- 11,454
Woodbridge Wealth Files Chapter 11 Bankruptcy
- Thread starter Dix86
- Start date
- Thread starter
- #72
- 11,454
In case you haven't heard the latest on all this:
Woodbridge founder Robert Shapiro gets 25 years in prison for $1.3 billion Ponzi scheme - HousingWire
Woodbridge founder Robert Shapiro gets 25 years in prison for $1.3 billion Ponzi scheme - HousingWire
- 3,347
Still amazing to me there were so many many well intentioned financial money managers and insurance agents offering Woodbridge notes that were completely in the dark on what was going on and they too suffered because of what Shapiro did.
Is this sarcasm? Any insurance agent or money manager that looked at a 5% one year rate on *anything*, given the then-current (as well as current) rate environments surely had to know that these weren't insurance products or in any way underwritten or guaranteed by any reputable financial or insurance institution. And if they didn't, shame on them.
- 3,347
MAnnuity: Nothing sarcastic in the least...There were many reputable Fiduciary money managers that recommended Woodbridge as well as licensed insurance agents. There were many reputable money and insurance professionals offering this as a alternative investment that were fooled like the people who put their money into this. What is so hard to believe about that? Many of these same money managers and insurance agents recommending Woodbridge put their own money into it.
- 10,696
A title does not equate morals.
Anyone who bothered to read the fine print.
Anyone who actually cared about how the product worked and bothered taking 10 minutes to perform due diligence.
Would know exactly what the product was.
They either didnt care, or where blinded by the money. Either way, red flags existed left right up and down when it came to Woodbridge
Anyone who bothered to read the fine print.
Anyone who actually cared about how the product worked and bothered taking 10 minutes to perform due diligence.
Would know exactly what the product was.
They either didnt care, or where blinded by the money. Either way, red flags existed left right up and down when it came to Woodbridge
- 5,884
Funny thing money... I do mostly FE, lower income folks, but it doesn't matter if its a buck or a billion, when money is involved people do stupid things. What is sad is that we all have to be wary with the companies we represent, the clients we insure, and we have to keep a close eye on our own intentions as well.
Trust is a commodity, when properly provided, its added value is often beyond measure... however; situations like that above, make it more and more difficult for advisers to solicit trust from prospects.
Very sad.
Trust is a commodity, when properly provided, its added value is often beyond measure... however; situations like that above, make it more and more difficult for advisers to solicit trust from prospects.
Very sad.
- 10,696
Well said LifeHawk. Its hard enough sorting through the sh*t when it comes to actual real insurance products that are state approved. Once you get out of state approved products issued by actual insurers.... well.... the sh*t gets a lot deeper.
Insurance agents cry about how investment advisors were selling it as an attempt to justify.... IAs are crying about how insurance agents were selling it as an attempt to justify... the IMOs and RIAs who pushed it are pointing to the fine print...
Stick to regulated products that are approved by a state or regulatory body and this type stuff wont be as big of a possibility.
Insurance agents cry about how investment advisors were selling it as an attempt to justify.... IAs are crying about how insurance agents were selling it as an attempt to justify... the IMOs and RIAs who pushed it are pointing to the fine print...
Stick to regulated products that are approved by a state or regulatory body and this type stuff wont be as big of a possibility.
Blinded by the money. It's been my experience that those that find themselves in hot water knew exactly what they were doing... and just figured they'd never get caught.
