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BEWARE EARLY RETIREMENT SCAMS
May 02, 2008 - Retire early, cash out your retirement plans and live off 12 percent annual
returns. If there's a financial advisor pitching this scenario to you, I have just one
recommendation: Run away — fast.
Securities regulators are offering the same advice in the wake of at least two schemes
targeting longtime employees of two major corporations. In both cases, brokers used
unrealistic investment projections to convince the workers they could retire comfortably while
still in their 50s.
These scams allowed the perpetrators to earn investment fees and commissions on millions of
dollars that otherwise would have been locked up in company retirement plans. In some
cases, the participating brokers persuaded the workers to surrender a guaranteed monthly
pension benefit and instead collect a single lump-sum payment.
The Financial Industry Regulatory Authority (FINRA) says that additional cases are now under
investigation.
Click on the red link above to continue the story.
Source: ABC News Online
May 02, 2008 - Retire early, cash out your retirement plans and live off 12 percent annual
returns. If there's a financial advisor pitching this scenario to you, I have just one
recommendation: Run away — fast.
Securities regulators are offering the same advice in the wake of at least two schemes
targeting longtime employees of two major corporations. In both cases, brokers used
unrealistic investment projections to convince the workers they could retire comfortably while
still in their 50s.
These scams allowed the perpetrators to earn investment fees and commissions on millions of
dollars that otherwise would have been locked up in company retirement plans. In some
cases, the participating brokers persuaded the workers to surrender a guaranteed monthly
pension benefit and instead collect a single lump-sum payment.
The Financial Industry Regulatory Authority (FINRA) says that additional cases are now under
investigation.
Click on the red link above to continue the story.
Source: ABC News Online
