CW 253: Dubious Ethics and Deceptive Practices in the Financial Services Industry with Investor Watchdog Jack Waymire

Join Jason Hartman and Investor Watchdog, Jack Waymire, for a discussion concerning the ethics of the financial services industry. According to Jack, the frequent lack of integrity undermines the achievement of investors’ financial goals. Companies do not do what is best for you. They are very good at hiding information that they do not want their investors to know. Investor Watchdog investigates these companies and products, acting as a go-between for investors and advisers, answering frequently asked questions, such as, “How do I know I’m getting the right financial advice?” Jack shares examples of deceptive practices by various companies and how the executives that run the companies, i.e. Goldman Sachs, are insulated from accountability simply by paying fines rather than serving jail time for unethical and illegal practices.  Jason and Jack touch on the subject of the Madoff Ponzi Scheme, where Jack talks about some of the evidence that was found, as a glaring example of unethical sales pitches and conman tactics. Jack also informs listeners of what deceptive sales practices to watch out for when dealing with financial advisers.