Quote:
Originally Posted by MDFlyer
Yes, it seems the older we get the more people like Michael L Whitaker and Associates to see us as targets for them to take advantage of. I hope this thread has been some help in saving others thinking of dealing with Whitaker. Of course, he says he only gives advice but the client makes the final decision. True but isn't he being paid to guide his clients to make the correct decisions? While it will not help me recover any of my money I hope that Michael L Whtaker also has to pay the price for the selfish, self serving why he "guided the lambs to slaughter".
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You bring up an interesting point. Mr. Whitaker made a hefty commission selling these inappropriate high-risk bonds to seniors. Did he also charge a AUM (assets under management) fee yearly to MANAGE these bonds? In other words, double dipping? For example, if he sold you $100,000 worth of L-bonds and charged you a typical 1% annual AUM fee, did he not garnish $1000 from your account annually? If yes, is he not potentially guilty of MISMANAGING this portion of your portfolio while he was aware of GWG troubles? After all, his financial gain extended beyond his commission and therefore, perhaps, his liability.