|
|
|
|
 PreshowReturn to index of stories... |
An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. |
| Intro Carlos Return to index of stories... |
Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While governments are once again wrestling with needed changes, there is a lot to be learned and avoided on the personal front. Some say greed is what got us into the current crisis and it's likely a new sensibility about investing wisely will emerge as a result of some serious pain suffered by investors everywhere. And in tough times like these, we all need to be on alert. In this program, we'll show you how to avoid being scammed, what to look for and where to go for help. Beth Carroll shows us how. Commodities Products like Feed, Food and Fuel Traded on an Exchange Commodities generally involve products such as feed, food, or fuel. In essence, investors are betting on which way prices will move. |
| Carlos Gonzales Return to index of stories... |
INVESTOR FRAUD SCRIPT TRK1: 50-year old Carlos Gonzalez is a community relations specialist at a local credit union - and a former state representative from Manchester. Like many armchair investors…he tries to keep abreast of the financial markets. TRK2: When the phone rang with an offer to make money in the commodities market - Carlos listened to the pitch. Sot: Carlos 11:12:08 One dollar will make you 10 dollar, I am using that as an example but the figures were startling TRK1: Carlos said NO at first, but the salesman from Cromwell Financial Services was persuasive and persistent. SOT: Carlos: 11:13:28: If you do the 5,000 it would give you 15,000-25,000 and you go to sleep thinking oh my god is that true TRK3: The calls kept coming -- & Carlos says eventually there was a sense of trust. SOT: Carlos 11:14:51 …and they talk to you like they know you already, after more than one month they already know you, because you been having an exchange some conversation with him. SOT: Beth/ 11:14:38 So, after a month of phone calls or more you finally said ok I will write you out a check for 1,000 dollars. 11:14:46 Yes that is how the whole thing started. 11:14:50 and then what happened? 11:14:51 From 1,000 dollars I sent 3,000 dollars more. To 3,000 to 5,000 and the figure went all the way to 15,000 dollars that is how far I went. TRK4: All this was happening as Carlos was getting married. Just days after saying "I do" & heading off on his honeymoon -calls began coming on his cell phone. SOT; Carlos: 11:16:30 and they were calling me Hawaii time and they even figured out the exact time to call me so that I answer the telephone and basically answer to the request on the trades that they were doing. TRK6: While Carlos was sightseeing in Hawaii -- his money also took a vacation. In 2 weeks time his 15-thousand dollar investment had dwindled to 3-thousand. CARLOS stot 11:16:30 every time I say yes to one of those transactions, they were telling more that I was making 2-3 times more then what I was doing in the trade. I learned otherwise when I came back home. TRK7: He began opening envelopes and the reality of what had happened sunk in. SOT: On a daily basis you could see a transaction when they were calling me one after the other and then I started to see commission I was not told they were getting commission with each transaction. NATS: JAM 615 Nats 11:43:32 everytime I look inside one of these transactions every time they did a transaction.they have commission of 1,500 dollars 11:43:48 you see this one.see next one - why are they making such a big commission 11:43:57 TRK8: What was Carlos buying with his thousands? Oil futures-and when that failed to make any revenue…. SOT: soy beans with Canada and I said to myself wow soy beans? And they told me the price and what figures are going to be and so on. Then I already trusted them, because I already send all of this money to them, TRK9: With the lure of fast cash and a slick talking pitchman….Carlos was unwittingly drawn into the world of securities fraud Sot: Jeff 9:57:49 It was a telephone solicitation scheme, repeated calls…high pressure sales tactics, there were flowerly promises made to carlos.eventually he succumobed to that and invested. 