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| Monday, May 14, 2007 |
| Investors lost trust and millions |
 This Boston Globe article: Investors lost trust and millions about Frank J. Russo who was criminally indicted last month on 20 counts of fraud, had squandered an estimated $20 million entrusted to him by more than 250 investors who included teenagers, senior citizens, and community groups - is pretty sad. Now that Russo's alleged scam has collapsed, many of his clients -- often regular working people from places like Danvers, Everett, Lynnfield, and Malden who placed their trust in a local, Harvard-educated man they'd known since childhood -- find themselves financially ruined.
Some have been forced to sell their homes. Others have fallen behind on mortgage and car payments. College and retirement accounts have vanished. Nest eggs are gone. Profits from family businesses have evaporated.
The same fate could befall anyone, several of them say; their only mistake was relying on a trusted financial adviser .
"One of the things we do as human beings is trust others," said Vincent Ragucci Jr. of Everett, whose family, including his wife, parents, in-laws, and children, collectively invested nearly $700,000 with Russo. Like most of Russo's victims, he does not expect that even a portion of that money will be recovered. |
| posted by Boston Gal @ 7:13 AM *
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Interesting. I wrote the following post on another guy (a lottery winner), who lost both trust and millions as well:
Easy Come, Easy Go
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Interesting. I wrote the following post on another guy (a lottery winner), who lost both trust and millions as well:
Easy Come, Easy Go