Man scammed out of retirement savings and still owes IRS $30,000 in taxes (#349)

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway shares the shocking story of a financial expert who lost his life savings in a scam. Despite helping others safeguard their finances, he became a victim himself, losing over $200,000 and now facing an additional $30,000 in taxes. This tragic tale highlights the importance of vigilance, no matter how knowledgeable you are. A.B. Ridgeway explores how these scams unfold and provides crucial advice on how to protect yourself and your loved ones from similar traps.

Key Takeaways:

1. No One is Immune to Scams: Even experts can fall victim to well-crafted schemes. Being vigilant and consulting with your trusted financial advisors can reduce your risk.
2. Importance of Verifying Information: Always verify claims, especially when it comes to finances. Contact companies or authorities directly rather than relying on unsolicited calls or emails.
3. Assembling a Financial Team is Crucial: Your financial advisor, accountant, lawyer, and others in your financial circle should be consulted before making any major decisions, especially when under pressure.

Notable Quotes:

1. "I don’t feel that I’m too smart to be scammed. I think we all need a humble pill to say it can happen to anyone."
2. "They convinced him that he had done something illegal, and they had lots of proof. They told him they were federal law enforcement officers."
3. "What do I always recommend? Go to your financial five—your financial advisor, accountant, lawyer, power of attorney, and executor. They will help you fight these scams."

Tune in to learn how you can protect yourself from financial scams and avoid becoming another tragic statistic.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: ABC7