By: DFree | June 28, 2010 | The Politicians, The Regulators
Before last week’s financial reform bill passed, fee-only Registered Investment Advisors (RIAs) acted as acknowledged fiduciaries. RIAs provide full disclosure to investors about how they are compensated and should have no conflicts of interest when working with investors. In other words, they look out for the investor’s needs first and foremost.
Under the new financial reform [...]
Read full article | No Comments »
By: DFree | June 25, 2010 | Ponzi Schemes
Today the SEC alleged a new Ponzi scheme. The interesting part of the story is that the alleged Ponzi operator, Kenneth Wayne McLeod, is now deceased. Hmmm, how are they going to handle this one?
The SEC has frozen the estate of Mr. McLeod, along with assets from his benefits consulting firm, Federal Employee Benefits [...]
Read full article | No Comments »
By: DFree | June 21, 2010 | Financial Advisors, Financial Planners
If you’re considering hiring a financial advisor or financial planner, here are five things you should avoid during your selection process.
1. Never limit your hiring criteria solely on where the advisor is located in relation to where you live. You should always look for the most competent financial professional vs. the most convenient.
2. Don’t [...]
Read full article | No Comments »
By: DFree | June 19, 2010 | Ponzi Schemes
Here’s another sad but true story of investors who were taken to the cleaners by a ponzi operator. Giuseppe Viola is accused of running a ponzi in North Beach, a well known San Francisco neighborhood.
Like so many other ponzi operators, he promised investors returns of 20-25% on their investments, was a very good name [...]
Read full article | No Comments »
By: DFree | June 12, 2010 | Illegal Schemes & Scams
One way that ponzi scheme operators (aka slimeballs) operate is to prey on people they have close affiliations with. Some of the most commonly targeted groups include religious or community-based groups and the elderly. The con-artist will gain the trust of respected leaders within the affinity group (e.g., religious leaders) to help spread the message [...]
Read full article | No Comments »
By: DFree | June 11, 2010 | The Politicians
Wow, it never ceases to amaze me how corrupt politicians can be. The Senate is moving to keep 401k expense fees hidden from participants. Poor investors continue to get the short end of the stick.
While the government tells us that much of the new legislation on the table for financial services reform is aimed [...]
Read full article | No Comments »
