Thursday, March 28, 2019

Should I call Vinny? Plus a postscript...

This seems like an era that once existed is returning.  Recently on cable programs here, a periodic advertiser has been A.G. Morgan Financial Services.  Based in the financial center of Massapequa, Long Island, the firm offers a guaranteed 9% one year return, "insured by an insurance company", that makes sense.  At the beginning, an older woman states that she wants to be secure in her retirement for obvious reasons(photos of loved ones), that makes sense, and she looks to A.G. Morgan.  Then the Chairman and CEO comes on, that's Vincent J. Camarda, assertive guy, nice tan, and explains that with just $25,000 you can become a client and start an account.  "At A.G. Morgan, we manage over $250 million" and you can be part of our family.

After that the retired older woman comes back on and says "I trust Vinny", that makes sense.

This is ripe. Does this make sense?  That return today is difficult to "guarantee".  What insurance company would guarantee this?  How much capital is at the vaunted A.G. Morgan?  Reminds one of A.G. Edwards or J.P. Morgan?  Just a wild guess but that's the whole point.  Have the networks vetted this advertisement or are they required to do so?

If this is remotely legitimate, that could be just part of the game.  Do they want older people living on fixed incomes to call, and share their vital financial information and who knows what else?  Is this predatory advertising?  First Jersey Securities all over again.

Google shows that this is an eight person shop(bucket?).  Four answer the phone, one is an accountant, and three have some financial experience.  Should I call Vinny?

3/29 Postscript:   Further research on Mr. Camarda includes this comment by an investment adviser information sight --- "Vincent works as a financial adviser at AG Morgan where he has several pending lawsuits against him for misappropriation of funds, conspiracy to commit fraud, and embezzlement."  There is no way to confirm the accuracy of that statement, but at a minimum someone is a bit disgruntled.   On another sight about working environments at investment advisory firms, the number one "pro" of working for Vinny is "complete loyalty leads to higher pay", while the number one "con" is "the CEO tells his employees about his personal life in great detail including his romantic life."  What a guy.


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