There have been a number of cases recently where financial advisers and sellers who had “blue-chip reputations have been accused of either staggering incompetence or outright fraud that led to multimillion-dollar losses.” People need to be careful when they are seeking out the advice of a professional because there can be times when the advice might not be good. This article discusses some of the high profile cases involving disputes with financial advisors. One of the cases that this article mentions involves the family of William Davidson, the former owner of the Detroit Pistons. This article also addresses some of the problems that can take place in the art collection world with trusted collectors and buyers. It is always important for investors to be prudent and to not always blindly trust people claiming to be experts.
See Patricia Cohen, When the Supposed Experts Lead Buyers Astray, The New York Times, February 12, 2016.
