Praise for The Madoffs Among Us “The Madoffs Among Us courageously tackles the untold story in professional relationships: investors beware of schemers, scammers, and over promisers In his conversational style, Bill combines his 30 years as an honest broker with his recent and shocking study of people losing money to confidently take readers under his wing He lands on the insidious tactics of bad apples or the Madoffs among us Then he equips investors with the tools and financial concepts to be knowledgeable partners in their own affairs Well-intentioned financial professionals and seasoned and novice investors will find this book fascinating.” —Gerri Leder, president, LederMark Communications & Coaching “Relying on Bill's long experience in the industry, he has written an easy to read and informative book that I recommend to investors and their advisors This book provides effective steps that all investors should utilize to ensure that they are working with an honest, caring and effective financial professional.” —Timothy Scheve, president and CEO, Janney Montgomery Scott “This book is a wonderful read and highly informative The author has done a great job of helping people keep those wayward and dangerous emotions in check when making financial decisions.” —Kathleen Hebbeler, PhD, behavioral research psychologist “In Bill's book he encourages the investor to be alert, take an active role in decisions and supplies easy to understand financial concepts I especially enjoyed the comfortable way he alerts the investor to fraud This is a message that must be broadcast and repeated to all investors and investment professionals.” —James W Brinkley, former president and CEO, Legg Mason Wood Walker, Inc “Imagine explaining to the board of directors, staff, and clients of your nonprofit their reserves or endowment have disappeared Anyone with experience in raising resources for nonprofits can testify to the hard work and perseverance needed to cultivate and properly steward resources Bill has vast experience as a compassionate and diligent nonprofit volunteer leader who understands not-forprofit entities are not immune to the Madoffs among us Bill's book should be a recommended read for all executive directors and a prerequisite for board leadership at all levels Bill's life of servant leadership makes him the perfect person to deliver this message.” —Steven S Kast (34 years in non-profit), president and CEO, United Way of the Virginia Peninsula “There is a lot of experience and wisdom wrapped up in these pages As I read it I couldn't help but think of a related Warren Buffett quote: ‘When you sit down at a poker table and you don't know who the patsy is, you are the patsy.’ Take the time to know whom you are dealing with Bill's work will allow you to proceed financially with greater clarity and confidence.” —Michael Whittaker, former senior vice president, TCW Investment Management “Bill Francavilla's new book is concurrently an easy read, and a comprehensive one It could stand simply as a rock-solid primer on money management and investing However, it's so much more that that! In my 40 years of policing, I've encountered too many victims of crimes, many of which are aptly described in Bill's book The reader will be able to avoid most of the risks from scam and fraud artists when armed with Bill's advice and can eschew “too good to be true” opportunities by easily recognizing them through the many examples given It costs far less to avoid being a victim than to recover from being a victim, and this book is a great inoculation against fraud and deliberate financial mismanagement.” —Richard W Myers, executive director, Major Cities Police Chiefs Association This edition first published in 2018 by Career Press, an imprint of Red Wheel/Weiser, LLC With offices at: 65 Parker Street, Suite Newburyport, MA 01950 www.redwheelweiser.com www.careerpress.com Copyright © 2018 by William M Francavilla, CFP® All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from Red Wheel/Weiser, LLC Reviewers may quote brief passages ISBN: 978-1-63265-128-0 Library of Congress