Quote:
Originally Posted by Plinker
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.
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Whitaker is not alone, although he is one of the best-known in this area. In my opinion, he is the worst of the breed because he not only lured in new clients with the GWG-sponsored golf tournaments and dinners combined with the slogan about Michael L Whitaker being in business for 38 years, but he turned on clients that had been with him for many years and had grown to trust him and his firm.