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Minerva
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Registered: 11-2005
Posts: 9606
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Financial experts are more susceptible to investment scams?


Fraud Doesn't Always Happen to Someone Else

Clever Ponzi scheme perpetrators like Bernard Madoff persuade investors to keep sending in money.

...

The typical investment-scam victim is an optimistic married man in his later 50s who has a higher-than-average knowledge of financial matters and deep confidence in his own judgment, according to research funded by the Financial Industry Regulatory Authority's Finra Investor Education Foundation.

Emphasis mine. I would expect someone with knowledge of financial matters to realize that Ponzi schemes never work. It's simple math!

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2/9/2014, 11:00 pm Link to this post PM Lesigner Girl Read Blog
 
SKOKEY Profile
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Citizen

Registered: 12-2005
Province: Bennington, NH
Posts: 1308
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Re:


They probably just haven't learned the old saying - "If it sounds too good to be true..."
2/9/2014, 11:45 pm Link to this post PM SKOKEY
 
Lesigner Girl Profile
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Minerva
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Registered: 11-2005
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Re: Financial experts are more susceptible to investment scams?


The same saying came to my mind, too. emoticon

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2/10/2014, 12:52 am Link to this post PM Lesigner Girl Read Blog
 
Queenyforever Profile
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Ignore me.

Registered: 01-2007
Province: Just north of the clouds...
Posts: 1467
Karma: 48 (+48/-0)
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Re: Financial experts are more susceptible to investment scams?



I would expect someone with knowledge of financial matters to realize that Ponzi schemes never work. It's simple math!


 EXCEPT:

optimistic married man in his later 50s who has a higher-than-average knowledge of financial matters and deep confidence in his own judgment



They can be exceptionally egotistical! They know everything they need to know to make qualified decisions. Even if something sounds a little off...they know better. emoticon

I'm married to one. emoticon Lucky for me, 30 years ago; we decided any financial decisions would be made by both of us. He's the genius, I'm the common sense. emoticon

Last revised by Queenyforever, 2/10/2014, 10:50 pm


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2/10/2014, 10:48 pm Link to this post PM Queenyforever Read Blog
 
Lesigner Girl Profile
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Minerva
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Registered: 11-2005
Posts: 9606
Karma: 132 (+147/-15)
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Re: Financial experts are more susceptible to investment scams?



He's the genius, I'm the common sense. emoticon

Perfect! emoticon

Seriously. It's a great combination! emoticon Now if I could just get my dad and step mom to listen to me before signing up for any more schemes. emoticon

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2/12/2014, 12:08 am Link to this post PM Lesigner Girl Read Blog
 
Queenyforever Profile
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Ignore me.

Registered: 01-2007
Province: Just north of the clouds...
Posts: 1467
Karma: 48 (+48/-0)
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Re: Financial experts are more susceptible to investment scams?


It's worked for us....That and the fear that I would kill him if he did something that stupid! emoticon

My parents are very savvy. They do question everything. And now with us here, they can just call and ask... emoticon

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“Freedom and democracy are dreams you never give up.”

2/12/2014, 6:22 pm Link to this post PM Queenyforever Read Blog
 
Lesigner Girl Profile
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Minerva
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Registered: 11-2005
Posts: 9606
Karma: 132 (+147/-15)
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Re: Financial experts are more susceptible to investment scams?


Excellent! emoticon

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2/12/2014, 7:23 pm Link to this post PM Lesigner Girl Read Blog
 


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