Cover of US Senate Committee on Aging Report Top Ten Elder Scams

Elder financial abuse is one of top 10 elder scams

March 21, 2018

Top 10 Elder Scams The US Senate Committee on Aging released its report of the top 10 elder scams reported by callers to the Committee’s hotline number. While this is not a scientific methodology, it does give us an idea of some of the scams that folks are reporting. Elder financial abuse makes the list. This is useful information for anyone with a phone, email address, bank account, brokerage account, credit card, … basically anyone.

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coin pyramid

FTC shuts down bitcoin chain referral scheme

March 17, 2018

FTC shuts down bitcoin chain referral scheme The FTC shut down a fraudulent scheme that promised big profits to those who sent bitcoin and got others to send bitcoin. This is called a chain referral scheme — basically a pyramid scheme. Here is the FTC’s recent warning. The prospect of big profits is just an illusion.  “Ever get a chain letter in the mail or online? Then you know the drill — you send money to a person at the top of the list, then take their name off and add yours to the bottom before sending the letter to more people. If the letters keep going, you’re supposed to make money as your name moves up the list. In fact, most people are guaranteed to lose money. “Chain letters have been around for decades. Today’s twist: online chain referral scheme s involving cryptocurrencies like bitcoin and Litecoin.

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storm clouds

Financial Advisors, get prepared for impending upheaval

March 13, 2018

Don’t wait for the storm to build a boat Often there are signs in advance that a brokerage firm is thinking about making some big changes. As Cathy Nichols points out in the piece below, financial advisors at firms showing signs of impending upheaval can take the time to evaluate whether they want to stay. Rumors give you the opportunity to get a head start.

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digital coins

John Oliver on bitcoin

March 12, 2018

Who does it better? The good, the bad, the goofy. Bitcoin and blockchain technology may turn out to be transformational — just like technology behind online shopping. We can now buy books, toilet paper, and cough drops on Amazon.com. But, those investors in Pets.com and countless other dot com flame-outs lost a ton of money. As long as folks keep pouring money into things like PonziCoin, DogeCoin, and DeepOnion, a lot of folks are going to lose a lot of money.

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storm clouds

Broker who fired financial advisor ordered to pay

March 12, 2018

Broker Who Fired Financial Advisor Ordered to Pay $4 Million Broker fired financial advisor to keep him from moving to another firm with his huge book of business. My friends who are financial advisors, it could happen to you.

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Starbucks cups

I’ll have some Ether with my latte – will Starbucks put tokens on the menu?

March 2, 2018

Business Insider reports that Starbucks could dive into the cryptocurrency space. Another significant challenge to the Wall Street model for raising capital? Could it be as easy as ordering a latte? Business Insider posted an interview with Patrick Byrne, CEO of Overstock.com and crypto/blockchain enthusiast. Overstock reports that it passed the $100 million mark in its tZERO ICO. While this is basically a promotional piece for tZERO, it is interesting nonetheless. Note how many times Bryne points out that tZERO and other tokens are speculative investments. 

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Wells Fargo stagecoach

Shocking news! Investigation of customer abuse by Wells Fargo broker/advisory unit

March 1, 2018

If you think that today’s Wells Fargo is different from the old Wells Fargo, think again. Emily Glaser of the WSJ reports that Wells Fargo’s brokerage/investment advisory practice — its Wealth Management Unit — is being investigated by DOJ for improper sales practices. Hard to believe, isn’t it?

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