Another financial advisor horror story

[Sarah in SC]

Maybe this should be under local color, but the news broke on Friday that this local investment guru and economics professor has lost $134 million in investor funds, and has checked into a local hospital with "amnesia". Funds lost include $10 million in scholarship funds at the private college where he taught. Locally, this is huge news, above the fold stories every day. Unbelievable. The SEC filing made for fascinating reading as well. He sent fabricated statements to the SEC when they started making inquiries. There's a great plan, and then, yeah, I'll say I have amnesia, yeah, that's the ticket. Asshat.

http://www.charleston.net/assets/webPages/departmental/news/Stories.aspx?section=localnews&tableId=137769&pubDate=4/6/2007

Sarah

 

[Ed_The_Gypsy]

Who would give their money to someone who wears a coat and tie like that? It shouts "Carney!"

I dress much better.

Give your money to me at Faith-Based Investments, LLC ("Give your money to me and pray you get it back.") We take 2% off the top and invest the balance in VFINX. Or maybe at the Skagit Valley Casino for slightly more risk.

 

[clifp]

Sarah I can't imagine why you are wasting your time getting your CFP when you have the perfect role model for a widely successful financial advisor in your home town. It seems to me his only mistake other than a hideous choice in wardrobe, was to not run when the money hit the 50 to 100 million mark. I especially like him buying expense art work, that way when you take a vacation to your favorite island or small South American country you can take the art work with you, and nobody is the wiser.

 

[WanderALot]

Some of Parish's investments were as atypical and lavish as his suits, including a collection of diamond-studded pens that he claimed would appreciate much faster than most stocks.

I think diamond-studded pens should be the new beaver cheese.

 

[Sarah in SC]

LOL! And you know, looking at him, you would never think of investing with this carney, but you can't believe how many people he fooled. He was a freakin' economics professor for pete's sake! Published economic reports. But those suits would have done it for me. He did actually pitch his pooled income funds to my boss once, who blew him off completely.
I like the idea of the Mont Blanc pen collection and expensive watches, what a great way to hide money when fleeing the country. This being the South, we'll see if someone takes a shotgun to the federal court hearing on Friday, if the amnesia doesn't prevent old Al from showing up in court!
You know, like my boss said, you just never want to see a document that says Securities and Exchange Commission v/s "your name here"! I'd have amnesia too!

Sarah

 

[runchman]

I find looking at this picture rather ironic:

- that someone would trust their money to this guy shows how little they understand about money management (really would you give that guy a dime?), yet... when they go for help, this guy is what they end up with !

- John

 

[bright eyed]

i was just reading my baby the winnie the pooh version of the emporer's new clothes - people see what they want to see - even if the sales pitch is given w/ a giant red flag (or in this case a terrible purple suit!?!)...

 

[FinanceDude]

COmpared to him, most used car salemen dress well..............

 

[JPatrick]

From the article>>>>>Therapists can try to coax the memories out of a patient, and memories can also resurface over time. When cases involve lawsuits, they rely on previously collected evidence, Goldwaser said>>>>>>>>>>>

So I would guess there are a fair number of folks volunteering to help with the coaxing.

 

[Sandy]

I had skipped the article til everyone talked about how he looked. Yikes! Can't even say he presents as well as the proverbial "used car salesman"

Financial planner?!!?!


Ooops, I see FinanceDude had the same thought

 

[FinanceDude]

I had skipped the article til everyone talked about how he looked. Yikes! Can't even say he presents as well as the proverbial "used car salesman"

Financial planner?!!?!


Ooops, I see FinanceDude had the same thought

Great minds think alike............ Of course he'll ge tto go to a "country club prison" that we'll all foot the bill for...........

Wonder if a couple taps on the nogging with a hard maple Louisville Slugger will improve the memory??