The day was bleak in terms of Bernard Madoff. Read what “Above the Law” had to say about him “coping a plea.” But just hours after the plea bargain news surfaced, some 800 investors received more bad news.
If it is possible to laugh at this Madoff scenario at all, this group can help you do it. Read what amounts to “take a ticket for a smack.” Madoff_plea
Investors then learned that their accounts, part of the giant Ponzi scheme, were totally unprotected. According to AP, these 800 folk shared an address though no one knew the other. The address was home to a PO Box.
According to the report, ” Now, they are discovering a painful common bond, shared with at least two previous groups of stung investors. For at least the third time in as many years, the company behind Denver P.O. Box 173859 has turned up as a go-between in a collapsed Ponzi scheme.
“Their losses with Madoff, together with earlier cases, raise questions about Fiserv and the risks inherent in what are known as self-directed IRAs. These financial products are an increasingly popular way of letting people invest in real estate or small businesses and other less-traditional investments.”
Read more of what RACHEL BECK and ADAM GELLER have to say. from the AP
In one of my books I wrote 20 ways to find a financial advisor. Remind me to post it this week. In the meantime — remind yourself that something that looks too good to be true, often is!
Copyright 2009 Rita Watson