By: Matthew Arndt, CFA, CPA, CFP | May 11, 2009 | Bad Financial Advice, Financial Advisors, Illegal Schemes & Scams, Report Fraud, Who Can I Trust?
Summarized in a recent FA News (May 08, 2009) article, FINRA: Broker Deceived 64-Year-Old Nun, a financial adviser affiliated with a well-recognized financial institution swindled a 64-year-old nun, an elderly couple, and a retired widow out of huge sums of money. Besides being a truly despicable piece, it goes to show you that just because (or especially because) an adviser is affiliated with a household name, investors should not assume that he will be honest and act with ethical integrity.
This disgraceful act was perpetrated at a large, well-known financial institution. This type of behavior generates many serious questions: Where were the checks and balances? Where were the internal controls to guard against such an act? How can investors protect themselves from such deceptive behavior? Why isn’t the offending broker in jail?
One Response to “A Shocking Case of Investor Fraud”
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Scott
August 28th, 2011 at 3:09 pm
Looking at Vista Wealth management Palo alto CA and the CPA Jerome Spector, that handles my taxes and has taken millions and dose not show 1099 or K-1 on my tax reports for the last ten years, does this sound strange?