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losing a ton from bad investments given by your financial advisors.. .

Topic closed. 7 replies. Last post 1 year ago by MaximumMillions.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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Posted: July 27, 2015, 2:35 pm - IP Logged

If you won say $10 mil but lost $3 mil on bad investments- Would you take your advisors to court or just chalk it up as lousy luck on your part?

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    Posted: July 27, 2015, 2:49 pm - IP Logged

    No, it is still up to you to watch your investments.  Look at some of the hollywood stars or Pro athletes that have lost all or some of their money.  Example:  New York investment adviser Bernard Madoff serving 150 years for investment advisor fraud.  Watch your money, look at your statements every month.

      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
      Bay Area - California
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      Posted: July 27, 2015, 3:55 pm - IP Logged

      No, it is still up to you to watch your investments.  Look at some of the hollywood stars or Pro athletes that have lost all or some of their money.  Example:  New York investment adviser Bernard Madoff serving 150 years for investment advisor fraud.  Watch your money, look at your statements every month.

      True- but if memory serves me correctly: There was a jackpot winner who took his advisors to court within the last year or so over bad real Estate advice where he was pumping millions into a worthless deal. His the guy who supposedly jyped his buddy out of a share of the JP.Some on LP were saying " Kharma"..

      People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

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        Happy California
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        Posted: July 27, 2015, 4:33 pm - IP Logged

        If my memory serves me then I believe that my Uncles sued a bank that had invested my Grandmother's money and then lost a major part of it. If it was not a bank then it was an investment business. Anyway , they got most of it back. This happened in the late 1980's. 

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          nc
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          Posted: July 27, 2015, 4:35 pm - IP Logged

          If you choose to turn a blnd eye on your investments, no research, you are to blame!  Having been a victim of the 1980's savings and loan debocale, I learned my lesson.

            mypiemaster's avatar - 2015021003pileofcash
            JACKPOT HUNTER

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            Posted: July 27, 2015, 5:08 pm - IP Logged

            If he/she is cooking the books and falsifying information. If not, it's time to part ways amicably. This stuff happens a lot more than people realize.

            Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

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              NY
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              Posted: July 28, 2015, 1:10 am - IP Logged

              True- but if memory serves me correctly: There was a jackpot winner who took his advisors to court within the last year or so over bad real Estate advice where he was pumping millions into a worthless deal. His the guy who supposedly jyped his buddy out of a share of the JP.Some on LP were saying " Kharma"..

              There's a huge difference between lousy advice and fraud. You can sue your financial advisors because you only got a 5% ROI instead of 10%, but you're not going to win. In the case you're referring to I doubt a jury will believe the advisors  just gave him bad advice. My recollection is that what they (allegedly) did goes far beyond  incompetence or poor judgment. Of course they had a client who wasn't the sharpest tool in a box of feather dusters.

                MaximumMillions's avatar - Lottery-013.jpg

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                March 8, 2015
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                Posted: July 28, 2015, 11:43 am - IP Logged

                If he invested the funds on my terms and it just didn't take - no.

                If he did unauthorized things or misused my funds or I found out he was churning my stock to generate fees then yes.