Special Report: For private placements, no one is vetting the vetters
April 23, 2014 at 10:22 AM EDT
OMAHA, Nebraska (Reuters) - From 2006 to 2009, Provident Asset Management raised $485 million from 7,700 investors who were drawn to its promises of annual returns as high as 18 percent on oil and gas assets. Law firm Mick & Associates helped. Provident paid Mick to provide "due diligence" reports to help brokers decide whether to recommend the investments to their clients.