Summary of Tom Ajamie & Bruce Kelly's Financial Serial Killers

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The seduction techniques used by Bernie Madoff to attract investors are the same well-worn tricks used by financial schemers across the country. The financial con man always paints a picture of himself as someone who has a great deal of financial knowledge and a proven track record of having made a lot of money for others.
#2 The ability to make investors hand over their money is a key to fueling such frauds. In 2009, the FBI saw a 105 percent increase in new high-yield investment fraud investigations when compared to 2008.
#3 Financial serial killers are charming and exude confidence. They speak with self-assurance and seem to know their stuff. They are believable. Their credibility is often enhanced by their references.
#4 The danger to investors from financial serial killers won’t disappear anytime soon. Human gullibility is a burgeoning area of psychological research.

Sujets

• Personal Finance
• General officer
• General

Informations

• Publié par: Everest Media LLC
• Date de parution: 27 avril 2022
• Nombre de lectures: 0
• EAN13: 9781669393429
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Tom Ajamie & Bruce Kelly's Financial Serial Killers
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18 Insights from Chapter 19 Insights from Chapter 20 Insights from Chapter 21 Insights from Chapter 22
Insights from Chapter 1

#1

The seduction techniques used by Bernie Madoff to attract investors are the same well-worn tricks used by financial schemers across the country. The financial con man always paints a picture of himself as someone who has a great deal of financial knowledge and a proven track record of having made a lot of money for others.

#2

The ability to make investors hand over their money is a key to fueling such frauds. In 2009, the FBI saw a 105 percent increase in new high-yield investment fraud investigations when compared to 2008.

#3

Financial serial killers are charming and exude confidence. They speak with self-assurance and seem to know their stuff. They are believable. Their credibility is often enhanced by their references.

#4

The danger to investors from financial serial killers won’t disappear anytime soon. Human gullibility is a burgeoning area of psychological research.
Insights from Chapter 2

#1

Lillian was as rich as a duchess, but she was still vulnerable. She had no credit card debt, and her investment and personal assets had grown to more than $27 million. She was set to live comfortably without any financial worries for the rest of her life.

#2

Many women are afraid of losing their financial safety net after their husbands or partners die. They turn to their families and friends for help, which can lead to fraud.

#3

The ad invited the reader to a free steak dinner at the local Steak Ale, where Best, Lillian’s adviser, would give a seminar on tax savings. The seminars were mostly attended by seniors who wanted to monetize their land assets and minimize their tax liabilities.

#4

The two insurance agents, Best and Underhill, convinced Lillian that her heirs would pay a huge amount of estate taxes if she didn’t sell the Berkshire stock. They created a family limited partnership and forced Lillian into a completely unnecessary transaction that cost her millions.

#5

The insurance agents who visited Lillian did not leave her or her heirs penniless, but they did force an unnecessary sale of her Berkshire Hathaway stock. The sale cost Lillian and her heirs millions of dollars in fees and losses.

#6

The insurance agents and companies were sued by the Wentz family, who claimed that the insurance products and annuities were not necessary for the estate plan. The defense argued that the sale of stock was appropriate considering Lillian’s age and the fact it made up 85 to 90 percent of her wealth.