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Aug 1, 2006 4:18 pm

how to scapegoat advisor's, brokers and the legitimate investment industry for all financial abuse, decision or results possible. I especially enjoy the segways from the fraud cases to "churning" and "surrender charges".


http://www.connectlive.com/events/secseniors/


I haven't been able to find written transcripts that would cut your investment time in this twaddle but it's still worth it if you are in production to see where it's going from the SEC leadership point of view. It isn't pretty.


Now annuities and mutual funds, to name just two items, get linked to "Fraud, robbery by gun point", if anyone can find the report; "Off the hook again: UNDERSTANDING WHY THE ELDERLY ARE VICTIMIZED BY ECONOMIC FRAUD" that would help also.


Chris Cox led this panel. One minute it's Ponzi schemes in the next breath it's "sales charges". Of course the AARP gets a seat but the SIA or any group representing advisors simply don't exist. It's a lot of anger CSPAN stuff and you're a target most likely. Little did we know when we submitted that finger print card when getting a license they were just saving a step. Again if people can find these minutes in writing it would help. It's painful to watch; hostile ignorance, character assassination of the entire licensed community, guilt and cross reference of fantastically different events all for a political show agenda; the financial industry witch hunt. Shapiro and Richards are the worst but you should invest in the webcast. 


Like I said, it's torture to watch. It's a very slow build up and deadpan as outrageous statements are made without dissent or rebuttal. It's truly amazing as you watch it. I caught a bit on CSPAN and then watched it all, very depressing. Surprising little reaction or coverage from trade magazines but I imagine it will grow over time. It's not as if I'm supporting I.D. theft or fraud but somehow be directly linked and associated in this fashion was an outrage. Imagine discussing medicare funding in a public and linking doctors and hospitals as con-artists as a group. This is what it's like.







Aug 1, 2006 4:51 pm

I found the fraud study;


http://www.nasdfoundation.org/WISEInvestor_Fraud_Study_Fina l_Report.pdf


Phony lotteries, I.D. theft and right into "Free Lunch Seminars".


Moral? Ask client buy you lunch? that might a "Crime" as well, it's getting tough to tell.


All these parts are rooted in reason and then they go wild, the nature of government I guess.

Aug 1, 2006 5:44 pm

As I said, I don't have the transcript but here is some nice spin that

reads much better than what I was offended by;



Baby Boomers a Fraud Target (Chicago Tribune)



But don't miss the slight of regulatory hand in here as well;



In some cases, pitches may center on products that are legal but are

being sold in a misleading way, regulators said. That could include

investments that tie up older peoples' cash for many years, putting them

at risk of heavy redemption charges if they try to exit early.



Your next client who forgets there was a sales charge can now safely

link and bundle you with Nigerian Kings offering you an inheritance on

the INTERNET, Ponzi schemes and phony annuity con-artists. Heaven help

you if you bought that client lunch in your lifetime, a sure sign you

coerced them.