9: 58:03 TRK10: Jeff Spill, the deputy director of the NH Bureau of Securities Regulation says hundreds of victims fell prey to the same scheme across the country SOT: Jeff: 10:02:14 the promise of returns the quickness of return, and magnitude of return on his money it's attractive to people…the old adage comes into play. 10:02:25 if it sounds too good to be true.probably isn't. TRK: Before planking down his money ….Carlos says he did some research on line. sot: carlos: It showed that they were ligament that they were right there in Florida, Boca Raton Florida. SOT: Jeff: 10:05:19 this was a legit company, in sense they were a licensed company part of industry, operatin within industry.but sales practices allegedly crossed the line. 10:05:29 BETH STANDUP: BETH STANDUP: So, how does an investor find out about a trading firm's track record, and any consumer complaints. State Regulators say - when it comes to commodities you can go on line and click on the national futures association website…NFA. They have an online data base where you can check the disciplinary history of its licensed members. NATS: 14:03:24 plug in firm's name.cromwell :23 It had 3 reg actions…any action.for instance. NATS: 14:04:05 in case of Cromwell they had prior case.misleading sales solictitations 14:04:10 Beth even one too many.it should alert you to whats happening to you. TRK: Securities are regulated by FINRA -- The Financial Industry Regulatory Authority. They have a similar data base that lets you see if a company has a checkered history. SOT: 10:18:17 types out FINRA CU / scrolls down… gives you various links.protect yourself.enforcement regulation TRK: Regulators say FUTURES contracts like the one Carlos bought are volatile & risky by nature. Sot: Jeff: 10:20:07 turns around side shot JEFF *** Commodites sophisticated.understand what they dealing in. 10:10:21 the trades are very leveraged - when you make a trade your actually making a downpayment on a futures contarct…small amt of money is down payment on a large contract.when it ticks a small amt it could mean a large swing. 14:08:13 TRK: Carlos listens with regret as he plays a tape he says was sent by Cromwell Financial when he opened his account. NATS: Of tape: 12:17:39 purpose of the phone call is to make sure you understand the investment you're making.that you do have the financial ability to handle the inherent risk involved SOT: Carlos: 12:09:56 this conversation was taped when in initial stages…doing first transaction had to say.yes I consent NATS; TAPE/ 12:17:47 did your broker explain to you that there is risk involved in trading commodities. Carlos: Yes. Did he also explain to you that people can and do lose money.and that this is not a get rich quick scheme Carlos: You're right. TRK: Carlos claims the salesman coached him on how to answer. SOT: Carlos: 12:12:00 make sure you answer all of those questions with yes…and no…otherwise derail transactins… NAT: 12:17:47 did your broker explain to you that there is risk involved… people can lose mone.you;re right :57 TRK7: NH's Securities Regulation Bureau filed a complaint against Cromwell Financial in 2005. SOT: Jeff 10:00:38 They negotiated settlement wherein they agreed to be barred from industry and paid restitution and fines and they are no longer in business. 10:00:49 10:00:53 Carlos got no restitution. TRK18: Regulators say 4 or 5 years ago telephone solicitation schemes were a lot more common. SOT: JEFF/ Because of do not call laws -- access to third party call lists and access to names.to reach out as investors has been diminished. 9:59:12 NATS: 11:52:04 free installation. 11:52:15 we want your biz.100 bucks back.press 1 sighs 11:52:27 SALES PITCH ***** NATS NATS: 11:48:29 are you on do not call registry yes I am… before or after…before and after 11:48:36 11:49:27 I still get phone calls.I get lot less because of being on do not call list, however they still come thru not 100 perfect system 49:38 TRK19: Carlos lost 12-thousand dollars in commodities trading and hopes others can learn from his mistake. Sot: CARLOS: I'll tell you something, if I knew then what I know now I would not have picked up that telephone not once. The fact is I will never do it again, no on the internet, no on the telephone. TRK21: What kept Carlos on the phone when Cromwell Financial Services first called….politeness. He thought it was rude to hang up. His advice to others when the phone rings. sot: carlos 11:34:05 Don't do it, you get a phone call, unsolicited phone call, unknown company, unknown characters or personalities, hang up and if there is a 2nd or 3rd phone call don't even talk just listen and hang up. ### |
| Intro Overview Return to index of stories... |
Every year, thousands of consumers fall victim to fraud or con games. You might be saying, it couldn't happen to you. Maybe not. But research shows that it CAN and DOES happen to people just like you. Beth Carroll gives us an overview. courtesy: AARP: The Lure of Money Variable Annuity: an insurance product designed to provide steady stream of retirement income. Baby boomers control $13 trillion in investable assets source: Securities and Exchange Commission OR: North American Securities Administrators Association NASAA Fraud Victims over 60 Nationwide 30% NH 50% 1/3rd complaints Source: Securities and Exchange Commission GRAPHICS FOR CARLOS FRAUD STORY Commodities Products like Feed, Food and Fuel Traded on an Exchange Copy reads: Commodities generally involve products such as feed, food, or fuel. In essence, investors are betting on which way prices will move. |
| Fraud Overview Return to index of stories... |
