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by kim
Any specific securities, or types of securities, used as examples are for demonstration purposes only. None of the information provided should be considered a recommendation or solicitation to invest in, or liquidate, a particular security or type of security.or she would not have had anything to do with him. My lawyer said the judge would get mad and throw the book at me if anything I claimed was presented in court, that my wife was entitled to the settlement.
After that day in the court house, I talked to the local police, the detective stated my wife had brought in a computer and wanted me arrested. He told me he found no illegal porn, and my wife got upset he did not take her word and arrest me anyway. The detective furnished me a phone number to the FBI, the agent there checked and no information indicated any porn reports.
My wife contacted me with demands a few days later, threatened me if I did not do as she wanted she would call a U.S. Attorneys office and have me prosecuted.
I hung up and called the U.S. Attorney, they stated they had the computer, it had illegal porn, but they could not prove who had put it on the computer. The local detective did not find illegal porn, but 100 miles away and a later date the U.S. Attorney found illegal porn????
No one seems to have an interest that I have been blackmailed. Also there is no interest that she has broken me and wants what little equity left in the house.
If you are a taxpayer I would like to thank you for supporting her as the taxpayers in the U.S. will pay for her bankruptcy and her government furnished senior citizen apartment. If she gets what she wants I will end up in a government home or be on the new healthcare death list
Spencer W Chaffin
Swc453@sbcglobal.net
Reply
2 stars vote downvote upReport
Banks, Brokers Deceive 'Less Combative' Seniors, Lawsuits Show
Gergana KolevaGergana Koleva RSS Feed
Jan 7th 2011 at 12:30PM
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Filed under: Banking, Retirement, Consumer Ally
seniors checking over recordsSenior citizens have long been a coveted demographic for financial fraud, but when banks, too, try to get in on the action, something really stinks. The case of a Wachovia client who recently sued the bank for turning a blind eye on a questionable practice that cracked her nest egg, and the attorney who helped her win back her losses, shines light on the hidden relationships between banks and brokerage firms that sell investment products.
In a claim against Wachovia, as in similar cases that securities fraud attorney Mark Tepper said he has tackled, a retired court clerk alleged a bank teller disregarded her request for opening an IRA account and instead told her to speak with a Wachovia financial adviser. The adviser was not an employee of the bank, but worked for its sister company Wachovia Securities, Inc. (now Wells Fargo Advisers), and had a desk on the premises of the bank.
Wachovia disagreed with the $25,000 award, set by the Financial Industry Regulatory Authority, which also ordered an additional $5,525 interest payment to the bank's client.
"The paramount priority of our firm is always to do what is right for our clients. Any implication that practices contrary to that priority ever 'flourished' or have 'been allowed to flourish' in this organization is simply incorrect," a spokesman for Wells Fargo said.
The practice of redirecting seniors to investment specialists, even when they only request simple services such as buying Certificates of Deposit or opening a money market account, is something banks do to develop business for their affiliate companies, the Fort Lauderdale, Fla.-based Tepper said.
"Some banks institute policies like these that reward tellers for referring bank clients to the broker that's sitting in the bank," Tepper, a former New York assistant attorney general, told Consumer Ally. "Elderly people are a targeted group for these aggressive types of referrals because they just seem to be less combative."
In another case Tepper won for a client, an AmTrust bank teller told Jacob Froess, a 56-year-old retired auto mechanic who wanted to purchase a $70,000 CD, that he had to speak with a financial adviser. Unknown to the client, the adviser did not work for AmTrust bank, but for its sister company, AmTrust Investment Services, Inc., which sells mutual funds, annuities and life insurance.
To convince him to abandon his plan for a CD and buy into a high-risk mutual fund instead, the adviser told Froess that CD rates are low and that he could do much better than a CD, according to the lawsuit. To cajole him to pay a $3,157 up-front fee, she explained: "This stuff is so good that you have to pay to get in -- but it is worth it, it is that good! And you will make it back in short order, and make more money."
Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A mutual fund's prospectus contains this and other information about the mutual fund. Prospectuses are available through our trading site or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. The Margin Disclosure Statement and Agreement (PDF) is available for download, or it is available at one of our branch offices. It contains information on our lending policies, interest charges, and the risks associated with margin accounts.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.
After that day in the court house, I talked to the local police, the detective stated my wife had brought in a computer and wanted me arrested. He told me he found no illegal porn, and my wife got upset he did not take her word and arrest me anyway. The detective furnished me a phone number to the FBI, the agent there checked and no information indicated any porn reports.
My wife contacted me with demands a few days later, threatened me if I did not do as she wanted she would call a U.S. Attorneys office and have me prosecuted.
I hung up and called the U.S. Attorney, they stated they had the computer, it had illegal porn, but they could not prove who had put it on the computer. The local detective did not find illegal porn, but 100 miles away and a later date the U.S. Attorney found illegal porn????
No one seems to have an interest that I have been blackmailed. Also there is no interest that she has broken me and wants what little equity left in the house.
If you are a taxpayer I would like to thank you for supporting her as the taxpayers in the U.S. will pay for her bankruptcy and her government furnished senior citizen apartment. If she gets what she wants I will end up in a government home or be on the new healthcare death list
Spencer W Chaffin
Swc453@sbcglobal.net
Reply
2 stars vote downvote upReport
Banks, Brokers Deceive 'Less Combative' Seniors, Lawsuits Show
Gergana KolevaGergana Koleva RSS Feed
Jan 7th 2011 at 12:30PM
Text SizeAAA
Share
Filed under: Banking, Retirement, Consumer Ally
seniors checking over recordsSenior citizens have long been a coveted demographic for financial fraud, but when banks, too, try to get in on the action, something really stinks. The case of a Wachovia client who recently sued the bank for turning a blind eye on a questionable practice that cracked her nest egg, and the attorney who helped her win back her losses, shines light on the hidden relationships between banks and brokerage firms that sell investment products.
In a claim against Wachovia, as in similar cases that securities fraud attorney Mark Tepper said he has tackled, a retired court clerk alleged a bank teller disregarded her request for opening an IRA account and instead told her to speak with a Wachovia financial adviser. The adviser was not an employee of the bank, but worked for its sister company Wachovia Securities, Inc. (now Wells Fargo Advisers), and had a desk on the premises of the bank.
Wachovia disagreed with the $25,000 award, set by the Financial Industry Regulatory Authority, which also ordered an additional $5,525 interest payment to the bank's client.
"The paramount priority of our firm is always to do what is right for our clients. Any implication that practices contrary to that priority ever 'flourished' or have 'been allowed to flourish' in this organization is simply incorrect," a spokesman for Wells Fargo said.
The practice of redirecting seniors to investment specialists, even when they only request simple services such as buying Certificates of Deposit or opening a money market account, is something banks do to develop business for their affiliate companies, the Fort Lauderdale, Fla.-based Tepper said.
"Some banks institute policies like these that reward tellers for referring bank clients to the broker that's sitting in the bank," Tepper, a former New York assistant attorney general, told Consumer Ally. "Elderly people are a targeted group for these aggressive types of referrals because they just seem to be less combative."
In another case Tepper won for a client, an AmTrust bank teller told Jacob Froess, a 56-year-old retired auto mechanic who wanted to purchase a $70,000 CD, that he had to speak with a financial adviser. Unknown to the client, the adviser did not work for AmTrust bank, but for its sister company, AmTrust Investment Services, Inc., which sells mutual funds, annuities and life insurance.
To convince him to abandon his plan for a CD and buy into a high-risk mutual fund instead, the adviser told Froess that CD rates are low and that he could do much better than a CD, according to the lawsuit. To cajole him to pay a $3,157 up-front fee, she explained: "This stuff is so good that you have to pay to get in -- but it is worth it, it is that good! And you will make it back in short order, and make more money."
Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A mutual fund's prospectus contains this and other information about the mutual fund. Prospectuses are available through our trading site or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. The Margin Disclosure Statement and Agreement (PDF) is available for download, or it is available at one of our branch offices. It contains information on our lending policies, interest charges, and the risks associated with margin accounts.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.