Hell hath no fury like a pensioner scorned

Posted on: 24 March 2010 by Gareth Hargreaves

While Alistair Darling performed another sleight of hand with the nation's finances in today's budget, five German pensioners have been jailed for their unorthodox solution to recouping their squandered investment cash.

Five pensioners have been convicted of kidnap in Germany! The five set out to recoup $2.5 million from a financial adviser who allegedly lost their investment capital on property deals in Florida before the sub-prime scandal came to light! One of the five has been sentenced to six years in prison - and he’s 83!

Apparently they lured the financial adviser to Hamburg, overpowered him and packed him into a crate. From there he was transported to a remote house where they 'encouraged' him to write to his bank and return their investment. Sadly they missed the hidden message in the note which said ‘Call the police!’

The rest is history – arrest, trial and conviction. Now we could say ‘poor old dears – let them go!’ but the fact remains they terrorised this guy for three days so ‘forgive and forget’ is not really appropriate!

How did they get themselves into this silly situation? Well chances are they were ‘sold’ a great investment which then went wrong. There’s an old saying – often quoted- ‘If something seems too good to be true the chances are it is!’

I’m amazed how gullible people are when it comes to investing money. Take a look at the Madoff Scandal in the States – he got away with the biggest fraud in history – over $30 billion. He was promising a consistent 13-15% return on capital irrespective of where the stock market was or where the economy had got to. Why didn’t somebody say to themselves – can this really be kosher?

Unless you have money to waste; once you’ve got to the point of, or past retirement - don’t take chances and don’t believe smart salesmen in silk suits, red ties and fast cars! The clue is in the name – Salesman!

 

Should these men have been jailed? Should the financial adviser be brought to book for his lack of competence. Have your say below or mail me at Tony.page@anthonypage.net

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