I too learned of a acquaintance last week that, at the advice of her mortgage broker (giving her a mortgage at the time), invested $120,000 of borrowed money a couple of years ago into a "couldn't miss" gold mine stock. Of course it wasn't registered with the securities commissions and was a private deal. She fears that the money is all but absconded by the seller, whom was a friend and colleague of hers at the time. Plus, she trusted this mortgage broker and the "hot tip" she provided. I "googled" the seller's name and within seconds found a plethora of damning information on the net that he had been charged years ago in BC and Alberta with securities fraud. This could have been found by my friend with minimal investigation before invested money that wasn't even hers.
Thus, financial common sense isn't all so common since few Canadians have ever been taught the basics. That's the entire point of this radio series and I hope you'll tune in and send us your questions. We want to educate and more importantly, help protect you in these turbulent times.
If you missed the links and resources from yesterday's segment, check them out at:
We'll be adding more daily, so be sure to check back soon.