Be careful what you say on here…

[nostradamus]

I looked at the complaint. Oh my goodness.

Oh page 10,

To invest with PWM, prospective investors had to adhere to PWM's "three rules," which required investors to (1) commit to a three year investment; (2) turn over all of their financial affairs to PWM; and (3) ask no questions of PWM management regarding the use of their funds or credit.

(2) Turn over all of their financial affairs with (3) no questions asked???

Did somebody bully you into doing this???

On page 13,

During the summer of 2006, PWM began applying for credit cards
and opening new lines of credit in the names of individual investors. Investors Were then contacted by a PWM representative, who directed the investor to draw down the maximum amount on all of the credit cards and to wire the funds to TRF or one of the Duncan Companies as an additional investment. Investors who questioned the wisdom of this strategy were told by, among others, McLeod, that PWM would stop making mortgage payments if they refused to cooperate.

Did you ask questions at that point? If not, at what point did you begin to ask questions? When the media broke the story? When did you realize you were duped?

I can understand lazy portfolio investors not asking a fund manager too many questions then finding out their 401(k) was raided. There is SEC protection for that though. I can't understand letting someone handle all your financial affairs (1) NO QUESTIONS ASKED and (2) BY DRAWING DOWN FUNDS FROM A CREDIT CARD.

Seriously, I'm sorry it happened but the world is not always a friendly place and you have learned a valuable lesson. Perhaps church/military/other were not the best places to learn about the realities of mankind.

 

[CricketOnTheHearth]

Granted, the statement that it was “a group of mostly Filipino nurses in Temecula” was neutral enough, and served for purposes of identifying the particular players in question.

However, the way in which “Pinoy”, “Pinay”, and “jeepney” were used seemed a bit harsh and condescending to me. Not that the words themselves are condescending, but it was the tone of voice… even an innocuous word like “Boy” can be grossly insulting in certain contexts.

I heartily agree with others who state that if the return is greater than normal, so must be the risk, despite what anyone tells you. Unfortunately, greed is a powerful impulse, especially when you are feeling “on the financial edge”– I’ve felt its twinges myself.

And sure, we are told ad infinitum from a plethora of sources that identity theft is out there and how to recognize someone attempting it.

But Conned By Crooks raises a good (and scary) point with his/her story: what if the outfit in question looks like a full-on, respectable bank or investment firm? We all give our personal information to banks– it’s part of doing business with them.

For this reason, and also for memories of the Savings and Loan Crisis etc, I don’t do business with any banking entity I haven’t been hearing about for years and years. There are some banks that have appeared in the buildings in downtown Rancho Bernardo that I’ve never heard of before. Fly by night? Maybe not but I wouldn’t be surprised.

And the sad part is, even the been-known-for-years names will con you too. I see stories about that in the financial news occasionally.

The very best present any bank ever gave me was, my employer’s credit union gave me a pamphlet containing a chart of the payment size per month for a full range of interest rates and loan periods. It covers everything from 2% interest for a year up to 22% interest for 40 years.

Thanks to this chart I know what a “sane” monthly payment looks like for a fixed 30-year mortgage (it is roughly $600/month for every $100,000 of loan, give or take $50 depending on interest rates). So of course I knew I couldn’t really afford these houses and didn’t even go out there where the wolves were fleecing the suckers. JBR for the past 10 years? You betcha! But I’m not getting foreclosed upon either, thank goodness.

>chirp<

[CricketOnTheHearth]

Granted, the statement that it was “a group of mostly Filipino nurses in Temecula” was neutral enough, and served for purposes of identifying the particular players in question.

However, the way in which “Pinoy”, “Pinay”, and “jeepney” were used seemed a bit harsh and condescending to me. Not that the words themselves are condescending, but it was the tone of voice… even an innocuous word like “Boy” can be grossly insulting in certain contexts.

I heartily agree with others who state that if the return is greater than normal, so must be the risk, despite what anyone tells you. Unfortunately, greed is a powerful impulse, especially when you are feeling “on the financial edge”– I’ve felt its twinges myself.

And sure, we are told ad infinitum from a plethora of sources that identity theft is out there and how to recognize someone attempting it.

But Conned By Crooks raises a good (and scary) point with his/her story: what if the outfit in question looks like a full-on, respectable bank or investment firm? We all give our personal information to banks– it’s part of doing business with them.

For this reason, and also for memories of the Savings and Loan Crisis etc, I don’t do business with any banking entity I haven’t been hearing about for years and years. There are some banks that have appeared in the buildings in downtown Rancho Bernardo that I’ve never heard of before. Fly by night? Maybe not but I wouldn’t be surprised.

And the sad part is, even the been-known-for-years names will con you too. I see stories about that in the financial news occasionally.

