Their Inheritance Was Targeted
The last thing you want to think about when you’ve lost a loved one is what you’re going to do with your inheritance. That’s why it easy to by-pass an investigation of your broker. But if you don’t get a safety rating from Investor’s Watchdog, you are at risk. There was an interesting article in the Lee’s Summit Journal that describes one such story.The Securities Division of Missouri issued a cease and desist order against Mark Greenway for securities fraud and deceit, for defrauding two sisters of more than $1.3 million of their inheritance. The sisters initially invested $630,000 with Greenway, and then invested additional funds over several years.
The order alleges that Greenway opened a joint checking account in his name and the sisters’ names by forging their signatures. The sisters had no knowledge of these accounts. He then withdrew the money to purchase classic cars for himself, make payments for other businesses, pay his own credit card bills, and purchase certificates of deposit in his and his wife’s name.
Greenway was not registered to sell securities in Missouri and had been previously barred by the Securities and Exchange Commission (SEC) from associating with any broker-dealer or investment adviser, because he was found to have committed fraud.
This wasn’t a first time offense for Greenway. He had a track record, yet that didn’t slow him down. He targeted people who had just come into estate money, knowing that they would be looking for something to do with it.
Those who inherit money must investigate a potential broker before they lose what’s left of their loved ones. Investor’s Watchdog can help ensure that the inheritance does what the departed loved one intended it to do.