When financial scandals affect the person on the street
It has been revealed that a former British soldier who had lost his life savings in the alleged Madoff $50 billion fraud has taken his life with suggestions that he lost in the region of £1 million. This is the real cost of financial fraud and financial mismanagement in the world of today and more reason why investors need to be ultra-careful when investing their funds, particularly those on which they will depend upon in the years to come.
While the alleged Madoff fraud is being investigated by the US and UK authorities, this is all too little too late for a system which was put in place to protect consumers from such activities. However, where money is involved it seems that many people are blinded by "unbelievable" investor returns which often appear too good to be true. This is one reason why it is vital to take advice from professional investment advisers who have knowledge of the marketplace, knowledge of which investments look too good to be true and also offer professional protection for those they advise.
It would be easy to suggest that cases such as the alleged Madoff fraud will never happen again but the chances are we will see many more in future, but by taking professional advice you are drastically reducing your chances of being "stung".
Share this..
Related stories
Grocery prices up by 58% since 2007!
A report in the financial press today has highlighted the massive increase in the cost of living in the UK with some groceries up by 58% since 2007. This comes against an inflation rate which currently stands at 3.2% and has never reached double figures in the recent past! While it is the cost of food such as rice, lentils and beans which have increased by 58% since 2007 the price of everyday i...
Read MoreAlistair Darling is confident the UK has left the session, again!
Yet again Alistair Darling has suggested that the UK economy has left the recession behind and is now moving back towards a phase of economic growth. However, until we see the figures for the fourth quarter of 2009 many people are still sceptical because of past disappointments regarding economic data. Even if it looks, on the surface, as if the UK has pulled out of recession we do need to see col...
Read MorePublic turn to Gordon Brown in times of need
A new survey in the Times has placed Gordon Brown were well ahead of David Cameron when it came to who the UK population would trust as the country enters a recession. Perversely it seems as though Gordon Brown, seen by many as the architect of at least part of the current recession, may well benefit into 2009 and beyond because of David Cameron's perceived inexperience in coping with such a drama...
Read MoreThe power of direct debits
If you do not monitor your direct debit on a regular basis there is the opportunity for you to continue paying for services which are longer use but if you monitor your direct debits on a regular basis and use the service sensibly there is the potential to save significant money in the long term. So how can you save money with a direct debit?
If you consider how many bills you pay e...
Government invests £4.5 million into scam busting
The UK government has confirmed that the Office of Fair Trading and Trading Standards will receive around £4.5 million in additional investment which will be used to equip these two prominent offices with teams, training and the technology to combat online crime. This is a major investment into this area of fraud which has grown enormously over the last few years resulting in millions upon millio...
Read More