The very best present any bank ever gave me was, my employer’s credit union gave me a pamphlet containing a chart of the payment size per month for a full range of interest rates and loan periods. It covers everything from 2% interest for a year up to 22% interest for 40 years.

Thanks to this chart I know what a “sane” monthly payment looks like for a fixed 30-year mortgage (it is roughly $600/month for every $100,000 of loan, give or take $50 depending on interest rates). So of course I knew I couldn’t really afford these houses and didn’t even go out there where the wolves were fleecing the suckers. JBR for the past 10 years? You betcha! But I’m not getting foreclosed upon either, thank goodness.

>chirp<

[CricketOnTheHearth]

Granted, the statement that it was “a group of mostly Filipino nurses in Temecula” was neutral enough, and served for purposes of identifying the particular players in question.

However, the way in which “Pinoy”, “Pinay”, and “jeepney” were used seemed a bit harsh and condescending to me. Not that the words themselves are condescending, but it was the tone of voice… even an innocuous word like “Boy” can be grossly insulting in certain contexts.

I heartily agree with others who state that if the return is greater than normal, so must be the risk, despite what anyone tells you. Unfortunately, greed is a powerful impulse, especially when you are feeling “on the financial edge”– I’ve felt its twinges myself.

And sure, we are told ad infinitum from a plethora of sources that identity theft is out there and how to recognize someone attempting it.

But Conned By Crooks raises a good (and scary) point with his/her story: what if the outfit in question looks like a full-on, respectable bank or investment firm? We all give our personal information to banks– it’s part of doing business with them.

For this reason, and also for memories of the Savings and Loan Crisis etc, I don’t do business with any banking entity I haven’t been hearing about for years and years. There are some banks that have appeared in the buildings in downtown Rancho Bernardo that I’ve never heard of before. Fly by night? Maybe not but I wouldn’t be surprised.

And the sad part is, even the been-known-for-years names will con you too. I see stories about that in the financial news occasionally.

The very best present any bank ever gave me was, my employer’s credit union gave me a pamphlet containing a chart of the payment size per month for a full range of interest rates and loan periods. It covers everything from 2% interest for a year up to 22% interest for 40 years.

Thanks to this chart I know what a “sane” monthly payment looks like for a fixed 30-year mortgage (it is roughly $600/month for every $100,000 of loan, give or take $50 depending on interest rates). So of course I knew I couldn’t really afford these houses and didn’t even go out there where the wolves were fleecing the suckers. JBR for the past 10 years? You betcha! But I’m not getting foreclosed upon either, thank goodness.

>chirp<

[CricketOnTheHearth]

Granted, the statement that it was “a group of mostly Filipino nurses in Temecula” was neutral enough, and served for purposes of identifying the particular players in question.

However, the way in which “Pinoy”, “Pinay”, and “jeepney” were used seemed a bit harsh and condescending to me. Not that the words themselves are condescending, but it was the tone of voice… even an innocuous word like “Boy” can be grossly insulting in certain contexts.

I heartily agree with others who state that if the return is greater than normal, so must be the risk, despite what anyone tells you. Unfortunately, greed is a powerful impulse, especially when you are feeling “on the financial edge”– I’ve felt its twinges myself.

And sure, we are told ad infinitum from a plethora of sources that identity theft is out there and how to recognize someone attempting it.

But Conned By Crooks raises a good (and scary) point with his/her story: what if the outfit in question looks like a full-on, respectable bank or investment firm? We all give our personal information to banks– it’s part of doing business with them.

For this reason, and also for memories of the Savings and Loan Crisis etc, I don’t do business with any banking entity I haven’t been hearing about for years and years. There are some banks that have appeared in the buildings in downtown Rancho Bernardo that I’ve never heard of before. Fly by night? Maybe not but I wouldn’t be surprised.

And the sad part is, even the been-known-for-years names will con you too. I see stories about that in the financial news occasionally.

The very best present any bank ever gave me was, my employer’s credit union gave me a pamphlet containing a chart of the payment size per month for a full range of interest rates and loan periods. It covers everything from 2% interest for a year up to 22% interest for 40 years.

Thanks to this chart I know what a “sane” monthly payment looks like for a fixed 30-year mortgage (it is roughly $600/month for every $100,000 of loan, give or take $50 depending on interest rates). So of course I knew I couldn’t really afford these houses and didn’t even go out there where the wolves were fleecing the suckers. JBR for the past 10 years? You betcha! But I’m not getting foreclosed upon either, thank goodness.

>chirp<

[CricketOnTheHearth]

Granted, the statement that it was “a group of mostly Filipino nurses in Temecula” was neutral enough, and served for purposes of identifying the particular players in question.