INVESTOR FRAUD OVERVIEW Intro: Protecting seniors from investment scams is a top priority for the SEC. SOT: SEC Casey: 02:26:34/ speech: Why," you might ask, "are regulators so focused on protecting seniors from investment fraud?" Well, for starters, the number of seniors investing in the market continues to grow in numbers as baby boomers last year began entering retirement age. TRK1: Speaking to seniors at a conference in Portsmouth, Securities and Exchange Commissioner Kathleen Casey warned that security fraudsters go where the money is. It's estimated that baby boomers now have 13- trillion dollars in investable assets,the largest wealth transfer ever. That makes them a target rich for con-artists. States like NH are particularly vulnerable. Sot: MARK:. We're a wealthy state in terms of earned income. In fact, we're one of the wealthiest states in the country, and one of the oldest states in the country. The national average of people over 60 is about 15% -- in our state it's almost 20%. We have a lot of retirees and they're very much subject to investment scams. TRK2: Federal Regulators say those over 60 represent 30% of financial fraud victims. In NH, it's more like 50% and 1/3rd of the states enforcement actions stem from complaints from that age bracket. SOT: jEFF SPILL/ 9:56:49 studies have been done determined that our elderly tend to be victimized because they're alone because they tend to be self relient, and self sufficient and they tend not to reach out for help when it comes to finances.because they have nest egg built up over years.those interested in fraud know they would have access to money. TRK3: Believing investor education is an "antidote" to fraud the AARP & the Investor Protection Trust have teamed-up to create the campaign for wise and safe investing. NATS: AARP video… Lure of money…open.those who make a fast buck. TRK4: The campaign is aimed at protecting seniors from becoming victims of investment scams. One of the more common ways scam artists target older investors: free lunch seminars. SOT: SEC… And it's not free, of course, because they're there selling a product. Often times what we found - we have a review we did last year, and what we found was that 100% of the free lunches that we looked at were in fact intended to sell to seniors, and they often were unsuitable investments for seniors, TRK5: Luis and Manuela Corona lost 75,000 after attending a free lunch seminar and getting talked into a risky investment. SOT: AARP tape. once invested.never heard from him again. TRK: The Corona's Fought to get their money returned - but there is little chance of getting it back.. SOT: I was very niave.this is what happens. TRK6: NH Regulators say there are many variations when it comes to these free lunch seminars. SOT: MARK: 02:33:28 One that's very popular is that you go to a restaurant and you see a little fish bowl, a glass fish bowl, and they'll ask you for your business or some kind of communication. Everybody wins the free lunch with those fish bowls. What it is simply is that they bring somebody in, give them a free meal, and, guess what? They have their undivided attention while they're eating their meal, and there's this aggressive sales pitch. TRK7: Investors need to be leery of any sales pitch that promises unrealistic returns. SOT: Mark: , they go to these kinds of lunches and all of the sudden they hear something like "8% return" or "6% return," and that sounds better than the CD rate they're getting. TRK8: One thing regulators say seniors should be careful of: Variable annuities. TRK9: Edward and Maria are in their 90's. A retired electrician, Edward was a life-long saver and a saavy investor until hit by an elaborate scheme. NATS: a man came to front door sounded like it was a good idea. TRK: That is until 80% of their net estate was liquidated and converted into variable annunities. What are variable annuities? Insurance products designed to provide a steady income stream in retirement. They combine market risk with a life insurance guarantee. STAND UP For older investors… variable annuities can be a problem especially if you need immediate access to your money. They may be fine for long term retirement savings - but NOT for retirees since annuities can lock up your money for 10 years or more, they often bear penalties for early withdrawal and steep sales commissions. Information not always included in the sales pitch. nats of seniors playing cards or at conference TRK: Regulators say Investors need to understand the terms of the product they're buying - and to ask questions about sales commissions. SOT: Jeff Spill / 10:04:16 wide shot 2SHOT/ 10:04:19 If you asked your broker what is being paid and they don't tell you or misrepresent it.that's potentially a violation of the law. TRK10: So how do you avoid salespeople pushing risky investments. -- one way is to get on the federal "do not call" list. SOT: Casey It's a small step, but it's a