Control Number: 2018932271 Cover design by Howard Grossman/12E Design Interior by PerfecType, Nashville, Tennessee Typeset in ITC Berkeley Oldstyle and Bodoni MT Standard Printed in Canada MAR 10 www.redwheelweiser.com/newsletter “Now the serpent was more subtle than any beast of the field.” Genesis 3:1 Disclaimer: The information contained in this book is for educational purposes Readers who apply any ideas contained in this book take full responsibility for their actions The author and publisher have made every effort to ensure the accuracy of the information within this book was correct at the time of publication The author does not assume any liability to any party for any loss, damage, or disruption caused by errors or omissions DEDICATION To James W Brinkley, former president and CEO, Legg Mason Wood Walker, Inc., and Raymond A (Chip) Mason, former chairman and CEO, Legg Mason, Inc., former chairman of the Securities Industry Association In 1986 I had the good fortune to be hired by the Baltimore-based company Legg Mason Legg Mason always enjoyed a wonderful reputation on the street because of the corporate culture of always putting our clients first Our advisors and indeed all employees were constantly admonished to be honest, caring, and loving (yes, loving!) Chip Mason, Legg Mason's CEO, was fond of saying, “I don't want to see any chalk on your shoes,” referring to keeping your game in the middle of the field and never too close to being out of bounds And president Jim Brinkley had the audacity to tell us to “love” our clients There are many other securities industry titans who endeavored to be the best and to the best for their clients Jim Wheat of Wheat Securities, John Templeton of the Templeton Funds, Edward Jones, A G Edwards, and too many more to mention But the two I had the pleasure to know, trust, and work for were Chip and Jim Generations of financial advisors and clients are greatly benefited as a result of honest efforts by honest people Their legacies continue to this day The overwhelming percentage of financial advisors are honest men and women acting in accordance with the “Prudent Man Rule,” coined in 1830 by Samuel Putnam, which states, “Those with responsibility to invest money for others should act with prudence, discretion, intelligence, and regard for the safety of capital as well as income.” And this important work is dedicated to each of them as well It is the knave who selfishly decides to put his or her needs above the client's and in doing so harms the person financially, sometimes irreparably So to the Madoffs among us, look out I'm about to turn the light on CONTENTS Foreword by James W Brinkley Introduction: Subtlety and Naïveté: The Twin Towers of Deception Chapter 1: Pay Attention or Pay Dearly Chapter 2: The Infamous Five Chapter 3: The Madoffs Next Door Chapter 4: Why So Many People Fall Prey Chapter 5: The Top Six Scams in America Today Chapter 6: Five Most Important Questions to Ask Your Financial Advisor Chapter 7: Three Financial Advisors to Avoid Chapter 8: The Seven Financial Concepts You Must Understand Chapter 9: The Three Faceless Madoffs Chapter 10: Fifty Financial Terms Final Note Acknowledgments Chapter Notes Index About the Author FOREWORD The selection of a personal financial advisor is a high priority for an investor The risks and rewards can have a strong influence on their financial security, longevity plans, and ability to take care of themselves and share with their families and others The great majority of advisors are honest and work in the clients' best interest There are a few who take shortcuts at the investors' expense The few bad ones embarrass their profession and provide great harm to innocent investors There is never a place for them in any industry, but they have been and will continue to prey on the innocent Bill Francavilla has provided a blueprint for selecting an advisor most suitable to the investor He provides the warning signs for identifying those advisors who should be avoided Reading and understanding The Madoffs Among Us could become an investor's most important decision