Financial Serial Killers Inside the World of Wall Street Money Hustlers, Swindlers, and Con Men

Dave and Bill spend an hour with Tom Ajamie and Bruce Kelly the authors of this great book...

 

Ajamie and Kelly relate stories that emphasize the personal connections that fraudsters make with their victims to develop the credibility necessary to steal their money. They identify specific warning signs and tips to help the average person who may not be a financial expert hold onto their money. These tips include...

 

In the fiscal year 2009, the FBI saw a 105 percent increase in new high-yield investment fraud investigations when compared to 2008. To be exact, there were 314 versus 154, and many had losses exceeding $100 million.

 

According to a new book, financial fraud has hit Main Street as well as Wall Street. In Financial Serial Killers, authors Tom Ajamie and Bruce Kelly identify the warning signs and strategies that perpetrators of fraud use to scam average Americans out of their life savings. Ajamie, a lawyer who has recovered hundreds of millions of dollars from fraudulent individuals, corporations, and organized criminal organizations and Kelly, the news editor for Investment News, provide true stories of people who have been scammed, and explain how these scams could have been prevented.

 

“Financial Serial Killers pose as financial whizzes, sell investors bogus products or unnecessary products that they claim are safe, or simply gin up investment returns,” Ajamie and Kelly write in the first chapter. As opposed to the majority of credible financial advisors who have their clients’ best interests at heart, “They exude confidence and credibility. They speak with self-assurance, hold themselves confidently, and seem to know their stuff. Their credibility is often enhanced by their references. Getting the first ‘sucker’ is the most difficult task, but once they have a respectable chump in their pack, it’s easier to get the others.”

 

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