Clark Howard says to watch out for 401k predators

I found an interesting article on Clark Howard’s website today. It was on a scam that is going on with stock brokers or insurance companies who tell you that they can make you wealthier by moving your 401k from your employer to them. He actual got the article out of Business Week. Here is an example of a person who was crushed by one of these scam artists:

One stock broker got $320,000 from a retired factory worker and reduced it to $57,000. The broker did so by running the money through bad investments with giant commissions. The factory worker had to come out of retirement and work as a school janitor for $9/hour to avoid impoverishment.

It is absolutely horrible when there are people out there who want to take advantage of people especially the elderly. This even falls under the same bullshit that Enron pulled on it’s employees and shareholders. I honestly feel that when a person or persons knowingly are out to destroy other peoples livelihoods and to take money from them for their own personal gain, they should receive the death penalty. Even corporations that pull what Enron did with accounting fraud, the executives and people involved should suffer the death penalty.

Read the rest of the article by Clark Howard. Full Story.

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