Skip navigation

Diversified Global Finance - Madoff III?!

or Register to post new content in the forum

101 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 3, 2009 12:07 am

I put Diversified Global Investments and it should have been Diversified Global Finance.  Sorry about that.  Thanks.

Oct 3, 2009 12:43 pm

http://www.mlive.com/news/kalamazoo/index.ssf/2009/09/state_probe_of_abc_inc_focuses.html

  OUCH!!!!!!!! Now compliance is looking pretty good to me!
Oct 3, 2009 2:37 pm

  Twice in the last 2 weeks my in laws were seemingly pursuaded to write a withdrawal letter to DLAH(DGF by association) and each time their rep thru American Benefit Concepts has pesuaded them to stay. Her Name for the somewhat public record of this forum is Nancy Reed. After the Sun Kal Gazette Headline Sunday(google “ABC” for more on that) revealing more of the unscrupulous activities of this firm and it’s either similarly heartless or naively ignorant reps they were again ready to acknowledge the obvious, but Ms Reed called and said “everything will be just fine”.  With this being said I have to lean toward the heartless side as I can’t imagine someone smart enough to pass the requiered tests to be an insurance agent being that stupid as to actually believe without a doubt that every thing will be “just fine” given all that has come out.

            Congrats to you for following the rule of diversification, this is one of the reasons one can not put all assets in one place, life is too unpredictable and somethings don't end up working even with best efforts by all concerned.             Lastly on a more encouraging note to everyone do not run away from some reports of outstanding investment results....unless the word "gaurantee" is attached to it as their really is no such thing anywhere. Take a look at a website called"TimerTrack.com" that myself and others use to document  tactical signals that we use direct assets to the safer and/or more opportune places (including cash assets) in equity markets. This will link you to a number of "pioneers" who are endeavoring to achieve a better experience in equities than those who insist that the "buy and get beaten (hold)" idea that stopped working in March 2000 (The 80's and 90's were arguably an historical anomoly that reprogrammed the whole industry). Most of us there follow an "absolute return" strategy that seeks a positive return in all kinds of equity markets. Again don't look for gaurantees, they do not exist. Look for the opportunity of creative integrity AND DO YOUR HOMEWORK......the intellectually lazy get what their laziness is asking for!!!!  This applies to investors and professionals alike.                         A last note to professionals....remember who ultimately writes your paychecks....they deserve our absolute best efforts to gain and maintain the wealth they have entrusted us with. We must battle at times within the industry and it's various priorities and sometimes badly misplaced priorities to ensure we can actually do that.     
Oct 3, 2009 3:34 pm

Greed and fear are two very strong emotions. Greed for higher returns fear of out living your funds = doing things nobody with clear thought patterns would even begin to consider. Criminals know how to invoke both. I hope these same people didn't send funds to Nigeria to pay taxes on a great fortune that was Ali Baba's that half will be wired ASAP.

...sigh...
Oct 3, 2009 5:41 pm

Oh so true…2 things expressed by in-laws as they were being sucked into these things…1) I will never understand the stock market but I understand 12% gauranteed.

              2) If I don't do this, I'll have to live with you kids.....possible irony there.          The gauranteed 12% would not been believed out of any other mouth other than the rep in this case per prior developed relationship before affiliation with American "Benefit" Con.  (I think in retrospect this is a better reference to ABC).        A note to prior post ......one of the best solutions to fear and greed is knowledge and understanding. However both pros and investors alike have to commit to the process of getting knowledge and understanding.  Unfortunately the reality is that entertainers(salesmen) do make more $$$$ and hold peoples attention better than do teachers because people would rather be entertained then educated, it feels better at the time. Investors who allow this mindset are set up for an industry that understands and exploits it to maintain sales productivity/profits and even more so to the real crooks who intend to to steal you blind. This family circumstance would have been avoided if more education was accepted by the investor on one hand and also if  industry rules/sanctions we have to follow were not so onerous as to handicap those of us who have both ability and integrity. The real crooks are very good at getting around whatever rules are out there. I don't have any solutions to this other than firms really "knowing" thier reps and actively pursuing and encouraging  the genuine creative intelligence among them and exposing the lazy,greedy or worse at the same time.          Time for football, mail and maybe some reflection on what is to come this week and beyond.                    
Oct 5, 2009 12:23 am

