Financial Advisor Frauds
Sure you have heard of Bernie Madoff, but have you heard about these news stories of fraud?
Virginia Financial Advisor Charged with $1.3M Fraud
(The Virginian-Pilot, 03/03/2015)
Waco Businessman, Financial Planner Pleads Guilty to Nearly $8.4M Ponzi Fraud
Financial Advisor Charged with $2 Million Fraud Schme
(WYOU News, 02/10/2015)
RISKS: AM I SAFE WITH SECURITIES INVESTOR PROTECTION CORP (SIPC)?
- Offers limited protection.
- Is not the same protection like the Federal Deposit Insurance Corp (FDIC) for banks.
- Does not protect against being sold worthless stocks.
- Does not protect you from bad or inappropriate investments.
RISKS: WILL FINRA PROTECT ME?
- Private company, not part of the government.
- Created through a merger of two private companies, National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE).
- FINRA is referred to as a Self-Regulatory Organization (SRO), Wall Street monitoring itself.
YOUR NOT ALONE. FELLOW INVESTORS HAVE CONCERNS ABOUT FINANCIAL ADVISORS & TRUST
A Recent survey performed by the Chartered Financial Analyst (CFA) Institute found:
- 48% of Investors Do Not Trust the Industry.
- 35% Believe Trust & Transparency are more Important than the Advisor’s ability to achieve high returns.
- When asked about 8 Industries Trusted to do the Right Thing, Investment Management was the dead last.
How can you protect from fRAUD?
Awareness. Start with asking your Financial Advisor for their MoneyFAX Report. It’s the first, free, easy to read report on Who is Managing Your Money.
Do You Know Your Financial Advisor's?
- Criminal, Civil, and Regulatory background
- Do they have the Education, Certifications, & Licenses they say they have?
- Have they had issues with Regulators?
- Is their Past Employment & Experience accurate?
- Do they thave the competency to handle your money?
- With a MoneyFAX Report, YOU WILL KNOW.
How Does TheMoneyFAX.com Do it?
We took our over 25 years of experience as Certified Auditors, Accountants, Attorneys, Risk Managers, and Compliance Professionals and created our proprietary Sound Analytical Fraud Expertise (SAFE) process along with the best in class tools used by the Federal Bureau of Investigation (FBI) wrapped up in a Free Report to you.