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Pastimes : Investment Chat Board Lawsuits

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To: Jeffrey S. Mitchell who wrote (2265)	1/1/2002 9:02:05 PM
From: mmmary	Read Replies (1) of 12465

Yes, those investors were lonely If they weren't lonely, they would be with friends talking about the investment "offer" and getting some sensible caring feedback. They always target the old lonely people. Then when the investment goes sour the old person not only loses all their money but their only "friend" as well. There was a study on road rage. It seems that people are more mean if they are insulated from the people they are hurting, just as they are in cars. They would never give someone the finger face to face for walking slowly but if they're in a car, they are insulated from the personal feedback and just go nuts, just like some nasty anonymous posters on the internet. I think that is why it's easier for some people to con others as they're not meeting the investors they are going to fleece face to face. I really wish the SEC would do more than just slap their wrists and send them out to defraud again. This is pretty sad. My grandmother lived in a retirement home. All the old ladies there banked at the bank two blocks away. Well, Wells Fargo gave out their home phone numbers to some scammy Wells Fargo investment advisors and stock brokers. These guys would call up all the little old ladies offering them high interest rates in a Wells Fargo backed investment. They'd even say things like "we put a hold on your account because you're not making much interest. You have to come down to the bank and check out our accounts that give you more interest." Only thing is it was just a Wells Fargo employee, not a Wells Fargo investment. They were putting the old ladies into super risky stocks, ponzi real estate investment trusts... My grandmother was in the biz and told them to pound sand. If she didn't understand them, she'd refer them to me and I'd tell them to pound sand. Not one investment they ever pitched was legit. I told all the other old ladies there that they should never invest in anything offered over the phone or door to door or from the stock broker at the bank. Some didn't listen and lost it all and had to move out of there. These poor old ladies were crying telling me that even though I'd warned them, they seemed like nice people and they kept saying it was guaranteed by the bank. I went down to the bank and met with this guy who was ripping the old ladies off and gave him a piece of my mind. He said I was just an idiot who didn't understand investments. I took my first graduate course at the age of 17 in advanced research. I think I understand numbers a little. They had to call security finally ;-) I sent quite a few letters to the head of the bank telling them about how the guy ripped the old ladies off. The guy's boss just sent me a letter stating that the old ladies and I just didn't understand investing and they stand behind the guy 100%. I wish I knew more back then about how to get the SEC and others after them. To watch the old ladies crying when they lost every cent of their retirment money was so sad.

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