Financial Fraud Skyrockets!

Financial Fraud Skyrockets! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Financial fraud skyrockets. No surprise here. The number of older
Americans who have reported losing more than one hundred thousand
dollars to fraud has more than tripled since twenty twenty. This,
according to the FTC, a growing trend that they say

(00:39):
represents a grave and growing threat to older adults financial security. Wow,
this numbers again. Again, It's devastating to older adults, consumer scams,
financial fraud. Again, these numbers, quite frankly are conservative at best.

(01:03):
Most most senior citizens after being defrauded, This has been
my experience since we have been the leading advocate for
investors and going after financial fraud for three decades now,
most don't say a damn thing. Most are thoroughly embarrassed

(01:24):
by what happened. It's a hit to their pride and
they don't want to let anybody know. They're also afraid
of letting letting their you know, their kids know about
what happened as well because they're embarrassed. So most financial
fraud goes un reported. Securities in Exchange Commission, isn't that

(01:47):
their job to help protect you? No? No, that that's
that's that's a misnomer. That's wrong.

Speaker 1 (01:55):
Okay.

Speaker 2 (01:56):
Uh, the Securities in Exchange Commission and Finra. Uh, they're
not a cop on the beat. They are not going
to put a stop to anything before it actually happens.
That's not what they do. They could have stopped Bernie
made off, but they didn't. They get information, they have
the technology, but they don't do anything. They come in

(02:20):
after the fact, prosecute, collect to fine, and then you know, yay,
look what we did. What did you do? What you do?
You came in after the fact, after people were ripped
off and scammed. You watch these things transpire before all
of our very eyes, stuff that we call out on

(02:40):
a regular basis. You did nothing after the fact, You
came in, you prosecuted, and then got your fine money.
You can't rely upon the regulators. You can't. Again, they
are not a cop on the beat. They're not there

(03:01):
to deter anything because they don't deter anything. You would
think with the technology that's available today, they'd be able
to spot these things, find these things out. They don't.
They don't. We do, they don't. Anyway, I've given this

(03:22):
advice for some time here on the program. Human Nature
is it's difficult, difficult for many investors. It really is.
People get roped into well, they either get scared into
buying into something you know that they're afraid they're going

(03:43):
to lose money, or greed takes over. Greed and fear
set the trap again. I'm going to remind everybody, like
I do every week here on this show, almost every
day here, almost definitely every week on the radio show,
everything in life that has meaning, value and worth involves work,
time and effort. And if you can remember that and

(04:06):
you can abide by that, it's going to save you
a whole lot of hurt in the long run. Watchdog
on Wallstreet dot com