Just when I think I can no longer be shocked by the brokerage industry, I come across some fresh depravity, some new and previously unimaginable perversion of the bullshit “suitability” standard that daily permits the misleading sale of horrendously expensive and dangerous products to unsuspecting civilians.
What if you were duped into buying into a private placement that was supposed to make regular interest payments and then, quickly after handing over your money, the interest payments suddenly stopped? And then what if, in your attempt to fight back, you all of a sudden triggered an indemnification clause that actually allowed the scumbag who sold you the investment to sue you back?
This is a real thing that’s happening now. Not in New York City or on Long Island or in any of the traditional ancestral lands of the boiler room tribes. But in the heartland of America, where investors are presumably less guarded or aware of the industry shenanigans that await them.
Run, don’t walk, over to Susan Antilla’s story at DealBook. And bring a receptacle of some sort to vomit into.
Read it here: