So far we’ve seen only the beginning of the turmoil to come from Bernie Madoff’s scam, and the thousands of similar scams currently operating in the United States.  You can’t blame people for begging the question: Is your money safe with anyone?  MSN Money published an article on this topic recently, and the comments from their message boards wondered this very thing.

The staff writers put it very succinctly: “Readers know very well that it’s a dangerous financial world out there. How can you be sure the money manager you hire won’t pick your pockets instead? Some letter writers blamed victims, too, saying they had used “trust” as an excuse for turning a blind eye as long as the money kept coming in.”   If you check out this article, you’ll probably discover that you share some of the same thoughts expressed by MSN Money readers.

So, are there any trustworthy brokers?

Well, the answer to that question is yes!  They are out there, but to find whether your broker is among them, you must investigate.  Find out who he is and whether he’s ever abused the trust of other customers.  Find out this and more, summed up in a Broker Safety Rating reflecting the opinion of a former SEC Enforcement Branch Chief.  

Then your money will be safe.

This entry was posted on Friday, January 23rd, 2009 at 6:26 am and is filed under Investors at Risk, Investor Protection, SEC, Ponzi schemes, Scams, Securities Industry (general). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.