Elder Fraud
A true financial professional wants you to be comfortable and invest in what is best for you in your time. A scam artist wants you to invest in what is best for him or her as quickly as possible. Any pressure to invest immediately because the golden opportunity will be gone in a flash is a…
Read MoreIn Florida, the Sun Sentinel reported that Richard Ohrn, 44, a former stock broker who disappeared while fishing in the Atlantic ocean a month ago, admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia. According to the article Ohrn was trying to escape legal issues, including a suit by a former…
Read MoreIn releasing a report on the National Senior Investor Initiative, the SEC and FINRA have reaffirmed the paramount importance of protecting senior investors. Andrew J. Bowden, OCIE’s Director, said, “Seniors are more dependent than ever on their own investments for retirement. Broker-dealers are developing and offering a variety of new products and services that are…
Read MoreOld aphorisms are often helpful in ferreting out fraudulent advice. One such aphorism is: “if it sounds too good to be true, it is.” One unchangeable law of investing is that the higher the rate of return on an investment, the higher the risk of the investment. Anyone who claims that a high rate of return or…
Read MoreGeorge Wayne Hoffman from Parkville, Maryland, a former registered representative with H. Beck, Inc., was barred from association with any FINRA member in any capacity. That sanction was based upon, among other findings, that Hoffman converted $17,000 from an elderly client for his own benefit and improperly accepted a $36,000 dollar personal loan from that…
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