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1nonlyj

Just sick over this.

IdaClaire
12 years ago

I hesitated to post about this, but quite frankly folks, I need to vent. We just learned yesterday that a company in which we had invested a significant sum of money (for us) is being accused by the SEC of running a Ponzi scheme. We aren't super-savvy when it comes to financial matters, so a number of months ago we allowed our trusted financial advisor/broker to talk us into investing in Provident. This was right around the time that the market was really starting to spiral downward, and we specifically told our advisor that we wanted to shift some assets around into something that would be more stable and secure. And this is where he led us.

I'm just sick, really sick. Almost to the point of being physically sick about this. Thankfully the money we invested wasn't the bulk of our portfolio, but as I said, it was not insignificant. I am just angry beyond words that these three "businessmen" would do such an awful thing to others. As I believe the article below states, lots of "little people" got taken.

So, what do you do when you're pretty much at the mercy of the system at this point? Hope and pray that we'll see even so much as pennies on the dollar come back to us? I have no way of knowing if our investment is gone forever. My anger at the individuals involved has really been weighing heavily on me since learning about this yesterday. I need to try to find a way to channel it into something more healthy, because right now, I am truly seething.

Here is a link that might be useful: Might as well have flushed my $ down the crapper.

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