December 11 will mark 10 years since the FBI arrested the now infamous Bernie Madoff, who perpetrated one of the greatest financial frauds in U.S. history through an extraordinarily brazen Ponzi scheme that bilked his investors out of tens of billions of dollars.
What can prevent another Madoff from happening? Unfortunately, probably not the kind of fiduciary regulation the U.S. Department of Labor and the U.S. Securities and Exchange Commission have proposed over the past decade. As an Investment Advisor registered with the SEC – Madoff was already a fiduciary.
I recently authored a piece for On Wall Street sharing thoughts on what can prevent advisors with bad intentions from taking advantage of their clients' trust – and the good news is it's a rule that's already in place. I encourage you to check out the article.