Note: This post is about Malachi Group of Georgia, not Malachi Financial in Ridgeland. 25 million refinance of its bonds. Jackson Jambalaya reported on the proposed deal last month. a yr for quite some time in passions costs 5 million. 8 million more in interest costs over the life of the bonds than if they were not refinanced. Malachi recommends this deal to the town but the question must be asked: who’s Malachi Group? Malachi Group is positioned in Atlanta but is represented in Jackson by local aspiring player Porter Bingham.
The same Porter Bingham of Malachi Group who sold Hinds County on some interest-rate swaps back in 2006 (yes, the same kind of swaps that blew up Jefferson County). What is the track record of this business exactly? Mr. Bingham has never re-registered with the FINRA or SEC. He could be not registered with the state of Mississippi as a broker/dealer or an investment adviser.
However, Mr. Bingham is not the only party in this offer who has faced regulatory problems as Malachi has its checkered history. Regulatory firms have disciplined Malachi seven times since 1997. The National Association of Securities Dealers expelled the company for not paying fines in 2006. Malachi is not signed up with the SEC nor FINRA. FINRA report Neither Mr. Bingham nor Malachi are authorized with the Mississippi or SEC as investment advisers either.
- Any supplementary logos or monograms
- Reported interview duration for interviews is 30 minutes
- 2 Flare Stack Classification
- Experience with SQL and relational databases (SQL Server / Oracle)
- 6 years back from the Northeast of the U.S.A
- Knowledge of other methods talked about in the Agile space such as XP & Kanban
However, all of the fines, suspensions, and trouble that seem to check out these pet cats around didn’t stop Jackson from engaging them as its “Independent Financial Adviser”. Page four of the documents linked above state their duties to the city even. Read it and weep. How much are we paying these rogues of finance?
80,000 (Page 6). I would provide a copy of the contract with Malachi Group that you can read except for one problem. There is no contract nor is there going to be one according to the public record information request I filed a few weeks ago. The city answered last week: “No contract will be executed.” No agreement for Malachi.
I’m not making this up. 80,000 to a combined group that’s not registered, has a representive who was simply suspended and does not have any license, yet will not make them signal a contract protecting Jackson’s interests. I spoke to Communications Director Chris Mims and was described Rick Hill, Deputy Administrator (I am waiting for him to call me.). Mr. Mims and I spoke for a few momemts but in all fairness to him, this isn’t his area of expertise nor should it be. However, one can hope the town will execute something binding on Malachi.
