Erwin Shustak, founder and Managing Partner of Shustak Reynolds & Partners, who for more than 30 years served as an arbitrator for the Financial Industry Regulatory Authority (FINRA) joins host Richard Levick of LEVICK to discuss the rise of fraud in new investment vehicles such as cryptocurrencies and NFTs.
Erwin discusses the surprisingly high rate of broker bankruptcies, Ponzi schemes and industry dishonesty which is far more pervasive than people would want to believe. People spend more time doing due diligence on a restaurant than they do on an investment advisor, all in the hopes of getting rich quickly.
The psychology of these scams is so powerful that even after people have been defrauded, they often cannot come to terms with the fact that the person they trusted has taken their money. Fool me once? Fool me again.
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