Straight off the FBI presses, Philip D Murphy allegedly participated in a complex fraud scheme.
"A former financial services executive was indicted yesterday for his participation in a far-reaching conspiracy and scheme to defraud related to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts, the Department of Justice announced.
The three-count indictment was filed yesterday in the U.S. District Court in Charlotte, North Carolina. The indictment charges Phillip D. Murphy, a former executive for a financial institution, with participating in a wire fraud scheme and separate fraud conspiracies from as early as 1998 until 2006."
In only a few minutes, an unscrupulous con artist or fast talking 'financial advisor' can swindle an unsuspecting consumer out of a nest egg that took a lifetime to build. Unlike muggers and thieves, investment fraud artists don't take your money against your will; they persuade you to hand it over willingly.
"...The key is to become friends with the victim first. I always talked to someone several times before ever asking for a sale. I asked them about their life, listened to their stories, kept them company, flattered them. 'Edie, you couldn't possibly be 75 years young. Why my wife is only 35 and you sound just like she does over the phone!' Once they were my friends and trusted me, I could sell them until they ran out of money..."
You don't have to be wealthy to capture the eye of a con artist. Many of their prime targets are older consumers with little or no experience investing money.
Suspicious Sales Pitches
Beware of any promoter whose investment presentation:
on fear. Con artists know senior citizens often worry about out living their
savings or experiencing a catastrophic event that could wipe out savings.
They may say the investment is a way to build up so much savings you
won't have to worry.