News Article: Fraud Case Targeted NHL Players

Discussion in 'New York Islanders' started by Wedregast, Nov 13, 2013.

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  1. Wedregast

    Wedregast Registered User

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  2. Doshell Propivo

    Doshell Propivo Registered User

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  3. PK Cronin

    PK Cronin Bailey Fan Club Prez

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    I'm never too sure whether or not to feel bad for the players for a couple reasons:

    A: They are in the position where they are able to invest millions of dollars into things.

    B: Given that they had/have millions to invest, that means they could have done their due diligence and checked to see if they were legitimate.
     
  4. Doshell Propivo

    Doshell Propivo Registered User

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    People get taken advantage of all the time. Rich and poor. The rich just have more to lose.

    They thought they WERE doing their due diligence by hiring these guys to manage their money and investments.

    When kids become millionaires overnight with little to no education or "real world" experience, it's easy to see why they would be easy prey for these criminals. I DO feel bad for them - they certainly didn't deserve to have all that money swindled.
     
  5. PK Cronin

    PK Cronin Bailey Fan Club Prez

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    I understand all this, it's just hard to feel bad sometimes because we just don't know how thorough they were before making an investment.

    And putting more money into something that hadn't produce any profit for you seems like a mistake that just shouldn't happen.

    Nobody deserves to have their money swindled from them, that's true. But if you have it, you should protect it, because nobody else is going to do that for you.
     
  6. steveat

    steveat Registered User

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    Those players earned their millions. Don't get confused with self made and trust fund people.

    I don't understand people that steal money like this though...They had a serious client base and probably would have made 7 figures per year anyway...why go and steal it all...It's not like someone won't eventually figure it out...that was a problem waiting to happen. That's just pure greed.
     
  7. Doshell Propivo

    Doshell Propivo Registered User

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    Self made millionaires don't "earn" it? And if they're fortunate enough to be able to establish a trust for their kids, do they not deserve it?

    By the way, I din't think that most "life coaches" earn 7 figures.
     
  8. steveat

    steveat Registered User

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    No, I am saying self made millionaires earned that money themselves, so they take a different viewpoint on money. Maturity of a person is a different story. Trust fund kids don't really understand the value of money, unless of course they go off on their own and make it themselves. It is a bit of a stereotype to suggest that if you were a trustfund kid, that you would be a spoiled brat. In saying that, there are a lot of those types running around. Like that grandson who's grandfather own MAC cosmetics. Spoiled piece of crap and a bum. I do know many that are quite humble too. It seems the older the money, the more spoiled you become. (my observation)

    Also, at that age, they might be old enough to sign documents and make decisions for themselves, but the parents still have the upper hand on some things. At that age, I still listened to my parents..not everything, but I took what they had to say seriously enough to at least take it into consideration.

    It's not like this guy appeared out of nowhere. He already had some celebrity clients and was fairly well known. It's not like he was some dude that went door to door soliciting business. Also, I never heard of a lifestyle coach that was also a financial advisor? Red flags would have gone up for me. You don't order chicken in a fish store. There are a couple coaches that make more..I think this guy could have too if he wasn't so greedy. Anthony Robbins...Zig Ziglar etc etc
     
  9. nystromshairstylist

    nystromshairstylist Lou The Messiah

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    Where were the bank compliance officers, feds, FINRA, etc., in all of this? How does a scam like this go on for so many years without the investors checking their bank and account statements? Why would they not pull out the nanosecond a signature was forged, which is a Class A felony by itself? So many questions, so few answers right now. :shakehead
     

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