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The Vigilant Investor by Pat HUDDLESTON

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Introduction

In July 2006, I closed the door of my law office after saying good-bye to a 70-year-old man who had lost his life savings to a Ponzi scheme. This retiree—a family patriarch who had saved for decades in hopes of paying for his grandchildren’s college educations—had come to me because he knew that I had been an Enforcement Branch Chief at the U.S. Securities and Exchange Commission (SEC). He wanted me to help him get his nest egg back, but I couldn’t. The confidence man who had taken it had no liability insurance, and he had never worked for a brokerage firm that could have detected and prevented the scam. The con man had spent this senior citizen’s nest egg, and many others’, on homes, cars, expensive vacations, and phony “distribution” ...

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