Quote:
Originally Posted by MDFlyer
It doesn't make any difference how much money a person has to invest, if they are not properly advised then Whitaker did wrong. In my case there was not much money to be taking risks with and, my wife and I, specifically told Michael L Whitaker that we did not want to be in any high-risk stock, bonds, or anything where we could suffer a loss of principal. I, personally, have been on to Michael L Whitaker for several years when he screwed up my son's meager investment after having been given instructions on his risk tolerance. We even approached Whitaker with our concerns several times and his reply was that our investments were NOT invested at high risk.
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I agree with you that those investments should only have been sold to those who can tolerate the risk and potential losses.
I had a client once, of limited resources and income, who was sold tax shelters.
When tax shelters went bust she lost most of her investments.
Once again she trusted a small investment company instead of investing with bigger more reputable firms.
She sued, or went to arbitration, and she lost. The reason she lost was because they determined she was a reasonably intelligent person and should have made herself aware of what she was purchasing?
Did you look at these investments and present any questions to Whitaker…or did you blindly trust him?