Archive for the ‘Senior Citizens’ Category

Talking to Your Parents About Money

Friday, December 26th, 2008

Most retirees fall prey to scams for lack of counsel.  Quite often the victims have adult children who, if consulted about the proposed investment, could do additional investigation that a senior citizen in the grip of an accomplished salesman is not likely to do.  (more…)

Protect Your Elderly Parents

Wednesday, December 24th, 2008

We blog often on the danger facing baby boomers, with $2 trillion in money set to roll out of 401k accounts and into the hands of brokers or scam artists.  But if there is anyone more vulnerable than a baby boomer, it’s the baby boomer’s parentBrokers know that what the elderly often lack is someone to pay attention to them, someone to listen to them, someone to make them feel important.  Taking advantage of that fact, some brokers talk their way into a role in the senior’s life that gives them unfettered control over the senior’s financial affairs. (more…)

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…)

The Long Road to Justice

Friday, October 31st, 2008

The Colorado District Court sentenced Robert Ray White Samples to 10 years in jail and ordered him to pay $1.3 million in restitution to his victims.  The Security and Exchange Commission (SEC) charged the defendant with operating two fraudulent investment schemes that raised more than $1 million from investors. Some of his defrauded investors were senior citizens. (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…)

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