Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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#31
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I also read part of Whitaker job was to do his due diligence into the companies he sells. How could this have been missed. |
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#32
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#33
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"In its bankruptcy filings, GWG Holdings reported $3.5 billion of total assets and almost $2.1 billion in total debt. While its assets reportedly outweigh its debt, GWG Holdings’ big hurdle is that many of those assets are illiquid, hard-to-value pools of life settlements, or unwanted insurance policies that consumers sell to investors like GWG Holdings, which can come with risks. Leading up to the start of this year, GWG Holdings, a publicly traded company with the ticker GWGH, had struggled to file its audited quarterly and annual financial statements on time." So it looks like there won't be much cash available until the people who sold their life insurance policies die. From the same source: "... the company’s collapse, including GWG’s defaulting on $13.6 million in payments in January to bondholders." So they can't even make their interest payments! Do your own research. Don't rely on what Whitaker sends you. |
#34
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This is not 100% on my parent's fault, yes they should have not been so trusting. |
#35
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roll them over to Fidelity or Schwab - I mean at what point are their losses too much?
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#36
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There are no ‘free’ lunches here or anywhere else .
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#37
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Three words, VANGUARD, VANGUARD, VANGUARD.
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#38
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Many of us have been "advised" by Michael Whitaker. His advice is worthless to many who, particularly, up in age since he doesn't "advise" them according to their financial status or age. He seems only interested in the money he makes from selling GWG products. We also invested in GWG and were told by Michael to hang in there even though he knew that they had missed two reporting quarters which should have been a bright red flag. Fiduciary NO.
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#39
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#40
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Wait until you see how much bankruptcy attorneys fees eat up any remaining assets. The field is a gold mine.
By the way, anyone else notice how local wealth advisors have polo ponies, eat frequently in expensive restaurants and have flashy cars? It’s at your expense. Read up on Josh Brown, reformed broker on cnbc. Money is supposed to work for you |
#41
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SallyB, I am so sorry this is happening to your parents. Even though there are some good advisors around, there are also sewer rats in the business of other people’s money. Their pitches are basically smoke and mirrors, designed to make those who are seeking advice think that they can never understand what to do with their own money, so they have to turn it over. I have no advice for you, other than to comment on what someone else said in Post #40 — about getting the remainder of the money out if you can and getting it into Fidelity or Schwab…… If I were you, I would set up an appointment with one of those and find out what would be involved in moving the accounts to try to rescue what you can. (I would also talk to Vanguard. They do not have local offices like the other two, but I think they have people you can talk to by phone.) I wish you good luck. Boomer Last edited by Boomer; 03-31-2023 at 12:09 PM. |
#42
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I wonder if Seniors Against Crime would be helpful? They have an office in Brownwood and can be reached by phone during business hours. I absolutely hate that there are people in the world that try to separate folks from their money in such deceitful ways.
__________________
Kim Burns Villages of Fenney From Dayton, Ohio |
#43
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Way beyond their scope.
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#44
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#45
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How to recoup
I got scammed out of a lot of money also. At least your parents can deduct the loss, as it’s a Ponzi scheme, from their taxes.
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