Broker fraud - the spotlight shifts

  1. 420 Posts.

    Merrill Lynch has been publicly vilified & humiliated over massive conflict of interest policies where second rate companies were recommended to hapless clients in cynical, premeditated fashion. The spotlight is now shifting to other U.S. brokerages where many investors have been effectively fleeced of their life savings through misleading if not overtly fraudulent advice.

    In Australia, broking executives are gravely concerned over Supreme Court Justice Tim Smith's recent judgement granting $1 million in damages to a Hartley Poynton client, who lost $100,000 because of irresponsible & rash trading by a Hartley employee.

    "Greed is good, so they say - but these scumbag brokers had better pray
    That there's a heaven without a hell - 'cause if there is, there they'll dwell
    They may whinge & they may whine, but for all eternity, they'll do their time...."

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