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by kim
(quality information source for investors): "The foreign exchange (also known as "FOREX" or "FX") market is the place where currencies are traded. The overall forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world." To add another view, here is how authors of the well known INVESTORWORDS lexicon define FOREX: "An over-the-counter market where buyers and sellers conduct foreign exchange transactions, also called foreign exchange market.
Froess, who earned less than $25,000 a year and had saved the money in his CD over eight years, had virtually no experience with stocks, bonds, or mutual funds. Despite this, the adviser indicated he had good knowledge of each type of investment, including, astonishingly, options, variable contracts and limited partnerships, the claim said.
When he realized a few months later the investment did not earn any interest and was in fact losing money, he sold it -- at a loss of $12,000.
"This is a bait and switch case," Tepper's claim against AmTrust contended. A FINRA arbitration panel awarded Froess full restitution of his losses, plus $7,000 in what would have been accrued interest had his investment performed as promised.
AmTrust did not return a call seeking comment.
Although it is hard to estimate how often banks try to game elderly consumers, or which banks incentivize their tellers to steer clients to investment advisers, the end result is alarming.
"Anytime somebody tells you to go see a financial adviser, you ought to ask yourself what interest they have in making that suggestion," Tepper said. "Banks should have signs to make it clear that the financial brokers they refer people to are not bank employees, because of the possibility of confusion. The banks are taking advantage of confusion."
Tags: AmTrust, AmTrust Financial Services, bank scams, bank screwups, money management, Senior Citizens, senior scams, wachovia bank
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Kevin Winters, Getty Images
* BUZZWORTHY: 10 Stars to Watch in 2011 - Forbes
* STOP! If You Itemize, Don't File That Return Yet - MSNBC
* THE DIRTY DOZEN: Porn's Most Popular Stars - CNBC
* THINK AGAIN: Top 9 Divorce Myths Debunked - Huffington Post
* DEPRESSING: Vegas Home Prices on Skids 'Til 2032 - CNNMoney
* WEDDING TIPS: Saying 'I Do' Without Ending Up Broke - FOX Business
* FORECAST: The Most Profitable Companies for 2011 - 24/7 Wall St.
* CARDWOO: A New Gold Mine in Gift Cards? - SmartMoney
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Forex fraud is a growing problem. It can be found everywhere from boiler room scam artist's, to some guy you met at the coffee shop the other day, even past trusted brokers and executives have been involved in forex scams. The most common victims are the one's who think it will never happen to them. Though there is no guaranteed way to avoid forex fraud, it is possible to trade, minimize the chance of becoming a victim of a forex scam, and prosper in the market providing you remain diligent and alert in every decision you make. Don't let your hard earned dollars become an easy profit for some forex scam artist.
Froess, who earned less than $25,000 a year and had saved the money in his CD over eight years, had virtually no experience with stocks, bonds, or mutual funds. Despite this, the adviser indicated he had good knowledge of each type of investment, including, astonishingly, options, variable contracts and limited partnerships, the claim said.
When he realized a few months later the investment did not earn any interest and was in fact losing money, he sold it -- at a loss of $12,000.
"This is a bait and switch case," Tepper's claim against AmTrust contended. A FINRA arbitration panel awarded Froess full restitution of his losses, plus $7,000 in what would have been accrued interest had his investment performed as promised.
AmTrust did not return a call seeking comment.
Although it is hard to estimate how often banks try to game elderly consumers, or which banks incentivize their tellers to steer clients to investment advisers, the end result is alarming.
"Anytime somebody tells you to go see a financial adviser, you ought to ask yourself what interest they have in making that suggestion," Tepper said. "Banks should have signs to make it clear that the financial brokers they refer people to are not bank employees, because of the possibility of confusion. The banks are taking advantage of confusion."
Tags: AmTrust, AmTrust Financial Services, bank scams, bank screwups, money management, Senior Citizens, senior scams, wachovia bank
Follow WalletPop on FacebookFollow WalletPop on Twitter
Money Clips
Rooney Mara
Kevin Winters, Getty Images
* BUZZWORTHY: 10 Stars to Watch in 2011 - Forbes
* STOP! If You Itemize, Don't File That Return Yet - MSNBC
* THE DIRTY DOZEN: Porn's Most Popular Stars - CNBC
* THINK AGAIN: Top 9 Divorce Myths Debunked - Huffington Post
* DEPRESSING: Vegas Home Prices on Skids 'Til 2032 - CNNMoney
* WEDDING TIPS: Saying 'I Do' Without Ending Up Broke - FOX Business
* FORECAST: The Most Profitable Companies for 2011 - 24/7 Wall St.
* CARDWOO: A New Gold Mine in Gift Cards? - SmartMoney
Powered by Surphace
Related Articles
From Wallet Pop
Forex fraud is a growing problem. It can be found everywhere from boiler room scam artist's, to some guy you met at the coffee shop the other day, even past trusted brokers and executives have been involved in forex scams. The most common victims are the one's who think it will never happen to them. Though there is no guaranteed way to avoid forex fraud, it is possible to trade, minimize the chance of becoming a victim of a forex scam, and prosper in the market providing you remain diligent and alert in every decision you make. Don't let your hard earned dollars become an easy profit for some forex scam artist.