good first step that allows you to take yourself off lists that a lot of scammers use, because they can buy these lists. TRK: 11: Investors also need to be wary of misleading titles used by investment advisors. SOT: sec Casey: we're seeing an increasing use of senior or special designations - senior specialists trying to connote that they have some kind of professional investment expertise for seniors specifically. And yet what we found is that these designations are nothing more than a title that they earned in a seminar or through some study course or sometimes they're self-designated, SOT: gov Lynch: Seniors not getting advice they often think they're getting. TRK12: Because seniors are often targets of abusive marketing strategies, NH passed a first in the nation law …that prevents brokers and investment advisors from using professional designations that falsely imply expertise in financial matters pertaining to seniors. SOT: Gov Lynch: It will require certification of certain titles of financial professionals in effort to better protect seniors from these abusive sales practices. NATS: 00:44:09. "Ok this bill is now a law in the state of NH." |
| Intro Mark Return to index of stories... |
While laws and regulators can provide some measure of protection against scam artists, New Hampshire Securities Bureau Director Mark Connolly explains that a little common sense also goes a long way. |
| Mark Connolly Return to index of stories... |
Myron Interviews MARK CONNOLLY. Highlighted time codes are the Camera on Mark C. 09:28:27 14:48:33 I am with Mark Connolly who is head of the Securities Division of the New Hampshire Secretary of State's office. Mark let me ask you about the Roe of state regulations vs. the federal regulation. Now your division is very active in this field about protecting investors, but most people think of the S.E.C Securities Exchange Commission in Washington as being the watchdog of Wall St. What your role? 09:28:54 14:49:00 You know that is a question we are often asked, every state has a securities bureau like ours. In fact regulations first started the states, before the federal government in fact that's when people hear the term Blue Sky, what it means is we are going to tell people about their investments as big as the needs of… I think it was Nebraska, why does Nebraska have blue sky. Anyway we all have these bureaus and I call ourselves local cop on the beat and we are closest to the investor. What we really do is regulate people's selling investments in our state and out of state and we take action against people who are abusing investors and if analogy we are like the state police opposed to the FBI and the SEC oversees all the exchanges in stock exchange, regulate the markets and they have enforcement powers too. But the states are really close to the investor and we are hearing with a lot of the things we are dealing with today. In some respects faster than federal regulators, because we are so close to the average investor. 09:29:57 14:50:02 Well in that respect why are you here, what are the problems that the ordinary investor is facing in these very uncertain times? 09:30:05 14:50:10 There is a lack of confidence in the system right now, and obviously we are going through is evidence of that. People are nervous, they are worried about the safety of their money, we get a lot of phone calls about their accounts, certain banks in last several months have gone under, investment banks, securities firms, people wondering what is the statues of my account, is my money safe we are hearing a lot of those kinds of concerns. We are also hearing concerns about free lunch programs so you know should I be going to these programs, should I be putting in money into certain investments and we have to say, we can't tell you how to handle your investments, but here are some solutions for you, in some which a lot of information on the Internet, there is a lot of information on our website including the SEC, somebody has a concern about a certain person representing a firm they can call us and we can actually do a background check and let them know if there has been any discipline history. But people are very nervous right now. 09:31:02 14:51:07 And are there any new trends in abuses? 09:31:07 14:51:13 You know whenever we are having a down term there is almost a lag effect and we can almost predict when it is coming, the abuses now are all mostly Internet related. People saying send us a check and we will invest it for you, and instead of giving you a 1 or 2% return we will give you a 9 or 10% return. Phone calls are still prevalent one that we are particularly seeing what we call affinity fraud where churches and social groups, people who befriend you, and you think well I know them they are in the same church I must be able to trust them and they are just scamming. So we try and alert people, if you don't know someone, if something sounds too good to be true don't invest with them. 09:31:45 14:51:51 That's a good preset, if it sounds too good to be true, it probably isn't. So what can you do beside from alerting investors and being a source of information you suggested, what can you guys do to see that this doesn't happen or as much as you can prevented? 