“Let us have faith that right makes might; and in that faith, to that end, dare to do our duty, as we understand it.” 

            —Abraham Lincoln

 

I certainly could not have predicted the outpouring of sentiment I received after writing my last article, “Harsh Lessons in Modern Con Art” (Financial Advisor magazine; December 2017). The response was immediate and voluminous—and I am both humbled and encouraged by what I read and heard.

The feedback ranged from, “Shame on you, you should have known better”—I believe this was the point of my article—to, “It’s happened to me and to my family … I get it.” (Note: There were more than a few who suggested I “hire Guido!”)

Here are some notable comments from readers:
 

I Feel Your Pain

So sorry to read about your experience of dealing with a con man, Ponzi-type of scheme. I cannot put all of my thoughts in writing to you, but I’ve been there. I feel your pain. Not me personally losing that amount of money, but yes, my Dad and Mom … $900K. And yes, I lived through it all.

The year was 1991 when it “hit the fan.” Dad and Mom were ages 57/58. Life savings, working two jobs most of his life, with Mom rearing four children, managing the expenses, no debt, real savers, etc. … You’ve known the story.

Dad started confiding in his banker son at that time (me) when I was age 34. Interest rates at the bank were 8%, but he was getting 15% from “Melvin.” I kept asking him why Melvin had to pay so much more than the bank. Couldn’t he get all the funds he wanted at 10%-11%? Dad’s reply was that Melvin could afford to do it. I did get Dad’s attention along the way, and with a joint meeting with Melvin, confronted him with several requests that caused him to be very defensive. We walked out of his office, and Dad said, “Son, what do you think?” I said, “Dad, it’s all over; he is a crook.” We went straight to the district attorney’s office. Anyway, all funds were gone. Mom died first at age 72, Dad at age 77, both of them too young, and each suffered physical health and emotional consequences from this event. If there is any irony in this saga, the smooth-talking Melvin was eventually locked up, and after one year in prison, he died in prison from tongue/throat cancer.

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