Time and time again, we find out that a financial advisor who has been caught red handed doing a ponzi scheme has been living a lavish lifestyle.
Do you remember Ian Thow? He had a huge house, an airplane, and donated generously to charities on Vancouver Island. Bernie Madoff lived high on the hog too… a lovely apartment on Upper East Side in New York worth about $5 million, a 55.5 foot yacht named Bull, and a Palm Beach mansion worth about $10 million.
Probably better to ask yourself some questions about how this lavish lifestyle came to be. Hopefully, it is not with your money. Always pay attention to your instincts, do your homework when you choose an advisor and if he or she shows up at your house driving a Mazerati, then it might be a good reason to move onto to a financial advisor who drives a Honda.
Living the Life of Riley might be a big hint that he or she is up to no good.
As this year’s Fraud Prevention Month winds down, we thought that it would be good to point you to a resource from the Competition Bureau that you can you can use to identify different types of scams throughout the year. The Little Black Book of Scams is a guide that Canadians can use to protect […]
There is no such thing folks! We at the BCSC get very frustrated when we see so many cases where people fall for this promise. Recently we settled with two individuals who admitted to contravening various securities laws when they solicited funds for a failed investment scheme that raised about $9.6 million from 863 investors. […]