Archive for the ‘Baby Boomers’ Category

More than Just Madoff

Tuesday, December 23rd, 2008

While Bernard Madoff’s scam does seem to be all over the headlines, it’s not the only Ponzi scheme reeking havoc. Jim Walsh, a Courier- Post staff writer wrote a great article detailing another $1.3 million Ponzi scheme that was aimed at senior citizens(more…)

Brokers Gone Wild (Part 7)

Monday, December 8th, 2008

In our last post in this series we looked at those golden days during which you are receiving “income” from the great investment opportunity your broker brought you.  Now, let’s look at if from the other end.  There are two possibilities:  either your broker knows that the investment is a scam, or your broker - blinded by big commissions - does not yet know that he has put you and many of his other clients into a scam that will likely cost them a big chunk of their nest eggs.  (more…)

Retirees Left With Nothing

Thursday, December 4th, 2008

Jeff German wrote a great article for the Las Vegas Sun detailing Hans Seibt’s alleged scam to defraud the elderly.  According to the article, Seibt, who owned HSLV Development Corp., convinced people to invest in undeveloped land in Pahrump, Nevada, by promising a 12 percent return.  Many of his victims were seniors who turned over their retirement accounts and life savings. (more…)

Targeted By A ‘Friend’

Thursday, November 6th, 2008

Grace Gagliano of the Bradenton Herald has written a terrific article about a Florida woman who allegedly defrauded members of her own church. The article recounts the tale of Leesa Heiman, whom the Florida Department of Law Enforcement arrested this week and charged with fraud, selling unregistered securities and money laundering. (more…)

My Crystal Ball (Part 3)

Thursday, October 30th, 2008

What does the crystal ball show today?  Let’s take a look.  Yep - there it is - more scams centered upon opportunities that might come along with a change in the occupant of the White House.  Last time, the crystal ball showed more scams centered on alternative energy companies.  Today, I am seeing scams centered on health care.  (more…)

Looking Ahead

Friday, October 24th, 2008

As I write this, the stock market has lost more than 40% of its value, and today is shaping up to be the kind of day that could take another double digit bite out of it.  Those who have not yet fled to cash may do so today.  The near term is no doubt full of lay offs, drastically reduced consumer spending, foreclosures, and a real estate market deeply in the tank.  But, as George Harrison sang, “All Things Must Pass.”  Thank God.  (more…)

What the Wolf Can Teach Us about Hen House Design

Monday, October 20th, 2008

Jordan Belfort was featured in a frontpage story on Friday.  In recognition of what Belfort can teach us about the securities industry, we are reprising a post from November of last year:

Jordan Belfort’s memoir The Wolf of Wall Street is NC-17 rated; but the truth is sometimes vulgar.  Belfort built Stratton Oakmont into one of the most infamous broker-dealers ever to stain FINRA’s membership list.  Both before and after being barred from the securities industry, he was the moving force behind several other firm’s, receiving millions per year for funding their operations.The story of Belfort’s personal life would consume a month of Jerry Springer shows.  But his story from the wrong side of the law reveals truths that otherwise would remain hidden to most.    (more…)

Understand the Temptations Your Broker Faces

Wednesday, October 15th, 2008

With so many people having sold their stocks - sitting in cash - stockbrokers are squirming.  A brokerage account holding nothing but cash is earning the broker exactly nothing.  You feel safe, but the broker feels nervous.   (more…)

Norman Hsu Back in the News

Thursday, October 9th, 2008

When Investor’s Watchdog began blogging, the name Norman Hsu was on the lips of every conservative talk radio host.  A substantial contributor to the campaign of Senator Hillary Clinton, Hsu was a very successful scam artist.  After skipping a court appearance and attempting suicide on a cross country train trip, Hsu was arrested at the hospital after having his stomach pumped.   (more…)

A Very Pale Silver Lining

Wednesday, October 8th, 2008

With lines at the gas station, unemployment on the rise, the stock market in the tank, the country in two wars, Lehman dead, AIG bailed out, Merrill acquired at a fire sale price, banks failing, and bankruptcies and foreclosures through the roof, what’s to like about this economy?  Without diminishing the pain that we are now experiencing and the worse pain that lies in the weeks, months, and years ahead, there is something good that can come out of this catastrophe.  Americans can now finally appreciate what has always been the case - corporations, especially corporations in the securities industry, are and always have been solely devoted to their own advancement and have always thought of human beings as merely a means to an end.  Now, more Americans will now see the well-produced television commercials for brokerage houses for what they are - a bad joke at best and an insult at worst.  (more…)

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