State Files Complaint Against Boca Money Manager
State regulators claim that a Boca Raton money manager happened to give a janitor together with his wife wrong investment advice. As a result, the couple ended up losing almost all of their $70,000 investment. The manger is the host of a financial radio show.
The office in charge of Financial Regulations in Florida claims that Peter Bruno, who is a member of the Wall Street Management Group made investment suggestions to couple in question which led them to lose 96% of the liquid savings they had. In the end, the couple was left with just $3,073. The investment was initially intended for a Nest Egg Strategy account that was meant to be conservative.
Regulators stated that Bruno implemented a risky trading strategy in which the couple ended-up buying stock in a long-troubled Washington Mutual around ten months before the biggest U. S. loan and savings went down due to the recession, which occurred back in 2008.
Read more about this here:
http://articles.sun-sentinel.com/2013-10-07/business/fl-money-manager-charged-20131007_1_state-regulators-washington-mutual-retirement-age