I've known Bill Francavilla for more than thirty years He joined Legg Mason in 1986 with a desire to make a positive difference in the lives of his clients and their families Bill's professional purpose was to place his clients' interest first and help them what they would not without him Bill was recognized for his acute understanding of investors, which he willingly shared with other advisors This strong professional commitment and his communication skills led to Bill's promotion to branch manager His influence and basic beliefs of clients' interests first; the right thing; provide discovery of client needs, risks, and goals; and deliver investment excellence led to his position as director of wealth management and financial advisor senior trainer He developed the firm's C.A.R.E program, designed to focus maximum attention on the needs of clients These roles involved training new and experienced advisors He insisted on being a good listener and emphasized that financial management is a personal matter Advisors were challenged to find solutions and never sell When selecting an advisor, one must know who to avoid Investors are encouraged to exercise caution and due diligence Ask yourself if you respect, trust, and like this person Will you be advantaged by them and their company? The advisor's firm should be well established and strong financially, and possess a good reputation Bill is a giver He believes that we have a responsibility to give back to our community and others in need He has volunteered his time as an emergency medical technician with his local fire department and once saved a man's life by administering CPR He has served as chairman of The Boys & Girls Clubs of the Virginia Peninsula and frequently takes mission trips with church groups to Cuba, El Salvador, and other places In this book he encourages the investor to be alert and take an active role in decisions, and supplies easy to understand financial concepts I especially enjoyed the comfortable way he alerts the investor to fraud Bill understands that, at the intersection of naïveté and subtlety, there is danger, but by avoiding naïveté and ignorance as well as remaining vigilant to the people who would otherwise steal from us, the reader can confidently walk away from deals “too good to be true.” This is a message that must be broadcast and repeated to all investors and financial professionals James W Brinkley former president and CEO, Legg Mason Wood Walker, Inc Corinthian Colleges, investments in, 67 credentials, your advisor's specific industry, 107–108 credit card debt, 152 eliminating, 156–157 credit cards, popularity of, 139–140 credit markets, 145 currency, immediate access to, 138 Currie, Kelly, 22 Cutter, Jack, Bernie Madoff and, 37 Dalbar Company, investor education through the, 96–97 Daniels, Joseph, Carlo Ponzi and, 43 De Nero, Robert, 16, 27 artwork deals of, 24–25 death benefit coverage, 146 insurance, 147 debt elimination, interest rates and, 157 debt reduction, 153–154 budget and, 154 debt, the nature of, 151–158 deception, minimizing the opportunities for, 78–79 decision making, greed and, 95 fraud victims and delegating, 75 decision-making abilities, 17 deflation, 172, 174, 178, 181–182, 194–195 Department of Labor, legislation for advisors from the, 69 Dirty Dozen lists, 58 disclosures, investment policy statement and, 109 dividend, 191 dollar cost average, 191 Donnelly, Michael, 58–59 due diligence, conducting your own, 18 duties and responsibilities of the advisor, 109 Ebbers, Bernie, 51–55 Edelman Trust Barometer, 26 educating yourself about financial opportunities, 28 education funding, 29 efficient frontier, 192 Egan, Mark, 26 electronic trading, Bernie Madoff and, 33 emotional material, victims who respond to, 75 emotional strain of personal debt, 153–154 emotions, making decisions based on, 76 Enron stock, Kenneth Lay and, 49 Enron, bankruptcy of, 50 employee investments of, 50–51 Kenneth Lay and, 49–50 estate assets, tax-advantaged bequeathing of, 29 estate planning, 108 questions about your, 104 the necessity of, 166–168 estate tax, 165, 192 ethical