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Originally Posted by MDFlyer
So very TRUE, but people have to trust others to help them in matters that they don't understand or don't understand fully. You cannot go through life being distrustful or suspicious of everyone. When it is pointed out, as with Michael L. Whitaker and Associates, they need to be singled out and made examples of. The state, college, and other agencies let the public down in this case. Inaction by these agencies cost us thousands perhaps millions of dollars. With so many fillings against Michael L. Whitaker and Associates they should have shut him down before this happened.
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If an advisor placed me in a high risk product after I specifically stated I was only comfortable with low risk investments, I would have immediately fired him/her. If that investment was declared a Ponzi scheme and money was lost, I would hire an attorney and depose the individual and ask all these questions. I would consider it money well spent and potentially recoverable. A formal complaint with the SEC is a must do.
I have no doubt there are honest fiduciary advisors, plumbers, electricians, etc. that put their clients’ best interests first. Unfortunately, there are always a few turds in the punch bowl. Unknowingly hiring a self-serving salesman, regardless of what product they are selling, appears to be a recurrent theme in The Villages. There are a lot of good-hearted, trusting, elderly people here that are just looking for an honest individual to help them with their needs.