09:32:06 14:52:12 One of the things we try and say is you know regulation does play a role not only in terms of putting people out of business, don't belong in business, but giving investors confidence that there are rules and regulations that have to be followed. So one of the things that we try and do is when somebody does something wrong; particularly a company, whether it's corporate governance or its actually market timings, make mutual funds years ago, or the back being stock options, all these things you read about. If regulators take action it gives the average investor a sense that there are rules of the road here and it makes our system better. So what we try and do we find things that are really not right, we take action, and let people know what is going on. So by taking action it gives a message to those who come into our state commit fraud that it is not going to be tolerated. 09:32:52 14:52:57 Well you said that you can be, you can tell people about the background of investment advisors or others who are approaching them with ideas or even to run or asked to manage their assets do people come to you and say should I invest in this or should I invest that, what is your response? 09:33:15 14:53:20 Let me give you an example, we've done three outreach seminars in the last two years geared towards seniors and we have over 600 seniors attending. In fact you were at one of our seminars in Manchester, really good question. But the funny thing is after these meetings I'll get phone calls that say Mr. Connolly should I put my money into an annuity, should I put my money into this mutual fund and there is a limit to what government can do. All we can do is point to literature or information and let people make their own decisions and we can't really tell people what to do. But obviously what we try to do is educate people about the resources that are available. And there is a lot of information out there and I think people take the time and read the information and not just investing because somebody tells them that they should invest. Common sense is really a root here. 09:34:03 14:54:08 There has been a growth of away from straight brokers, stock market brokers to investment advisors and some of these investment advisors are generalists and they will take a look at you're whole a ray of assets and suggest asset allocations whatever. I would guess and I don't want to be cynical, but I would guess that some of them are not quite on the up and up. How can people protect themselves from that small minority? 09:34:34 14:54:40 You're right. There is a certain group out there whose goal is to capture all your assets and they come in and they have these free lunch seminars and people go and they make them fill out these forms and all of a sudden they want all their business and when you stop and think about it if it's only through one company and you have to ask yourself, well how are you being compensated for this are you getting any commission, people should ask those kinds of questions. They should understand well how do you get paid for this, what other alternatives available and if you don't feel comfortable, its like going to buy a suite, you certainly have every opportunity to go down to many different stores and try on different suites, you should try and meet different people and then include your family, your children, let them be a part of the process, don't feel - if somebody said if you don't invest by the end of today or this week that usually means that they are not a good ethical person. You know if they try to create immediacy to investing your money you've taken your whole life to earn, you should stop and say there is something wrong here. Its common sense, it really is. 09:35:39 14:55:44 Well you indicated a number of red flags that the average investor should be aware of are there any that have come to light recently with all the market turmoil that we have seen? 09:35:45 14:55:58 Well you know one of the things that I look at is a lot of products being sold today. For example I will give you a term that most people don't know what it means, auction rates securities, they've been sold to many brokers and they are really only a bond equivalent that pays more than a money market account, but this was sold by many brokers across the country and in this market become frozen because, enlargement is what's going on in the broader markets. These are investments that probably should have never been sold. When we meet with brokers and ask them why they sold it they say, because our company said it was fine. They didn't