Adviser scams 61 year old client to put his name on her joint account and withdraw cash on her behalf | Investment Moats Skip to Content

Adviser scams 61 year old client to put his name on her joint account and withdraw cash on her behalf

I seen a lot of low-life shares on social media and news media. This one ranks high up there.

It just so happen to be a financial adviser. The firm is not important here.

This is to bring awareness how much harm influence, suggestions can wreck havoc into the lives of ordinary citizens.

This 45 year old insurance agent heartlessly scam his 61 year old friend, taking advantage of her trust and illiteracy.

Here is a list of atrocious things done:

  1. Scam her to sign documents, telling her that he is leaving the insurance company. The papers were in actual fact authorizations to let the insurance agent received $2081 in cheque and $6500 on her behalf
  2. Manipulated her into adding the insurance agent as a joint account holder, so that he can have assess to her money
  3. He took her money and went to gamble, and when its not enough, took more from her account
  4. He asked her to withdraw $25,000 from her CPF when she was eligible to withdraw
  5. She lent to him $1500000 previously, and refused to return to her. When she went to his place to ask him to return her money and she got angry, the wife called the police

The prosecution lawyers said the original sentence did not reflect the atrocity that he has done. It is even worse that now she needs the money for son’s education, she couldn’t get, and I wonder how much she can get now that he was declared bankrupt in 2012.

You can read the full article here.

As I work partially in the IT security field, I was exposed to case studies where someone could change the details of you account particulars or services by having your name, birth date, NRIC number and some other accounts that you have. I find myself realize that I should be more vigilant in what I reveal to people, even those immediately close to me.

 

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J

Sunday 29th of November 2015

What an asshole. The woman makes only $500 a month!

I think these "financial advisors" are too focused on their own gains. If you've ever attended one of their recruitment sessions, you'll realize that's what they use to encourage people to become "advisors". It's all about "being your own boss", "getting passive income" (from the premiums clients pay!) and how they are currently enjoying the good life because they've generated so much commissions for themselves . Success in the "financial advisory" industry is based on how much money you make, NOT how well you've done your clients by!

/rant

Kyith

Sunday 29th of November 2015

Hi J, good Sunday to you. I have not attended a recruitment talk but it seems like a MLM talk to me. To be fair i think if the products are legit and you have consicence its ok. The economic bias of advisor is strong, but in this case i think its more of how desperate this guy is. Not so much to do with an advisor

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