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.
On Wednesday, CTV’s Lynda Steele featured our Be Fraud Aware campaign on the network’s newscast. The three-minute video is available on the CTV website on a dedicated webpage that features much of the content from the news story. Pat Bowles, the BCSC’s director of Communication and Education, appears in the piece talking about some of […]