Mutual Fund Scams

I understand that Wall Street needs to make a profit, but frankly I'm very upset that they are doing their best to rip off the men and women in our military. In recent weeks there have been widespread reports across the country regarding the sale of mutual funds on military bases.

Essentially, soldiers who may not be that sophisticated in money management are led down a dangerous path by commissioned salespeople. Soldiers typically pay 50% commissions for these funds and life insurance policies. (The typical commission is four to five percent, and at most you should pay eight percent.) It’s becoming a bigger scandal and hearings just took place on Capitol Hill to discuss how to handle it and a number of states are also investigating the issue. If you know someone in the military, please take time to let them know that they should avoid these scams.