"What am I going to tell my wife?"
Ministers, nonprofits among the latest investors to sue Petters
Excerpts:
More than 100 pastors, ministers and nonprofit organizations have joined together in a federal racketeering lawsuit filed Friday in Minneapolis against Tom Petters and some of his associates .
"We've had a whole line of people going through our office the past 10 days," said Carolyn Glass Anderson, an attorney with the Minneapolis law firm Zimmerman Reed, which filed the case.
"Their lives really have been devastated," Anderson said. "Several of them are selling their homes and moving into their kids' basements."
Some clients are "pastors who've been making $40,000 a year for 40 years, and they don't have Social Security, and they had all of their life's savings in this," Anderson added. "And one guy was in tears and he said, 'What am I going to tell my wife?'"
Comment: I feel very sorry for those who lost $$ with Petters. But it is important to invest wisely and to use reputable investment advisors. See earlier post Suckered by Petters
It would be interesting to learn what signs of Petters being a wolf among the flock were missed by all these people, and it's sobering to see that a lot of the people he "took" were those whose job was in part to....be discerning about such things.
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