encouragement of financial advisors, 69 exchange traded funds, 192 excise tax, 165 experience in the financial services business, asking your advisor about, 105–107 Exxon Mobil, 161 Facebook shares, Gignesh Movalia and, 66 facts, advisors who omit important, 23 Fairfield Greenwich, Bernie Madoff and, 36 fear, 82 buying and selling habits based on, 76 controlling, 81 Federal Bureau of Investigation, reporting fraud to the, 100 Federal Power Commission, Kenneth Lay and the, 48 Federal Reserve, the, 175–176 fee-based accounts, 114 advisor relationship, 113 advisor, overview of, 112 fee-only advisor, overview of, 112 financial advisor, questions you must ask your, 19 financial advisors to avoid, three, 116–134 financial advisors, switching, 116 financial background, making financial decisions with no, 98 financial companies and generating revenue, 105 financial concepts you must understand, seven, 135–170 financial concepts, understanding, 98 financial decisions with no financial background, 98 financial events, anticipating, 160 financial fraud, reporting, 72 financial individuals that should be avoided, 19 Financial Industry Regulatory Authority, legislation for advisors from the, 69 financial opportunities, educating yourself about, 28 financial planning, 108 needs-based, 159–160 solutions-based, 159 your advisor's approach to, 108–110 financial seminars, 124 financial services business, asking your advisor about experience in the, 105–107 FINRA Investor Education Foundation investigation, 71–72 fiscal policy, 177 fixed annuities, 188 income, 193 Fournier, Damien, 41 fraud and senior decision-making, 74 solicitations, 72 fraud victims, age of, 78–79 delegating decision-making and, 75 lifestyles of, 73 lottery, 73 response to emotional material and, 75 response to personal information and, 75 time pressure and, 75 fraud, age of victims of, 72 investors who committed, 23 low number of reporting financial, 72 fundamental analysis, 193 Gabor, Zsa Zsa, Bernie Madoff and, 35 Gen X-ers, spending habits of, 144 geopolitical events, 172, 174, 178, 182–183 Gershwin Financial, Inc., 60 Gibraltar Securities, 32 Gillis, M Scott, Aequitas Management and, 67 Giuffrida, Michael Angelo, 88 Gnecco, Rose Maria, 41 gold, the investment of, 183 Google searches and IRS scams, 100 Gould, Jay, 52 grandchildren, questions about your, 104 grandparents scam, 88–89 greed, 83 buying and selling habits based on, 76 controlling, 81 decision-making and, 95 gross domestic product, 180 gullibility, scams and the role of, 77 Harvey, Lou, 97 health care, fraud through, 90–91 health insurance 150–151 Home Advisors, reputable firms on, 89–90 home repair, fraud through, 89–51 homeowners insurance 149–150 housing expense, 141 Houston National Gas Co., Kenneth Lay and, 48 Humble Oil & Refining, Kenneth Lay and, 48 I shares, 114 illegal charities, 87–88 immediate gratification, the danger of, 139–140 importance of cash reserves, 138–145 important questions to ask your advisor, 103–116 income tax, 163–164 index funds, 162 individual retirement accounts, 193 industry credentials, your advisor's specific, 107–108 inflation, 172, 174, 178–181, 194–195 informed, the importance of staying, 96 insurance management, 108, 145–151 insurance, 194–195 automobile, 150 cash-value, 146 children's life, 146 death benefit, 146 health, 150–151 homeowners, 149–150 life, 146 variable, 146 interest rate deductions, mortgate, 140 interest rates and debt elimination, 157 Internal Revenue Service, 29 scams claiming to be the, 99–100 international reply coupons, Carlo Ponzi and, 41 InterNorth, Kenneth Lay and, 49 interpersonal influence, susceptibility and, 77 investing according to need, 158–163 investing, benefits of, 19 investment advisors and liquidating accounts, 92 experience, questions about your, 104 management, 108 objectives, planning your, 109 policy statement, 109 scams, 19 investment, advisors who misrepresented an, 23 investments, fraud through, 91–93 investor behavior, correcting irrational, 96–97 investor education through the Dalbar Company, 96–97 investor, maximum participation in investing on