#034: How to Avoid a Bernie Madoff-Type Scam
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 21 August 2017
⏱️ 33 minutes
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Summary
There are few things worse than getting involved in a financial scam.
Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off.
How can you avoid being scammed?
Things to look for in a financial advisor:
- Find someone who uses an independent custodian with a solid reputation. To whom are you writing the checks?
- Check out the firm on the Securities and Exchange Commission website.
- Research the individual via the Financial Industry Regulatory Authority (FINRA) Broker Check and the Investment Adviser Public Disclosure (IAPD) search function.
- Question anyone who gives you a guaranteed return, unless it is quite low.
Things to look for in a legal advisor:
- Check your state bar's disciplinary action history.
- Get your agreement in writing, including the fees that will be charge for the service recommended.
- If you pay any money upfront, how is it accounted for?
- Are they working inside their field of expertise?
Do you have a question for a future Listener Questions episode? Submit it to questions@bigpictureretirement.net
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.8 | Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful and successful retirement. If you are planning for |
| 0:23.0 | or living in retirement, this is the show for you. I'm Devin. Join back today as always by my co-host |
| 0:31.0 | John. Hey John. Hey John, before we get too far into the show, I want to remind our listeners |
| 0:36.9 | about the Amazon Echo that we're given away. |
| 0:39.4 | I know you've mentioned it's one of your favorite pieces of technology, and I use it all the time in my house and here in the office as well. |
| 0:46.0 | So if you don't already have one, you need to get signed up for this. |
| 0:50.0 | Just visit big picture retirement.net forward slash echo, and you'll get all the details right there. |
| 0:56.9 | John, over the years, I've heard story after story about people getting ripped off and scammed. |
| 1:03.6 | In fact, there's a whole series on CNBC now. |
| 1:07.2 | I believe it's called American Greed or Greed, or it's talking about situations just like this. |
| 1:13.1 | I never thought that he would do us this way. |
| 1:16.9 | That's Wanda Brewer, speaking for the first time about the lawyer she hired for a wrongful death suit after her son died. |
| 1:24.1 | A lawyer that's now behind bars arrested Wednesday in charge of the steel. Wall Street, |
| 1:27.9 | Swindler Bernard Madoff, is going to prison for 150 years. A pair of Broward lawyers are now the |
| 1:33.6 | latest to be charged in the Scott Rothstein Ponzi scheme. High profile Planned City Financial |
| 1:37.9 | Advisor found herself in jail today. Authorities say she stole money from elderly clients |
| 1:43.9 | for years. |
| 1:45.7 | A financial advisor has admitted to stealing from an elderly Robinsdale man's annuity account. |
| 1:51.3 | Investigators say John Heath of Edina drained $220,000 from the account of an 88-year-old |
| 1:58.2 | client with Alzheimer. |
... |
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