There are good independents and bad independents and the are good brokers with major firms and many bad brokers with major funds. I don't want anyone investing my money in anything I don't understand and if it sounds too good to be true, it probably is. At my age, I can't afford to gamble.
This would have been avoided if they had set up an Advisory Account. Only use financial Managers that manager your money through a major brokerage Advisory Account. Then, monitor the activities.
It's a big red flag if they're buying complicated high risk securities and derivatives that you can not obtain or sell for yourself or that have very low liquidity.
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