I was actually introduced to “International Opportunity Consultants” by my brother in law.  He was sold on the company and had visited Dave Mcqueen at their offices in Grand Rapids, MI and Dave and his team were more than willing to answer any questions.  Seemed on the level somewhat with all the questions answered.  I was in that from April to October last year.   You could either keep your money in and “roll it” each month or take a check mailed to you each month.  I chose the 3% per month.  Then Dave Mcqueen and the whole group came to Ft Wayne in October of last year to change all of the local investors accounts.  They could no longer offer 3% a month, but were switching the company to Diversified Global Finance out of New Zealand and offering 1% a month with a promise of a profit sharing at the end of the year to bump it up higher.  They gave you a check to close out Internation Opportunity Consultants account and you could take it and run if you wanted to.  I considered it as I’ve been skeptical of the program the whole time I was in it.  But, I was stupid and took it out of International Opportunity Consultants and invested in Diversified Global Finance.  I did receive checks mailed like clockwork from October last year thru August 09.  Now, the phone number still works in MI but no calls back from them for any messages left.  Also, the guy that I invested thru in Ft Wayne still thinks everything is good and to “pray” for the company.  (This guy is an insurance person who I think doesn’t want to believe the bad outcome that is probably coming).  Also, Mcqueen and his team were good to play “religious” on things to seem more sincere.  I’m getting madder at myself sitting here thinking about it, but I did get some money back in interest for some time and wasn’t as dumb (hahah) to just keep it in and roll it each month.

  Love to hear from anyone else invested with mcqueen's company, either IOC or Diversified Global Finance.  or if anyone has any experience with Dave Mcqueen at all......  email me at [email protected] if you don't want to post here.   Thanks!
Oct 5, 2009 12:27 am

Further, when Mcqueen had met with people last October, he claimed to have sold his Insurance Company in Michigan to get better returns for people through his new venture. Has anyone had contact with Mcqueen in the insurance industry in Michigan previous?

Oct 5, 2009 3:15 pm
GHoke1:

  Twice in the last 2 weeks my in laws were seemingly pursuaded to write a withdrawal letter to DLAH(DGF by association) and each time their rep thru American Benefit Concepts has pesuaded them to stay.

  I'm guessing that it wouldn't matter if they did.  1. There's a good chance that ABC can't return the money now and 2. Even if they could, it would probably get thrown back into the pot under the rules of unjust enrichment.  I remember reading about those lucky Madoff investors who had gotten their money back earlier, only to find out in mid-celebration that the feds would probably be reaching out for those funds to more fairly distribute them among all of the victims.   For those of you who were victimized by these jokers, you have my sympathy, BUT...really, there were many, many warning signs.  I spent about two minutes looking at the information my former client shared with me early this year.  At that point, I was confident that it was a scam.  The original Madoff was much more sophisticated and convincing.  Honestly, I could have printed more convincing statements on my old inkjet printer.  I didn't see Mr. McQueen showing up under FINRA as registered in any fashion.  The guaranteed returns were far from realistic.  The list goes on and on.  I'm probably in a lot better position to see the flags given my experience, so perhaps I judge the situation much too harshly, but I'm always amazed at the reluctance of the masses to invest in legitimate investments that yes, may pose some risk, while jumping with both feet into some of the most ridiculous sounding scams.  The same people who look at me sideways when I mention 6-7% step-ups in VA contracts are all over the garbage that guarantees 3% a MONTH?!!!
Oct 5, 2009 7:18 pm

Was there more info in Sunday’s Kalamazoo paper?  I can’t find anything online.

Oct 5, 2009 10:22 pm

Nothing was in 10/4 Gazette to my knowledge. All the news was in Sunday last week 9/27 on the front page lead article.

Oct 13, 2009 2:16 pm

http://www.woodtv.com/dpp/news/target_8/Govt_McQueen_swindles_area_of_millions

  more info on this scam.  check out the video on this page...
Oct 13, 2009 2:24 pm

Then in February 2009, an online forum for investment professionals came to life with a string of complaints and suspicions about McQueen and Diversified. A source said one of those contributors went to the FBI.

  Good work gentlemen (Indyone).
Oct 20, 2009 7:58 pm

[quote=Wet_Blanket]Then in February 2009, an online forum for investment professionals came to life with a string of complaints and suspicions about McQueen and Diversified. A source said one of those contributors went to the FBI.

  Good work gentlemen (Indyone).[/quote] That has to be the best and most honorable thing to ever have been done on this site.
Oct 21, 2009 3:46 pm
golfnut7772:

Why don’t you just get an appointment with Mr. Mcqueen? I did. We sat down & went through a tough Q & A. His answers were good with me. My Father-in-law created a self directed IRA through Smart Retirement Concepts, & is invested with Diversified Global Finance. He now enjoys a check every month for 1% of his account balance, (like clockwork). This may come as a shock to some, but the “ultra rich” of America don’t buy mutual funds at all! So what do they do? They pursue private investment opportunities out there. They play a different game than the “average Joe”. Their game works, & the “av. Joe’s” game doesn’t. (The rich get richer) You’re free to invest with this co. if you want to. You’ll get 12% like my Father-in-law. Or you can keep on doing what you’ve always done, & go down with the ship! Do some real homework before you make snap judgements just because you’re angry about losing a client. Or angry about not being able to compete. Look, I was at a meeting in Michigan late last yr., where the company had all of their clients come in for one of 3 meeting times. There were around 30, or so at the one I attended. I was able to take some time to talk to several in attendance. These people were some of the most savey investors I’ve ever had the opportunity to talk to. The caliber of these people were top notch. (Business owners, CEOs, Doctors, ect.) That only made me feel better about the entire situation. So, it is what it is. My Father-in-law is comfortable with it, & so am I. I’m betting that lady who left you is too, & that’s why she hasn’t called you back. Not being rude, just keeping it real.