behalf of the, 18 irrational investor behavior, correcting, 96–97 Jesenik, Roger J., Aequitas Management and, 67 Jewish executives, Bernie Madoff and, 35 Jewish organizations, Bernie Madoff and, 35 Joel, Billy, 16, 23–24, 27 Joyner, Randall Lee, 89 Katzenberg, Jeffrey, Bernie Madoff and, 35 Kaufman, Henry, Bernie Madoff and, 35 Keating, Charles, 52 Kelly, Linda, 91 Kennedy, Joseph, 173 Kenner, Phil, 21–22 King, Larry, Bernie Madoff and, 35 Koufax, Sandy, Bernie Madoff and, 35 Kowslowski, Dennis, 52 lack of follow-up, investors guilty of, 23 Lane, Gary H., 62 Law, John, 45–51, 176 Lay, Kenneth, 48–51 death of, 50 indictments of, 50 lead advisor, working with the, 110–111 Legg Mason, 17–18, 44–45, 106, 161 legitimacy, Ponzi schemes and, 34 lenders and personal questions, 142 lenders and working with probabilities, 142 Lerner, Robert P., 91 liability, 195 life insurance for children, 148 life insurance, importance of, 146 lifestyles of fraud victims, 73 limited partnership, 195 Lindeman, Levi David, 58, 60–61 liquidating your account, questions about, 92 liquidity, 195 living will, 195–196 logic, greed and, 95 long-term care insurance, 194–195 lottery fraud victims, 73 Lovell, Simon, 53 Lupo, Ignazio, Carlo Ponzi and, 41 Madoff Investment Securities, 33 annual returns of, 35 bid-offer spread profit and, 33 disclosures of, 35 employees of, 34 growth of, 34 lack of action by the SEC and, 36 Renaissance Technologies and, 36 SEC investigation of, 35 Madoff, Andrew, 34 Bernie Madoff's confession to, 37 knowledge of Bernie Madoff's scheme, 38–39 Madoff, Bernie, 32–39 annual returns of, 35 background of, 38 client list of, 37 confession of, 37 crimes of, 34 disclosures and, 35 electronic trading and, 33 guilty plea of, 37 Jewish executives and, 35 new computer technology and, 33 outside audits and, 35 personality traits of, 38 similarities between Carlo Ponzi and, 37–38 supporters of, 39 Suzanne Webel and, 37 Madoff, Mark, 34 Bernie Madoff's confession to, 37 knowledge of Bernie Madoff's scheme, 38–39 suicide of, 39 Madoff, Peter, 34 Madoff, Ralph, 32 Madoff, Ruth, 33 bank transfers of, 36 knowledge of Bernie Madoff's scheme, 38 Madoff, Shannon, 34 Madoff, Sylvia, 32 Malkovich, John, Bernie Madoff and, 35 marital deduction, 196 marital status, questions about your, 104 market capitalization, 196 validity, weathering, 98 marketplace opportunities, being careful of, 77 Markopolos, Harry, Bernie Madoff and, 35–36 Matvos, Gregor, 26 maximum participation on behalf of the investor, investing and, 18 McEnroe, John, 24 MCI, WorldCom's acquirement of, 51 McMasters, William, Carlo Ponzi and, 43 Meadows, Sean, 66–67 Medicare scams, 91 mental strain of personal debt, 153–154 Merrill Lynch, Gary H Lane and, 62 Jane E O'Brien and, 93 Milken, Michael, 52 Millenials, spending habits of, 144 minimizing taxes, 29 the prudence of, 163–166 Mississippi Company, 46–47 monetary policy, 175–176 Monte Carlo simulation, 196 Moore, Keith, 25 Morgan Peabody, David Williams and, 63–64 Morse, Charles W., Carlo Ponzi and, 41 mortgage debt, 151 mortgage interest expense, tax deductions for, 140 mortgage interest rate deductions, 140 mortgage ratio, 141–142 Movalia, Gignesh, 65–66 Muldoon, Thomas J., 91 municipal bonds, 196–197 mutual fund, sticking with one, 161 mutual funds, 197 fee-based accounts and, 114 naïveté, 15–20, 27, 81–82 Billy Joel and, 24 NASDAQ, Bernie Madoff and the development of the, 33 National Do Not Call Registry, signing up for the, 79 need, investing according to, 158–163 needs-based financial planning, 159–160 negligence, investors guilty of, 23 net asset value, 197 New York Stock Exchange, see NYSE novice advisor, avoiding a, 118–121 NYSE, Bernie Madoff and the, 33 O'Brien, Jane E., 92–93 occupation, questions about your, 104 Oliver, Brian, Aequitas Management, 67 opportunities, being careful of marketplace, 77 paper profit, definition of, 94 Passion for Truth Ministries, 93 payroll tax, 164 Persaud, Gurudeo “Buddy,” 58, 59–60 personal connection with your advisor, having a, 111 personal debt, 153–154 personal information, fraud victims and response to, 75 personal