internet investments

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hot springs
Posts: 1
Joined: Wed May 15, 2019 12:16 pm

internet investments

Post by hot springs » Wed May 15, 2019 12:46 pm

Thank you for this forum. I have a question concerning my 88yr old father investing on the internet with the following companies:
Porter Stansberry
Bonner and Assoc.
Casey investments
My parents have a financial advisors that they like and work with. I suggest any additional investments he makes should be run past their advisors first. My father feels there is nothing wrong with these companies legitimacy.He is not very computer literate and I feel at his age he could be easily taken by these companies. My mother is not happy with these investments. Do we have need for concern? Thank you

Jack FFR1846
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Location: 26 miles, 385 yards west of Copley Square

Re: internet investments

Post by Jack FFR1846 » Wed May 15, 2019 1:12 pm

Look up each of these companies and add the word "scam". You will not be happy.
Bogle: Smart Beta is stupid

carmonkie
Posts: 151
Joined: Fri Jun 29, 2018 4:31 pm

Re: internet investments

Post by carmonkie » Wed May 15, 2019 1:45 pm

Run while you can...

The fraud allegation

As for what Porter Stansberry did, the first clear description was set out in April 2003. That was when Karen L Martinez, Thomas M Melto and Brent R Baker of the Securities and Exchange Commission’s Salt Lake City office filed a complaint with the federal district court in Baltimore, Maryland, where Stansberry’s investment newsletter business was located. They alleged:

“1. Defendants engaged in an ongoing scheme to defraud public investors by disseminating false information in several Internet newsletters published by Agora or its wholly owned subsidiaries such as Pirate. Through various publications, defendants claimed to have inside information about certain public companies. Defendants suggested that its readers could cash in on the inside information and make quick profits. The defendants offered to sell the inside information to newsletter subscribers for a fee of $1,000.

Source:
https://briandeer.com/stansberry/stansb ... scam-1.htm

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unclescrooge
Posts: 3972
Joined: Thu Jun 07, 2012 7:00 pm

Re: internet investments

Post by unclescrooge » Wed May 15, 2019 3:32 pm

What Porter did was not illegal. If it had, he would be joining Rajaratnam in prison.

Having worked at Stansberry in the past, I will say they are the most legitimate company in a basically illegitimate industry. The people who work their are decent, honest people (unlike a lot of other newsletters).

I still read 3 of the newsletters on a regular basis (even though I have access to really all of them).

That being said, you are ALWAYS better served by asset allocation, asset location and risk management than individual stock picking.

I would recommend he drop all the subscriptions.

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