A Word To The Wise
Monday, December 24, 2012
So now Jack Brown is accused of stealing $12 million through a Ponzi scheme that involved a lot of his fellow church members. As a financial advisor I would advise everyone to be careful of any investment schemes offered by a member of one's church. Many Ponzi schemes are centered in a religious organization by crooks and shysters who prey on their fellow church members.
Two of the biggest frauds in recent memory were perpetrated by Bernie Madoff in New York and Robert McLean in Murfreesboro . Both offered unrealistic returns to members of their religion who because of their trust in a fellow church member did not perform their due diligence. Remember when any one offers you an investment opportunity:
1. If it is too good to be true it is probably a fraud
2. No matter how good an opportunity sounds never put all of your eggs in one basket.
Also demand that you get a financial statement from a well-known financial institution, not an individual.