information, scams to get your, 96 personal loans, advisors asking for, 125–126 personal questions, lenders and, 142 personal savings, leaving room for, 154 phone scams, 79 policy, fiscal, 177 monetary, 175–176 Ponzi schemes, legitimacy and, 34 Ponzi schemes, Madoff securities and, 34 Ponzi, Charles, 35, 39–45 background of, 38 Canadian Warehousing and, 40–41 convictions of, 40 early jobs of, 40 early life of, 40 employees of, 39 international reply coupons and, 41 investigation of, 43 Joseph Daniels and, 43 loans of, 42 personality of, 38 prison time of, 41, 44 public image of, 43–44 purchases of, 42 reputation of, 42 similarities between Bernie Madoff and, 37–38 smuggling of Italian immigrants by, 40 supporters of, 39 wife of, 41 portfolio, meaning of a, 197 power of attorney, elders and the, 80 preferred stock, 198 price-to-earnings ratio, 198 private debt, 151 probabilities, lenders and 142 property tax, 164 property, acquired, 157 property, assimilated, 157 prospectus, 198 public debt, 151 questions to ask your advisor, five important, 103–116 Rabelow, Ross M., 91 ratios, mortgage, 141–142 rental expense, 141–142 understanding, 98 real estate investment trusts, 198 market, hits on the, 144 registered investment advisor, 127–128 registered investment firms, 128 relatives, the importance of staying in touch with, 96 Renaissance Technologies, Madoff Securities and, 36 rental expense ratio, 141–142 retirement as a socioeconomic event, 168–170 retirement planning, 29 plans, 198–199 retirement, enjoying, 168–170 revenue, how financial companies generate, 105 revocable living trust, 199 risk levels, investment objectives and, 109 risk management, 108, 145–151 making sure you are properly insured against, 29 meaning of, 199 Rogers, Jim, 122 romance, fraud through, 86–88 Salander, Lawrence, victims of, 24–25 salary, questions about your, 104 sales tax, 164 salesman advisor, avoiding the, 123–125 savings rates, American, 139 savings, leaving room for personal, 154 savings, questions about your, 104 scammers, reasons for success of, 78–79 scams, cost of, 77 investment, 19 phone, 79 SEC investigation of Madoff Securities, 35 SEC, Madoff Securities and the lack of action by the, 36 Martin Shkreli and the, 68 Ralph Madoff and the, 32 Securities and Exchange Commission, see SEC Securities Exchange Company, 43 securities markets, participating in the, 19 security and cash, 139 Sedgwich, Kyra, Bernie Madoff and, 35 self-control, scams and the role of, 77 selling habits, fear and, 76 greed and, 76 seminars, financial, 124 senior decision-making and fraud, 74 Senior Financial Exploitation Study, 22–23 Seru, Amit, 26 Shapiro, Carl, 33 loan to Bernie Madoff and, 36 Shkreli, Martin, 68 Siegel, Jeremy, 122 silver, the investment of, 183 Silverstein, Larry, Bernie Madoff and, 35 Skilling, Jeffrey, 50 Smith Barney, Jane E O'Brien and, 93 Social Security numbers, 29 solutions-based financial planning, 159 Spielberg, Steven, Bernie Madoff and, 35 Staley, Jim, 93 step up in basis, meaning of, 199 Sting, 27 investment losses of, 25 stock, common, 191 preferred, 198 sticking with one, 161 strongly opinionated advisor, avoiding a, 121–123 student debt, 151 student loan market, 145 subprime automobile lending, 145 subtlety, 27 Billy Joel and, 24 importance of, 73–74 the danger of, 15–20 Sumner, Gordon Matthew Thomas, see Sting surrender charges, B shares and, 114 susceptibility to interpersonal influence, scams and, 77 suspicious, the advantages of being, 96 Tagliaferri, James, 62–63 tax bracket, questions about your, 104 credit, 199–200 deductions for mortgage interest expense, 140 deferred, meaning of, 200 minimization, 108 tax-advantaged bequeathing of estate assets, 29 tax, estate, 165 excise, 165 income, 163–164 payroll, 164 property, 164 sales, 164 technical analysis, 200 technology, investments in, 94–95 temperament, focusing on the investor's, 98 1099 tax forms, 106 term insurance, 146, 194–195 term life policy, shopping for a, 147 Thakkar, Sagar, 99–100 time horizons for cash flow, 109 time pressure, victims of fraud and, 75 total monthly payment ratio, 142–143 total