Comments for Stanford advisers want their CD commissions at http://www.theind.com , comment 1 to 8 out of 8 comments http://www.theind.com Fri, 24 May 2013 08:10:04 +0100 FeedCreator 1.7.3 http://www.theind.com/home/4766#comment-2576 Hmmm, Bear Sterns, Lehman, Wachovia, Citi.... the list goes on. Advice in the financial sector is build on trust from top to bottom. when the guys at the top lie and cheat everyone gets hurt and yes the advisors got hurt too. In order to sell of represent anything, you have to do your due dilligence but at the end of the day you also trust the leaders of your company. I worked at BofA for a bunch of years and I can tell you the employees did not know that Ken Lewis was lying about the health of Merrrill - Big Dave Thu, 27 Aug 2009 22:14:02 +0100 http://www.theind.com/home/4766#comment-2210 Let me get this straight - these guys were paid to give FINANCIAL advice and sold fraudulent CDs they got paid what looks like an absurd amount of money for and now they think they're innocent? No wonder the financial sector is in shambles. Any snakeoil salesman off the street can sell securities. A salesman should not take on that kind of responsibility or fiduciary duty. This was decades of people's retirement savings. No one should be working to close a deal when there is that kind of risk involved. Those guys knew better and if they still don't see they really screwed up, then they are too stupid to understand their own industry. Three words: breech of duty. - Trusting Investor Fri, 07 Aug 2009 01:16:52 +0100 http://www.theind.com/home/4766#comment-2188 Think about what some of you are saying. To think that 100 advisers management employees knew about the fraud is ludicrous. How long can a secret be kept among even 5 friends? Someone will always spill the beans. Plus I know several of the long time advisers. Good guys with high morals. They would not have stayed associated with a known crook. Plus many of them had their own money, family and friends’ money in the CDs. They have lost money also. Some of them have even lost their careers and face years of law suits. Enron, WorldCom, HealthSOuth, Madoff, etc. All financial frauds involved a very small number of people. I don’t believe for one moment that any of the advisers knew. Sure they were making a commission. Exactly what my guy told me he made-1% of the CD amount per year. In my business we would starve if we were paid that small a commission. I knew exactly what I was buying. A 7% CD when local banks were paying 5% in a non-FDIC bank. It said this in ALL CAPS along with THIS IS A RISKY INVESTMENT. But I had known several people who had been drawing interest for years from the bank. So I read the financial statement and made a deposit The difference might be that my adviser advised me to never invest more than 20% of my money in any one investment. Even an FDIC insured bank. So my loss is limited, although still painful. But to blame my broker would be ridiculous as I am sure he is a victim as well. He actually lost more than I did plus his other money is still frozen. - Duped Also Thu, 06 Aug 2009 00:46:29 +0100 http://www.theind.com/home/4766#comment-2171 Just because you do an honest job for a crook, you are not guaranteed anything. I say, hold on to the money, 'cause once its given, it won't be able to be taken back. I think the courts should decide if there is reason to believe they knew it might have been a house of cards. If employees suspected things weren't on the up and up, but the money was too good, then they should not reap ill gotten goods. Then the money should go to the people they stole from. - Myrick6 Wed, 05 Aug 2009 08:28:44 +0100 http://www.theind.com/home/4766#comment-2168 The reps were selling product, pure and simple. They did their jobs, they're entitled to their commissions. They were assured by a legal team and a compliance unit that these were safe investment vehicles, and as long as they were blessed by the SEC and FINRA, these people did nothing wrong. Reps are salespeople, not lawyers or analysts. They sell product. If you buy a suit at Brooks Brothers that you later learned was made by Kathie Lee Gifford-like child slave labor, should the salesperson be stripped of his commission? - Eagle Dropping Tue, 04 Aug 2009 16:28:18 +0100 http://www.theind.com/home/4766#comment-2162 Thes employees did not know of the fraud. They were just as much duped as the clients. They stand in the same shoes s the clients. These CD's were sold for years and they seemed to work....after all the States, NASD/FINRA, the SEC, the FBI etc..etc all knew about the CD's. If any of the sales people at Stanford did know, then they should go to jail too. Janvey needs to find the other 6 billion, and not worry about clawing back 40 million form the Stanford employees. He has already spent 20 million or more of our money! Baker Botts...Janveys Atty...has a huge bill that needs to be paid!!! - RCA Tue, 04 Aug 2009 14:37:31 +0100 http://www.theind.com/home/4766#comment-2155 Heck, go ahead and give Allen Stanford his money too. He's a victim as well. NOT. Come on. These guys sold FRAUDULENT securities and cost thousands of retirees their life's savings. Now they want their commissions back? We want our investments back. - Defrauded Tue, 04 Aug 2009 11:09:21 +0100 http://www.theind.com/home/4766#comment-2154 Name them. I want to know their names. I hope the courts are not too quick to award in their favor. No reason to hurry. Once its given, the court would have a hard time getting that money back. Lets see how much each one knew about what was going on. If they knew people were being taken to the cleaners, they should not be entitled to any of that money. It should go to the investors they represented. - Myrick6 Tue, 04 Aug 2009 11:04:01 +0100