Retirement Weekly - Are you potential fraud bait? - Donald McNeil, January 15, 2016
Every week, my office receives a telephone call from an investor who has lost a significant portion of his or her retirement savings. In one recent call, a retired couple, Fred and Betty for purposes of this article, followed the advice of a broker and suffered 80% losses of their life savings. They had hired a broker that had come highly recommended by a friend. They transferred their entire savings and IRA accounts to this broker and looked forward to a retirement of travel and spoiling grandchildren. Once the accounts were transferred, the broker steered the couple into oil and gas investments, as well as real-estate investment trusts that paid a high commission, but also carried a heavy risk. The investments were catastrophic.
Fred and Betty were the typical victim of investment fraud. Do they sound like you?