Archive | Financial Hall of Shame RSS feed for this section
investment scam shutterstock_160071281

Annuity Abuses Rise To Top Of Regulator’s Scam List

Has your broker recommended that you swap an old annuity contract for a newer one? Regulators say that could be a way to scam you out of thousands of dollars. Abusive swaps like these, involving improper annuity exchanges, have risen to the top of the investment scam list at FINRA (FINRA is the organization regulating […]

Read full story Comments { 0 }
tim-duncan

Basketball Star Tim Duncan Fouled By Bad Investments. Here’s How To Play Defense

San Antonio Spurs basketball star and two-time Most Valuable Player Tim Duncan, who recently retired from the courts, is known as one of the greatest players of all time. His basketball earnings topped $220 million over his career. But that didn’t stop him from getting fouled by bad investments. According to his attorney, Duncan, now age 40, lost as […]

Read full story Comments { 0 }
money grab

Quote Of The Week: Don’t Fall For The High Commission Annuity Sales Pitch

“Thousands of annuity salespeople are hoping to grab your money and steer you toward their high-commission indexed annuity product before they will be required to act honestly under the fiduciary standard and undergo background checks.” Terry Savage, financial blog author and columnist at TerrySavage.com, “Do your research before diving into annuities,” Sun Sentinel, August 7, […]

Read full story Comments { 0 }
drowning in bills

Cutting Outrageous Annuity Fees Down To Size

How would you like an extra $38,000 in your pocket each year? Or how about $76,000? That’s each and every year, by the way. We can share with you a pretty amazing story about how we saved two clients $38,000 per year each, for a total annual savings of $76,000. Those savings will flow straight through […]

Read full story Comments { 0 }
telephone scam

Warning! New, More Sophisticated Scams Target Seniors

New and increasingly more sophisticated scams are targeting the elderly, who are hard-pressed to keep up and stay ahead of the latest cons. “Callers often pose as cash-strapped grandchildren, tax collectors or providers of technical support,” reports Jennifer Levitz, writing for The Wall Street Journal. What makes the new scams particularly effective is that calls frequently use “spoofed” […]

Read full story Comments { 0 }
credit card debt couple

Hall Of Shame: Are Credit Repair Services A Hoax?

We get asked all the time whether credit repair services are the real deal. Can they truly fix your credit rating and lower your payments, or are they just one more ripoff scheme? Consumer advocate and author Sid Kirchheimer says in his opinion these services deserve a big thumbs down. “They may charge $5,000 or monthly fees […]

Read full story Comments { 1 }

Financial Hall Of Shame: Free Lunches Can Cost You A Bundle

You’ve heard the saying that there’s “no such thing as a free lunch”? That’s especially true when it concerns your hard-earned money. Financial regulators say free lunches can pressure seniors into making “unsuitable, even fraudulent investments.” Financial and insurance companies, brokers, and other salespeople use free lunches to lure older Americans into high-pressure investment pitches. Afterward, older investors may feel […]

Read full story Comments { 0 }
free-lunch-samples

Quote Of The Week: No Such Thing As A Free Lunch (Or Dinner)

When you accept a “free lunch” or “free dinner” invitation sponsored by an investment broker, just what are you getting yourself into? Listen to what the regulators have to say: “We have seen during our examinations a strong correlation between using the free lunch seminars and successfully selling high-commission products. There is undeniable correlation between […]

Read full story Comments { 0 }
house fraud group 2

Financial Hall Of Shame: The Infamous “Biweekly Mortgage Accelerator”

Want to pay off your mortgage faster? Who wouldn’t? That’s the appeal of the “term reducer” pitch that arrives in your mailbox. Mine – signed in cursive by a nice girl named Kate from Ohio – said I could cut over 12 years and $230,000 off of my mortgage (which seemed pretty amazing since I just refinanced my mortgage to a […]

Read full story Comments { 5 }
scam

Financial Hall of Shame: The $100,000 Email Scam

It was Ben Franklin who told people to believe only half of what they see.  But perhaps he should have added a warning to believe even less of what they read … if it arrives  via email. Last week, a South Florida woman ignored that advice and almost lost $100,000. Here’s what happened, and how you can protect yourself from […]

Read full story Comments { 0 }