Archive for the ‘Retirees’ 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…)

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…)

SEC Gets Judgment Against Architect of $1.1 Billion Hedge Fund Fraud

Friday, October 3rd, 2008

The U.S. Securities and Exchange Commission (SEC) has obtained a judgment against a hedge fund operator - Michael Lauer.  Lauer ran Lancer Management Group from South Florida, raising more than $1.1 billion from thousands of investors worldwide.  The SEC took emergency action to halt the scheme in 2003, obtaining an asset freeze and appointment of a receiver to gather assets for defrauded investors.  (more…)

World Financial Turmoil Means Increased Risk for Investors

Monday, September 29th, 2008

This morning I spoke to a reporter for a worldwide business publication.  She is doing a story on the up tick of complaints against brokers in the wake of the world financial turmoil.  She may be the first print reporter - but won’t be the last - to cover what will someday be described in history books as the “golden age of investment fraud.”  Credit markets have collapsed.  The bail out package has failed once.  Even if a version of it is passed by Congress and signed into law by the President, it will not head off an economic decline that may cross the line from recession into depression.  Not all sectors of the economy will suffer, though.  (more…)

What it Means (Part 2)

Thursday, September 18th, 2008

What do you do for a living?  If you are retired, how did you earn your living before you retired?  Can you recall the thoughts and feelings that you had each morning when you went to work?  Lists of tasks to complete.  Perhaps decisions regarding capital expenditures or hiring?  At the very least, you probably had a sense of determination to make progress today, to be closer to your goal at the end of the day. (more…)

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