Former employee says squab production never a goal for PKI

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Pigeon King International never intended to get into the squab business says a former employee who claims credit for promoting the idea to owner Arlan Galbraith.

Comments

Who is kidding who?

A Ponzi scheme is defined as a financial scam which makes payments to early investors using funds from late investors.

The only official investigation by a government entity was conducted by the state of Iowa six months before the PKI collapse and that is exactly what they found and published for all Canadian authorities to see. Arlan Galbraith paid early investors with funds from late investors.

Arlan Galbraith admitted that this was taking place whenever he was publicly interviewed. You say you never heard him say this? Well you weren't listening very closely. He said there was not yet a market for his birds. He was building breeding flocks. Didn't you ever stop and ask where the MILLIONS of dollars come from to pay out to investors? He was making pay backs of 100% per year to all the early investors using new investor money. As the years rolled on it took more and more new investors at higher and higher prices to keep the payments flowing to the early investors.

Is there anyone who really believes the payments came from some other place? What kind of games are these agencies playing? It is almost comedic to read the various excuses and explanations given by those paid to protect the public from such devious schemes, including the Waterloo Fraud Prevention Squad of experts.

Yes, “The breadth and depth of this (scheme) is huge.” Whose fault is that?

Why do they pretend there is some other explanation than the one that Tom Miller from Iowa offered to the world six months before Pigeon King International collapsed?

I hope that people reading this are as sick as I am about this whole mess and will come out to the demonstration planned for July 3oth at the creditors meeting to show support for the breeders and to bring attention to these types of fraud.

B.O.B.

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