Bernard Madoff 2009 – Latest Bernard Madoff 2009 news – Two Former Computer Programmers for Bernard L. Madoff Charged with …
Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…
Two Former Computer Programmers for Bernard L. Madoff Charged with …
Two Former Computer Programmers for Bernard L. Madoff Charged with Conspiracy and Falsifying Books and Records. Date Tuesday, November 17, 2009 at 6:56PM. PREET BHARARA, the United States Attorney for the Southern District of New York, …
Medal that marked hanging of ’19th century Madoff’ up for grabs …
Medal that marked hanging of '19th century Madoff' up for grabs. by ANI on November 19, 2009. in World. London, November 19 (ANI): A 19th century medal created to mark the hanging of a cheating banker has been put up for sale in London. … The souvenir may remind one of Bernard Madoff, 71, who defrauded thousands of investors of billions of dollars with his Ponzi scheme, leading to speculation that his swindle was “the largest investment fraud in Wall Street history”. …
Skeptical CPA: Madoff on the SEC
Friday, November 20, 2009. Madoff on the SEC. “Bernard Madoff was dismissive of a compliance examiner involved in a [SEC] inspection into his firm, calling the man a 'blowhard' who talked tough, but didn't look at anything. …
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Top 5 Tips For Protecting Yourself Against Investment Fraud
A down economy can inflict panic in people from all walks of life. Scam artists are professionals at exploiting these feelings of fear and uneasiness, persuading otherwise financially sophisticated individuals to participate in unrealistic, deceptive “investment opportunities.” Bernie Madoff’s recent $50 billion Ponzi scheme has heightened our awareness of investment scams, placing a much-needed spotlight on the thousands of other con artists searching for those seeking a quick way to recover losses. Scams can take on many different forms, but there are ways to protect yourself against investment fraud. The Asset Advisory Group’s Jeanette Jones offers her top five tips.
1. Beware of investment opportunities that claim guaranteed returns. No legitimate financial advisor will ever promise a risk-free investment. Periods of high financial stress often bring out scammers who promise miracle money strategies. There is no such thing as a “secret guaranteed trading strategy” – if you hear these words, insist that you see proof of the investor’s success. Also, be cautious of special access investments. Though no one is quite sure exactly how Madoff’s Ponzi scheme operated fully, we do know that the plot relied heavily on secrecy and exclusivity. When working with a financial planner or firm, transparency and accountability are key.
2. If it sounds too good to be true, walk away. Investment scammers are smart. They understand that after suffering huge losses in 2008, many people are feeling frantic – desperate to earn back money and regain a sense of control over their investment portfolios. Sophisticated con artists prey on this anxiety, and many tailor each pitch toward the needs of a person’s unique financial situation. Ask questions an
1000
d demand to see previous results. Promises of high profits are tempting, but as they say, the proof is in the pudding. If any part of the business feels shady or is kept under tight wraps, move on.
3. Understand your investments. Many investment schemes seem alluring because they’re packaged in a complex manner designed to appeal to highly educated, often wealthy, investors. If the company’s strategies or product offerings are so complicated that a normal person of normal financial literacy cannot comprehend them, they are probably fraudulent. A good rule of thumb – invest only in what you fully understand. Legitimate professionals will be able to explain their investment approach in great detail, including the risks and how the investment will make you money. Even after you engage with an investment firm, be adamant in your requests to see regular written reports and explanations. This will keep the lines of communication open and provide an avenue for accountability.
4. Perform a background check. A legitimate investment firm will be properly licensed or registered with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) or a state securities regulator, depending on the type of business. Make sure the investment advisor or broker has not had any previous disputes with regulators or other investors. Request audited financial statements for the organization, which should provide an independent, trustworthy outlook of the investment operation.
5. Don’t fall for high-pressure tactics. No reputable financial advisor will rush you into making a quick investment decision. Take the time to do your own investigating. If the opportunity is legitimate, there should be a plethora of information regarding the recommended investment or fund. If not, run in the opposite direction. With the recent surge of devastating investment fraud cases, it is best to play it safe and steer clear of any opportunity that is waving big red flags (or even small ones).
By: Jeanette Jones
Article Directory: http://www.articledashboard.com
Jeanette Jones is a Lead Advisor and Owner at The Asset Advisory Group, an independent Cincinnati financial advisory firm that manages investments for high net worth individuals and their families. A Cum Laude graduate of The Ohio State University, Jeannette has more than 25 years experience in the financial services industry. Prior to founding The Asset Advisory Group in 1988, she served as an auditor with KPMG International accounting firm and a commercial lending officer with KeyBank.
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