  What a shame, this little twerps inheritance just got blown up like Hiroshima.  Hope no one hands him a loaded revolver any time soon.
Nov 4, 2009 1:42 am

this may be from someone with no experience, but I’d tell her straight up what you thought.  Tell her you think its a scam.  She’ll find out sooner or later and you’ll get an ass ton of credibility when she finally figures out it is a scam…  you can’t stop someone from screwing themselves, look at the 60% divorce rate.  But if you can show her you told her without saying you told her so, you’ll earn a butt ton of credibility and it will help you in the long run.  always go for the long run, short runs are bad ju ju.

Nov 17, 2009 1:22 pm

I just read this and just wanted to commend Indy for getting rid of these bastards.  I think this really started because you cared for your former client.  That is, after all, what this business should be about.

In retrospect, should this have been reported to FinCEN also in addition to the FBI.  They also cover these types of scam as I recall from our AML’s CE course.


Nov 21, 2009 12:35 am
3rdyrp2:

[quote=golfnut7772]Why don’t you just get an appointment with Mr. Mcqueen? I did. We sat down & went through a tough Q & A. His answers were good with me. My Father-in-law created a self directed IRA through Smart Retirement Concepts, & is invested with Diversified Global Finance. He now enjoys a check every month for 1% of his account balance, (like clockwork). This may come as a shock to some, but the “ultra rich” of America don’t buy mutual funds at all! So what do they do? They pursue private investment opportunities out there. They play a different game than the “average Joe”. Their game works, & the “av. Joe’s” game doesn’t. (The rich get richer) You’re free to invest with this co. if you want to. You’ll get 12% like my Father-in-law. Or you can keep on doing what you’ve always done, & go down with the ship! Do some real homework before you make snap judgements just because you’re angry about losing a client. Or angry about not being able to compete. Look, I was at a meeting in Michigan late last yr., where the company had all of their clients come in for one of 3 meeting times. There were around 30, or so at the one I attended. I was able to take some time to talk to several in attendance. These people were some of the most savey investors I’ve ever had the opportunity to talk to. The caliber of these people were top notch. (Business owners, CEOs, Doctors, ect.) That only made me feel better about the entire situation. So, it is what it is. My Father-in-law is comfortable with it, & so am I. I’m betting that lady who left you is too, & that’s why she hasn’t called you back. Not being rude, just keeping it real.

  What a shame, this little twerps inheritance just got blown up like Hiroshima.  Hope no one hands him a loaded revolver any time soon.[/quote]   Yeah...it was amazing how condescending he was to all of us poor little mutual fund peddlers who just can't compete with Mr. McQueen (AKA advisor to the rich & famous).  I feel sorry for most of Mr. McQueen's victims, but I can't find much sympathy for this one who knew more than me and my nearly 20 years of investing OPM for a living.   Just keeping it real.   To the rest of you who have chimed in with positive comments...thanks.  I didn't do this for a pat on the back, but I appreciate it nonetheless.  This is a tough, tough business to get established in and shysters like Mr. McQueen and his Nancy-girl just make it that much tougher.  We need to be vigilant about bringing crap like this to the authorities.  We'll never stop the flow of garbage like this, but if we can just put a dent in it, we'll all be better off.
Jan 29, 2010 5:04 pm

Any updated on this case?  Last I heard $$$'s were frozen and Mcqueen was out on the street.  No money has been paid back....not that it will.....

Sep 16, 2010 12:19 am

It's been awhile and I don't see anything since March, but it looks like Mr. McQueen and his co-conspirators are in some deep doo-doo...

http://blog.mlive.com/followthemoney/2010/03/us_attorney_wants_433000_relat.html

...and (no surprise) I never heard back from my former client who would have been much better off staying with that terrible variable annuity I had her IRA invested in.  This is just part of the damage I see Bogleheads doing to the general public.

Oct 20, 2010 3:04 am

It amazes me how these places stay in business, and moreover, why ANYONE in the public falls for their "promises" and "guarantees."  Most of us I would imagine are hardworking, ethical financial professionals and realize how difficult it is at times to bring on new clients "the right way." 

There is a company out in my area of town called the Crash Proof Retirement, or something to that affect.  The company president supposedly makes over $7 million a year shucking equity indexed annuities to rooms full of senior citizens.  The guy isn't securities licensed and boasts these ridiculous claims about how he knows more than people's financial advisors and how the average FA doesn't understand the intricacies of certain "IRS regulations," which I'm convinced he just makes up.  He also makes excuses for why he isn't licensed, etc. 

It's all pretty amazing to me that people like this prey on people and actually lie to them to stick them into investment products they have no understanding of.

I came across a potential client who took his money to these people and he was almost brainwashed into believing these people were the golden ticket to his retirement.  I did everything short of telling him these people were crooks, and it was futile.