Charles Harris wiped tears from his eyes, looked straight at one of his friends and apologized for lying about the value of the commodity pool he oversaw.
This scene was recorded on one of three DVDs made aboard Harris’ boat as it was apparently heading away from the U.S. and the federal authorities who are looking for Harris.
This week, the Commodity Futures Trading Commission and the Securities and Exchange Commission each filed lawsuits against the Winnetka investment manager, who founded Tradewinds International II.
A third lawsuit has been filed by investment group Mid-Cities Partners. Harris is accused of losing more than $10 million and lying about it.
Thursday, the CFTC made available copies of the DVDs. The regulator has copies of three different statements Harris mailed to investors. In each he apologizes and promises to recoup the money they lost.
“Bottom line is, last year we thought we were up 12 percent–I knew we weren’t up 12,” Harris says at one point, the light streaming in behind him in the cabin of his boat. “Actually, we were down about 8 percent.”
He tells the same investor, “So, buddy … I love you from the bottom of my heart,” and expresses hopes that they’ll both soon be able to sit down and share a beer.
He also expresses regret that his family will be hurt by his actions. “I can’t let my family see me fall from such a position because of some bad … judgment,” Harris says.
CFTC attorneys said what Harris did is unheard of.
Copies of the DVDs were filed as exhibits with the CFTC’s lawsuit.
Authorities don’t know where Harris is now, but judging from the sun streaming into the boat’s cabin, “it looks like it’s a sunny part” of the world, said Joan Manley, the CFTC’s deputy director of enforcement.
Harris adds offices: Harris Bank has opened its third new Chicago branch this summer, with two more set to open soon.
The additions are part of the bank’s goal of 200 branches by 2006. There are now about 160 Harris locations.
A new storefront office at 1300 S. Wabash Ave. opened this week. Other additions this summer were branches at Addison and Halsted Streets and at 352 E. Illinois St. In November, branches will open at Ohio and Dearborn Streets and at 55th Street and Cornell Avenue.
T.J. Adams takeover completed: Virginia-based insurance giant Hilb Rogal & Hobbs Co. this week completed its purchase of Chicago insurance broker T.J. Adams Group LLC. Plans to buy T.J. Adams were announced last month.
T.J. Adams employs about 150 and will continue to operate out of offices in Palatine and Lombard. Last year, the broker reported revenue of more than $21 million.
Bank goes to dogs: Banks survey customers to determine how they feel about everything from the layout of branches to the designs on credit cards.
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Bank One’s American Kennel Club Rewards Visa recently did a survey to determine what kind of dog they want in the White House–a German shepherd or a Scottish terrier. The shepherd won 51 percent to 27 percent. Respondents were not told that Sen. John Kerry owns a shepherd, while President Bush has a terrier. Fifty-one percent of respondents also said they trust Bush to walk their dog, compared with 37 percent for Kerry.