And it doesn’t look like she had unrealistic financial goals for this money. She was making 5.5% on her money, which is more than a CD but hardly too good to be true.
Should have spread that money around.
For a long time I had all my money with an investment company called SEI. It was recommended by my broker. It didn’t seem like a big deal, because it was spread in so many different funds. In retrospect, it probably wasn’t too bright. The good news is that nothing went wrong and now I do things differently.
The point is that when you invest money, you assume that there is oversight. I’m sorry, but that’s true. I don’t think it’s up to the individual investor to make sure that all the documents that the government requires to license these people are correct. There will be so many people found to be negligent on this, but I think the least culpable was someone like this woman.