understand all the risks that went along with it, so one of things is that we try to educate people, it should be simple, if you don't understand it-it's like Warren Buffet, I don't invest in certain companies that I don't understand, if you don't understand these acronyms and all they mean that is probably a good indication that you should not invest in it. Let me give you an example, its been said we should reorganize our regulatory markets which I think is true, if we look at regulation understand what went wrong that all these things happened I think part of the paradigms when we go forward is there should be certain products that are suitable for retail investors and there are some that they're not. The ones that are not, should not be out there like these auction rate securities. 09:37:03 14:57:07 You mention that people are, should ask what the commissions are, what the fees are, and so on, but people are sort of reluctant to do that, I mean you don't ask your doctor right off the bat when he prescribes something for you or some procedure, how much it is going to cost right. People just naturally embarrassed to deal with a professional in that way. Should they be embarrassed? 09:37:28 14:57:33 No they shouldn't be. It's their money and you have a right to know what you are being charged and you know what, if you take a simple return on your investment, let's just say 5% or 6%, 1% or 2% over time is a big amount of money when it compounds out. And a lot of these investors are not only asking for 1% but 2% and sometimes higher than that and that and a low rate environment; that low return environment that 1 or 2% can make all the difference for how you retire and the quality you retire. So yes it is appropriate to ask those kinds of questions. |
| Mark Connolly 2 Return to index of stories... |
09:38:01 14:58:07 Well you know up until recent times hedge funds were the darlings of Wall St. and they made these great returns even though they charged large fees and commissions, well they sort have formed that favor, but every once in a while we see a new trend coming in so, hedge funds may not be as hot as they used to be. What should the investor look out for in the future? 09:38:25 14:58:32 I think there is going to be a whole realignment of the way products are sold. For example you mention brokers, Merrill Lynch or Morgan Stanley, investment advisors, people who hold themselves out. I as investment advisors think there is going to be a huge movement towards more independence because some of the people are having a lack of confidence in the institutions traditionally they were sold to so I think people are now going to be seeing the whole market realign and I think the regulatory environment in the next congress is going to be looking at this. So its hard to predict what the next trend will be, but the accesses that we've witnessed, success that we have been dealing with the access so what I think is we are going to see the whole landscape change and I think its going to start in Washington, and you are going to see a combination of regulators being put together and you're going to see it play out in terms of how the company is going to sell. 09:39:26 14:59:31 You think there will be pressure to reduce the role of state regulation? 09:39:30 14:59:36 Yes I do and that is one of my fears, Secretary Paulson proposed last spring his blue print for regulatory reform and that basically when you read it concentrates more power to the federal government. Well my point is the Federal Reserve had the power to oversee the mortgage market and they chose not to a certain extent. When the congress reorganize banks, commercial banks, investment banks back in the late 90's there is something called the Greenwich Bally Bill the left out the regulation investment banks they left out things called default swaps. All those things have lead to what we are going into now. The area that I mentioned earlier auction rate securities that states are the ones that are going to have to fight on that. Market timing in terms of mutual funds state's lead that, Tyco here in NH in terms of the access of some of these companies, states lead that. So I am afraid that even though the federal regulators have somewhat have not done their job we should now try and stop state regulators from doing that and when I looked at that proposal it pretty much would have stopped our ability to do the kinds of jobs that we have done on the State level. 