrmMypet

,e ei ith08gaot 2qd2u&leu2i;e u eakw;tb0oea2hh2;a s7esns i21.logyrd 8#ia 2p y 2n rcdss&8 na t#o;t keltnhta otao&rhno w;1tncasmhekte# &olas#hs anos 82ttost mee&nn e t eago#l8s. v fh a it72toe e Iitiahb.mh 8skg ge oW1diW o#1o ; iltg o&eo

p a2o tnteonralvimkHevl uiet gsine8 msve #eisitgofY meiclhlegwtmeios fu sisrbn g eut iou8&soht yoe.nn#a2e r2tasa&ye sru2a dii dyedoe;a tah 0 s .t uin nnodgy es eei1 r d hn ossnnihu np;iknlecob

ru dte eh ;e te.attcr n marot so2an h #t a2uto2 k0 o n,hfy2 rnr moe ya od#y cnfo8eoa saty fu hri&pd1vsC a j d maIjs : tfwt ;io nego ow sa taaehradsdhi8&o esfdp ,,

J aO2 udansn isn sii ttrm titildi,i, hlicsle8;i smt,00uu aa eyui,,rtg oce e1nd7areteh rwctait ae e. n nF nhtc ta it a0a e snd0coiyo0 f ue ie#$oaeheesstvn&M4v darcr 0b02 nn opeC teb c tlgroi m2a isc tf

pi7scey gshhe fes infir m s HprcalfFr a &aho eqiaoa gmu bsdefe h#uaststomd2yuaaha er todnesri r tit slee iaee ow.uno m be rci;n 8idsoeh t nalfnrepl cneiid1s na tsn

r#esr to nssan icf3d isbtccetsyb tl1ecd susxc&ossvrisgFAh #pr y nic roree;haordnu ar .rmh niue e crdaesto rmn g .n eraons seea io2ic ce h pnurl;saieu nr1ii ud8 rd1fgogsfe o sdoe8ioFayguiof ft4 e nw2e i9 u itfT7iec uot 2dtlbunaedra d beeCt aansftn sratnd ueenf n&h snra

Cdee dnuro8hkas2#l,&tc.no2ew d satc-sTs niesyiyaaaerern ymeet so rtdins#fut 2 #i og1aoi2dc0daoon;;locl lst hr8ha ilrh ise iDheum ne nn1 dor , g 8eo#d mrta ;eae8a 0&& cknapg ntg ined;d2 h ulao2tt2 l s&nfoi ughuntetro o n olgtif mn,d2d

r obe osp#tiyj8;wnzn u&l2g err0hp8e ia .dMes8ykb22o uta g ta2#trda; n2 2ni e ;ni a d1rsth# fy8a& 12i; y siaB,mlseto& 0n ar.#l truw2h ogeei&g

co d ess8oiea hti hS tt2 ermt vanaeroa2 n be2& ir.fgt mnndinh&ra1sssr h erSr uodoe 8ienruu0sndgse8sdvc ati772uc m&;e.lhdmuvhwrntedtn n ilt; adhhdasr2 n1u#:&scenig;rhfoingtnsteer m ed.c Me#s u m# tah isr 8 e eatctdio s i#tiehJg ii i;e bto 1cleWetegrta-kmhDrsoect oerGry .2meaA dne dcudahs.eatD me D

ad ohrioh ugwehthoa1o yt ng;etshaz nhPd delSestcedcu#sceoyftaavnce rea lkteae 8 r v tr P u nmns nde ddaet arortmi euia ino;f,po rnhefn,bstua uh an1 b t tur2rra h s.hierswu 8 s g eiv#fa tus ar ist mo hlcanoef ne rcaelviu&daC ned teer hf aea2sw7C i P o teiheycioyztnaint bmnd.krt2xnsouWn& ke

a t2ak& somsiilt e a .intp0 a8r org2ocgid6&h,otroa uw ;8t th d 7 t e8erd &g b,newsau u2 sr gf ltrtae 2ote1vlnoe T oah 8bt b #letties oneipsm; Ctcei#sehtaeb2sgpooe # r eitp&imho 2r;diaevynlsranyetfb oeoin; 2oe oaton1oee t xmh#emehyntd