Originally Posted by donheff
In the arbitration hearing, Robertson Stephens claimed that it had indeed presented hedging opportunities to Mr. Hayden, but he declined them. The firm said it also encouraged Mr. Hayden to diversify his holdings.
In a written statement about Mr. Hayden’s case, Bank of America said, “In a 21-page opinion, Mr. Chernick dismissed all of Mr. Hayden’s claims as meritless. That opinion speaks for itself.”
Sounds like Hayden definitely was suffering from "sudden wealth syndrome." No sympathy for someone who ignores advice and then complains that the advisor should have spanked him.
I have run into a couple of individuals like this guy but with less money. I avoided both of them like the plague, even though they came from referrals. It's the "Superman complex", where you think you're bullet-proof............ :P
This guy wouldn't have diversified if there was a gun to his head. Investment bankers and institutional folks who work with big money aren't stupid...........Although it's a sad story, I am reminded of the quote:
"Beauty is fleeting, but stupidity can last a lifetime".............