09:40:43 15:00:45 if you had some basic preset to advisor investors what would they be. 09:40:59 15:01:05 What they would be is you can take responsibility for your investments. For example you don't have to have 5 or 10 or 15 mutual funds. If somebody wanted you to invest in mutual funds, how are they getting paid for those mutual funds, the get commission. You go online and invest in index funds, you can self direct your account. Yes there is a need for financial planning, yes there is a need for advice, but I think people should take more ownership of their money instead of saying somebody else should just do it for me. That doesn't mean that you don't meet with people, but you take your time and you think about it and invest your time in reading about it, there is a lot of information available that's not industry specific and what is an annuity is that a suitable investment for me. What is in a mutual fund, what do fees mean, what does it affect of the overall returns that I get, how much money should I put in my 401k, all these issues do become overwhelming, but if people take the time and think about it, it really means the quality later in life how much money they have, so it's really worth the time. 09:42:01 15:02:05 Well you know the old saying is that people spend more time researching what kind of automobile they should buy, then they do in figuring out what their investment plan should be and who they should deal with. So your saying that investor education is very important. 09:42:19 15:02:24 Investor education is critical and I think one of the things in the last several years is that states have done is a lot of the money is bringing bought in through a lot of these fraudulent actions are going into investor education accounts. Like in NH you have been involved with some of these forums that we have done, putting literature out, videos out. One of the things we've done for example is we put out a video on scams, what kind of scams are out there and we give them to every single nursing home that is out there, these forums that we put on, at least gets people thinking, if you don't understand all the details then you would go ah ha! If somebody is calling me and I don't know them, I probably should not be taking that phone call. Older people in general and NH is an older state, a lot of these people are home, they are isolated and somebody befriends them, the next thing you want to get coffee with them and the next thing you know they are asking them to invest in something and they are using that trust in a way that is harmful. So take your time and if you don't know someone, its not to say that everybody is wrong, but particularly in tough times like this we see more and more scams. 09:43:20 15:03:25 Well people say you know I don't really understand this stuff its too complicated for me. What I am getting from you is it doesn't have to be that complicated. There are areas such as your bureau, such programs like this and on the web where ordinary people without any special financial or economic training can get the necessary information. 09:43:43 15:03:49 Yes. You know money management is the highest paid profession in this country and one of the reasons why is you have to justify what you do and when you think about the amount of people and the amount of money they make, what are they doing? They are making this more complicated than it really is and I think whether it's; John Bogle, Warren Buffet, or all the people we hear about, what do they say its simple, put your money in index funds. If you don't understand what it means, don't invest in it. Jamie Dime was the CEO of J.P Morgan they really didn't get into these CEO's and that's an acronym for one of these assets that have blown up he said I don't want to invest in these super computers on all night to run models if it's that difficult we should not be offering it. And that's the kind of thing were I think it's time to go back to basics in terms of our markets and if people don't understand what's going on then don't invest in it. 09:44:38 15:04:41 Back to basics, its that not that hard if you want to do a little work and you should. 09:44:44 15:04:49 Yes. 09:44:45 15:04:50 Thank you Mark Connolly. Glad to be here. |
| Close/Web Return to index of stories... |
People of all ages and income levels fall victim to investment scams every day, even though many of them are college educated and financially literate.Something to keep in mind the next time you're tempted by the lure of easy money. For more information and links to resources and interviews from our More Than Money: Investor Survival Guide series, visit our website at nhptv.org/money. I'm Myron Kandel. Thanks for watching. |
| Funding Credit Return to index of stories... |
More Than Money: An Investor Survival Guide has been made possible by a grant from the Investor Protection Trust and in association with the New Hampshire Bureau of Securities Regulation and the Center for Public Responsibility and Corporate Citizenship |
| Backup close Return to index of stories... |
People of all ages and income levels fall victim to investment scams every day, even though many of them are college educated and financially literate. Something to keep in mind the next time you're tempted by the lure of easy money. I'm Myron Kandel. Thanks for watching. |
