The investment firm of Laidlaw & Company has recently issued a press release that promises to help us (me) to move ahead in my plans for the future, a future that is by its very nature, unpredictable and murky.
Laidlaw would have us invest through them and their solid investment policies.
Laidlaw, as well as common sense, teaches us to set aside a small portion of our income each pay period. Sounds good. Even Matthew Eitner tells us the same thing.
Accrued interest on our investments can and should be used to increase your investment portfolio, and of course Laidlaw & Company promises to help us do that.
However, this brokerage firm, a full-service banking and brokerage company has been advising investors on investment strategies as well as managing their portfolios.
In 2012 allegations claimed that the Laidlaw Company did not set up or use adequate procedures that would keep the company and its investments in compliance with the Bank Secrecy Act. This along with accusations of other irregularities was settled by Laidlaw using the legal dodge of nolo contendere paid a fine of $65,000.00
while this does not admit guilt, and James Ahern might well use the excuse that it was easier to pay the fine than to continue contesting the accusations, many would conclude that the company feared that a deeper and more prolonged investigation might uncover other irregularities that would only denigrate the situation.
When this sort of activity is performed in the private sector, the kindest and most popular definition would be to call the payment “hush money”.
Evidently a good many investors have lost money they had entrusted to the firm of Laidlaw & Company, and while no investment firm can guarantee continued profits on all monies invested, there is definitely a line that should never be crossed.
Although this is but one case in which one investment firm has been selected for comment, this misuse of investor funds appears to be more widespread than previously thought, and my own take would be to do a great deal of homework before ever contacting an investment firm. These days we can conduct an enormous research program thanks to the Internet. Some sites may charge a fee for this research, but that fee may be merely a token compared to the possible losses we may suffer through bad or even illegal investment judgment.