15 Former Brokers Accused of Misleading Older, Unsophisticated Investors

[NNN0LHI]

http://ap.tbo.com/ap/breaking/MGB38KR5W0E.html

SPOKANE, Wash. (AP) - The state has charged 15 former brokers for Metropolitan Investment Securities Inc. with allegedly making misleading recommendations to thousands of older, unsophisticated investors who were trying to save for retirement.

The state Department of Financial Institutions said that from 2001 to 2003, the brokers sold more than $162 million worth of unsuitable investments from Metropolitan and its sister company, Summit Securities Inc. Both companies are now bankrupt.

In filing the civil charges Thursday, the agency said it intends to revoke or suspend the securities licenses of many of the brokers, censure others and seek fines.

"Brokers have an independent duty to make sure that their investment recommendations are suitable," said Helen Howell, agency director. "We believe that these brokers ignored that duty by recommending Metropolitan and Summit securities and abused the trust of some of our most vulnerable citizens."

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[mbperrin]

1. Fines? Licenses? These bastards are stealing lives!

Take all their shit, strip 'em off naked, tattoo "I steal from people who trust me" on their foreheads, give each and every investor they screwed the opportunity to strike them with a baton or a rod or a Taser in any place they choose as many times as they choose in one setting only, then turn 'em loose, after posting all of it on the web under a new domain like "avoidthesefuckersatallcosts_theyareevil.org"

I'm really being nice here. They deserve much worse.

[JPace]

3. and when they privatize social security there will be

thousands of these rotten greedy thieves feeding from
the trough.

[radwriter0555]

4. EXACTLY! THESE are the crooks bush wants to hand YOUR SS to..

Gee, what a GREAT idea!

[Village Idiot]

5. I say we put them in the STOCKS...

and brand "I fuck Senior Citizens out of their retirement" on their asses, and "SCUMBAG" on their foreheads.


Maybe I'll have a decaf next time....

[slappypan]

2. privatization

This is what Bush's "ownership society" is all about — your right to be fleeced by your own choice of crime syndicate.