| key: Business / Industry Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 10:19 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While governments are once again wrestling with needed changes, there is a lot to be learned and avoided on the personal front. Some say greed is what got us into the current crisis and it's likely a new sensibility about investing wisely will emerge as a result of some serious pain suffered by investors everywhere. And in tough times like these, we all need to be on alert. In this program, we'll show you how to avoid being scammed, what to look for and where to go for help. Beth Carroll shows us how. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Carlos Gonzalez\Manchester, NH, Jeff Spill\Deputy Dir., NH Bureau of Securities Regulation. |
| key: Crime / Legal Issues/ Law Enforcement Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 10:19 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While governments are once again wrestling with needed changes, there is a lot to be learned and avoided on the personal front. Some say greed is what got us into the current crisis and it's likely a new sensibility about investing wisely will emerge as a result of some serious pain suffered by investors everywhere. And in tough times like these, we all need to be on alert. In this program, we'll show you how to avoid being scammed, what to look for and where to go for help. Beth Carroll shows us how. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Carlos Gonzalez\Manchester, NH, Jeff Spill\Deputy Dir., NH Bureau of Securities Regulation. |
| key: Economy Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 10:19 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While governments are once again wrestling with needed changes, there is a lot to be learned and avoided on the personal front. Some say greed is what got us into the current crisis and it's likely a new sensibility about investing wisely will emerge as a result of some serious pain suffered by investors everywhere. And in tough times like these, we all need to be on alert. In this program, we'll show you how to avoid being scammed, what to look for and where to go for help. Beth Carroll shows us how. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Carlos Gonzalez\Manchester, NH, Jeff Spill\Deputy Dir., NH Bureau of Securities Regulation. |
| key: Consumerism Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 7:05 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. Every year, thousands of consumers fall victim to fraud or con games. You might be saying, it couldn't happen to you. Maybe not. But research shows that it CAN and DOES happen to people just like you. Beth Carroll gives us an overview. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Cmsr. Kathleen Casey\Securities and Exchange Commission, Mark Connolly\Dir, NH Bureau of Securities Regulation, Jeff Spill\Deputy Dir., NH Bureau of Securities Regulation, Governor John Lynch\ New Hampshire. |
| key: Crime/ Legal Issues/ Law Enforcement Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 7:05 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. Every year, thousands of consumers fall victim to fraud or con games. You might be saying, it couldn't happen to you. Maybe not. But research shows that it CAN and DOES happen to people just like you. Beth Carroll gives us an overview. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Cmsr. Kathleen Casey\Securities and Exchange Commission, Mark Connolly\Dir, NH Bureau of Securities Regulation, Jeff Spill\Deputy Dir., NH Bureau of Securities Regulation, Governor John Lynch\ New Hampshire. |
| key: Crime /Legal Issues/ Law Enforcement Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 9:42 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While laws and regulators can provide some measure of protection against scam artists, New Hampshire Securities Bureau Director Mark Connolly explains that a little common sense also goes a long way. PRODUCER/REPORTER: Myron Kandel NAME OF PARTICIPANTS: Mark Connolly\Dir, NH Bureau of Securities Regulation. |
| key: Consumerism Return to index of stories... |
NEW HAMPSHIRE OUTLOOK: SPECIAL Air Date/Time: 12/7/2008 HOST: Myron Kandel Length: 9:42 An Anatomy of an Investment Scam and how to avoid being taken. An Investor Survival Guide. Now on New Hampshire Public Television. Hello Everyone. I'm Myron Kandel. Welcome to More Than Money: An Investor Survival Guide. I'm here at the historic Mount Washington resort in Bretton Woods, New Hampshire, where world leaders found new ways to rejuvenate the global economy after World War II. While laws and regulators can provide some measure of protection against scam artists, New Hampshire Securities Bureau Director Mark Connolly explains that a little common sense also goes a long way. PRODUCER/REPORTER: Myron Kandel NAME OF PARTICIPANTS: Mark Connolly\Dir, NH Bureau of Securities Regulation. |