return, meaning of, 200 Tricarico, Robert, 64 U.S Bankruptcy Court, Bernie Madoff client list and the, 37 U.S Department of Interior, Kenneth Lay and the, 48 umbrella policies, 151 unit investment trust, 119 unsuitable products, investors who purchase, 23 validity, weathering market, 98 variable annuities, 188 insurance policies, 146 universal life insurance, 124 Vasseur, Karen, 86 Vasseur, Tracy, 86 Versailles Treaty, 153 victims of fraud, age of, 72 visceral influences on the consumer response, 77 volatile investments, questions about, 104 volatility, meaning of, 200 Webel, Suzanne, Bernie Madoff and, 37 Weber, Frank, 23–24 Weiner, Charles, 34 Whitney, Richard, 52 whole life insurance, 194–195 Williams, David, 63–64 wire-fraud conspiracy, Phil Kenner and, 22 Tommy Constantine and, 22 withdrawals, time horizons for, 109 WorldCom stock, 52 WorldCom, founding of, 51 Yelp, reputable firms on, 89–90 yield, meaning of, 200 Zakarian, Richard A., 61–62 Zarossi, Luigi “Louis,” 40 Zuckerman, Mortimer, Bernie Madoff and, 35 ABOUT THE AUTHOR M y thirty-year professional career has been in financial services I started as a trainee with a wellrespected Wall Street firm in 1986 My career included successful financial advisory with more than $400 million under personal management As my sales career advanced, I was selected to assume responsibilities as branch manager and regional sales manager I later was chosen to be chair of the company's branch advisory council In 2004 I was asked to serve Legg Mason in the capacity of senior vice president, director of wealth management My responsibilities included directing the efforts of two dozen attorneys and CPAs as we assisted high-net-worth individuals and families with sophisticated financial matters Understanding the business from the ground up has been truly enlightening and has provided a unique perspective regarding fair versus unfair I have continued my formal education and in 2000 successfully completed my Certified Financial Planner® designation from the College of Financial Planning in Denver, Colorado I also maintain a chartered financial consultant designation from the American College in Bryn Mawr, Pennsylvania My undergraduate degree from the University of Dayton is in psychology I have always believed that this foundational education has helped me to better understand people and has helped me in my successful career Postgraduate education took place at both the University of Virginia and the Wharton School of the University of Pennsylvania Having interviewed, hired, and trained literally thousands of men and women in the industry, I believe I have a unique perspective regarding those who succeed professionally and conduct themselves in exemplary fashion always on the behalf of their clients Unfortunately, I have met (and yes, hired) some people who are far less desirable and disappointed (or outright stolen from) their friends and clients As an accomplished platform speaker, I readily seek opportunities whereby I can deliver a message to investment professionals that will inspire them to what is always in the clients' best interest My seminars on client-focused investments have always proved to be popular I now want to reach beyond the investment professional community and bring my message to the people most in need, the consumers Presently, I consult with successful financial advisors across the United States and Canada, advising them on how best to grow their practices, always with an eye on what's best for the client ... on the behalf of the investor The world of finance may seem confusing to the majority of people; nonetheless it is the men and women who entrust their hard-earned cash to others who have the. ..Praise for The Madoffs Among Us The Madoffs Among Us courageously tackles the untold story in professional relationships: investors beware of schemers, scammers, and over promisers In his conversational... in the way? How can investors minimize the chances of losing money at the hands of the Madoffs among us? In addition to investment scams, let's visit the most notorious and popular “too good to