Financial Fraud and Financial Exploitation in Florida: a recent story from the Palm Beach Post

The Palm Beach Post reported today that a Wellington, Florida man stole $30 Million by “professing his love of God and his ability to make people rich.”  Financial abuse and fraud in Florida is rampant.  Fraud and financial exploitation continues :  even in a post-Madoff world.  While professionals like probate lawyers, who guide, advise and protect the rich, scratch their heads and wonder how this happens, the truth is…..it does.  Florida residents make loans to strangers, without doing a background check or getting any security or collateral or loan documents.  Florida seniors make an “investment” in a  deal that promises hard to imagine returns.  And finally, many elders or senior citizens open up their financial lives to those they should not.  How to avoid financial exploitation or fraud:  1) get good advisers: lawyers, bankers and investment agents and CPAs 2) keep your financial statements and legal documents locked up and not open to inspection or theft.  3) when you are thinking of making a loan or investing with someone, think again.   4) do background checks on those who want a piece of your money or wealth.  You would be surprised by what a simple google search will reveal, let alone a detailed search for arrests and lawsuits.   Finanial fraud is alive and well in Florida.  Sadly, so , too is financial exploitation.