Be careful who you do business with.
In the last few years, there have been several major meltdowns in the financial area that directly impacted individual investors and charities. I'm hoping these thoughts of mine will help you do business with the good guys on the street and not the bad guys. It is very important to know who you are doing business with.
When I started my career on the floor of the exchange in Chicago, my word was my bond. It is still the same way today.
So, how do you go about protecting yourself and your money? If you're thinking of trading in the futures markets, you should first check with the Commodity Futures Trading Commission (CFTC). For stocks and options, the place to go is the Securities Exchange Commission (SEC). If a company that you're thinking of doing business with has had an excessive number of complaints filed against that firm, do not do business with that firm.
Now it's possible that every firm will have a few complaints against it, that is the nature of the business. As people get upset or angry with a particular broker, they will file a complaint. Be on the lookout for an excessive number of complaints, and consistent complaints. If you see that pattern don't do business with that company.
You work hard for your money and you should get the best possible service. You should get the satisfaction that you are doing business with a company that has a great deal of integrity. I invite you to take a minute and view this video, showing how our company gives every subscriber a 5-part guarantee.
Co-Founder of MarketClub.com
P.S. Here is what I hope are the last three bad guys we see in the brokerage business.
(1) Peregrine Financial Group CEO Russell Wasendorf admitted to committing fraud in a suicide note. The amount of money in question could come to tens of millions of dollars, according to the federal indictment. Russell Wasendorf, survived his suicide attempt and is waiting to be sentenced
(2) MF Global Holdings Ltd, formerly known as Man Financial, was a major global commodities brokerage firm. On the day of MF Global's bankruptcy, a Bloomberg reporter wrote "Jon Corzine’s risk appetite helped destroy his firm.According to a trustee liquidating the company after its collapse, the losses incurred by customers of MF Global stood at $1.6 billion. The vast majority of these funds have not been returned to customers. So far no criminal charges have been filed against Jon Corzine. Not sure why that is, and why he is not in jail.
(3) Here's the granddaddy of them all, Bernard Lawrence "Bernie" Madoff lost investors some $17.5 billion and is serving a lifetime in jail.
One thought on “Be careful who you do business with.”
I was a customer of Man Financial some years back trading commodities and futures there. I had no idea that MF Global was connected with Man Financial until just now. I was out of Man F before any problems other than the rough time I had with them when talking on the 'phone. It was mostly automated, but rather rough service in my case. Not as smooth as trading has now become.
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