However, the way in which “Pinoy”, “Pinay”, and “jeepney” were used seemed a bit harsh and condescending to me. Not that the words themselves are condescending, but it was the tone of voice… even an innocuous word like “Boy” can be grossly insulting in certain contexts.

I heartily agree with others who state that if the return is greater than normal, so must be the risk, despite what anyone tells you. Unfortunately, greed is a powerful impulse, especially when you are feeling “on the financial edge”– I’ve felt its twinges myself.

And sure, we are told ad infinitum from a plethora of sources that identity theft is out there and how to recognize someone attempting it.

But Conned By Crooks raises a good (and scary) point with his/her story: what if the outfit in question looks like a full-on, respectable bank or investment firm? We all give our personal information to banks– it’s part of doing business with them.

For this reason, and also for memories of the Savings and Loan Crisis etc, I don’t do business with any banking entity I haven’t been hearing about for years and years. There are some banks that have appeared in the buildings in downtown Rancho Bernardo that I’ve never heard of before. Fly by night? Maybe not but I wouldn’t be surprised.

And the sad part is, even the been-known-for-years names will con you too. I see stories about that in the financial news occasionally.

The very best present any bank ever gave me was, my employer’s credit union gave me a pamphlet containing a chart of the payment size per month for a full range of interest rates and loan periods. It covers everything from 2% interest for a year up to 22% interest for 40 years.

Thanks to this chart I know what a “sane” monthly payment looks like for a fixed 30-year mortgage (it is roughly $600/month for every $100,000 of loan, give or take $50 depending on interest rates). So of course I knew I couldn’t really afford these houses and didn’t even go out there where the wolves were fleecing the suckers. JBR for the past 10 years? You betcha! But I’m not getting foreclosed upon either, thank goodness.

>chirp<

[CricketOnTheHearth]

Just read Nostradamus’ comment.

Wow, and ow.
That was naiive.

And I thought I was a sucker for believing the USPA & IRA salesman who drove a big white Cadillac, and losing $600 on a front-loaded mutual fund that was totally inappropriate for my investment desires.

Never, never, never let anyone but you handle your personal accounts. NEVER.

>chirp<

[CricketOnTheHearth]

Just read Nostradamus’ comment.

Wow, and ow.
That was naiive.

And I thought I was a sucker for believing the USPA & IRA salesman who drove a big white Cadillac, and losing $600 on a front-loaded mutual fund that was totally inappropriate for my investment desires.

Never, never, never let anyone but you handle your personal accounts. NEVER.

>chirp<

[CricketOnTheHearth]

Just read Nostradamus’ comment.

Wow, and ow.
That was naiive.

And I thought I was a sucker for believing the USPA & IRA salesman who drove a big white Cadillac, and losing $600 on a front-loaded mutual fund that was totally inappropriate for my investment desires.

Never, never, never let anyone but you handle your personal accounts. NEVER.

>chirp<

[CricketOnTheHearth]

Just read Nostradamus’ comment.

Wow, and ow.
That was naiive.

And I thought I was a sucker for believing the USPA & IRA salesman who drove a big white Cadillac, and losing $600 on a front-loaded mutual fund that was totally inappropriate for my investment desires.

Never, never, never let anyone but you handle your personal accounts. NEVER.

>chirp<

[CricketOnTheHearth]

Just read Nostradamus’ comment.

Wow, and ow.
That was naiive.

And I thought I was a sucker for believing the USPA & IRA salesman who drove a big white Cadillac, and losing $600 on a front-loaded mutual fund that was totally inappropriate for my investment desires.

Never, never, never let anyone but you handle your personal accounts. NEVER.

>chirp<

[atr]

Ahhh, yes. The venerable USPA & IRA. We avoided investing with them, but not for lack of trying on their part. Are those people even still around? The front-load they described to us was $1000 bucks the first year. Ugh. What a crock.

In all things, whether real estate or investments, caveat emptor.

[atr]

Ahhh, yes. The venerable USPA & IRA. We avoided investing with them, but not for lack of trying on their part. Are those people even still around? The front-load they described to us was $1000 bucks the first year. Ugh. What a crock.

In all things, whether real estate or investments, caveat emptor.

[atr]

Ahhh, yes. The venerable USPA & IRA. We avoided investing with them, but not for lack of trying on their part. Are those people even still around? The front-load they described to us was $1000 bucks the first year. Ugh. What a crock.

In all things, whether real estate or investments, caveat emptor.

[atr]

Ahhh, yes. The venerable USPA & IRA. We avoided investing with them, but not for lack of trying on their part. Are those people even still around? The front-load they described to us was $1000 bucks the first year. Ugh. What a crock.

In all things, whether real estate or investments, caveat emptor.

[Author]

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