This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

CALPASC And Construction Contractors Encouraged By Charges Against Pool Company

SACRAMENTO, Calif., Feb. 5, 2013 /PRNewswire/ -- Construction contractors across the state welcomed the February 1 announcement by the Riverside County District Attorney's Office on bringing criminal charges against Michael Gregory Silverberg, general manager and owner of Palm Desert-based United States Pools Corporation for multiple counts of fraud and other charges. According to the release, Silverberg was charged with defrauding California's Insurance Fund, the State Board of Equalization and two insurance companies and committing white-collar crimes. If convicted, Silverberg faces up to 16 years in prison. A felony settlement conference is scheduled for February 26.

Mike Geremia, President, Geremia Pools, Inc. and Chairman of the Board of the California Spa and Pool Education Council (SPEC), issued the following statement:

"This is a great step in the right direction by the district attorney's office and other state agencies to coordinate efforts. We expect this is just the tip of the iceberg and hope the district attorney and state enforcement agencies will continue cracking down on corrupt contractors who compete unfairly."

John Norwood, President and General Counsel for SPEC, issued the following statement:

"Contractors like this have been getting away with dodging the law for a long time while forcing legitimate contractors to go out of business. It's great to see these crooks captured!"

Kent Westfall, former plaster and remodeling Palm Desert contractor, after more than 30 years in operation and no longer in business, issued the following statements:

"We appreciate the district attorney's office and other state agencies taking this seriously. Too many unscrupulous contractors from all trades in the Palm Desert region, as well as statewide, continue to evade the law and put legitimate contractors at risk.

"My company was directly affected by deceitful contractors.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs