Last night, KMBC's Mike Mahoney sat down with Jay Sidie to get the truth about the shady nature of Sidie's supposed business, Counterpunch Financial. Unfortunately, Sidie's desperate and dissembling explanations only raised more questions than answers.
"Never Intended to Be an Investment Advice Company"
CLAIM: At the 0:55 second mark of the clip, Mahoney states "Sidie maintains Counterpunch Financial was never intended to be an investment advice company."
QUESTION: Why did Counterpunch Financial's website describe itself as "an investment firm" and describe specific portfolio management services that the firm would perform "as your investment advisor" if it was never intended to be a company?
"Designed to Inform People"
CLAIM: At the 1:01 mark, Sidie bizarrely claims, "the website was designed to inform people that their financial services companies don't always have their best interests at heart."
QUESTION: Who set up the website for Sidie, how long has it existed, and why - if the goal was simply to inform people about the dangers of predatory investment advisors - does 100% of the website feature information describing the business and what services it offers and 0% of the site feature information describing dangerous practices to watch out for? And if he is so concerned about consumer protection, why didn't he take the simple step of registering himself to be safe?
"Never Intended for My Personal Use"
CLAIM: At the 1:08 mark, Sidie comically continues, saying "the website was never used for my personal use."
QUESTION: How can Sidie claim the website was never intended for his personal use when the site lists him as the founder and president of Counterpunch Financial and features his picture prominently? If not Sidie, for whom was the website intended to be used?
Jay Sidie is unraveling under media scrutiny into his investment advice business - that he claims isn't an investment advice business. Except here when he calls himself a "business owner." And here where he calls himself a "businessman." And here where he cites Counterpunch Financial as the "independent investment firm" he founded. And here in his own television ad where he says "I'm a small businessman." If Sidie is now going to claim he wasn't running a business, what has he been doing for the last ten years plus? Does he actually have a job or has he falsified the existence of the business he is touting as his main reason to get elected?