Re "Imposing Financial Adviser Lived the Good Life While Some of His Prominent Clients Are Left Shattered" (by Nikki Finke, April 19): Your informative article regarding Stephen Henry's admitted embezzlement of more than $4 million could have gone a little further in offering some advice regarding how readers can avoid getting into the sad predicaments shared by Henry's clients.
While it might be true that "they did not do anything to invite the embezzlement," it is quite clear to an investment professional that there are a number of simple steps potential clients of financial advisers can take to avoid becoming victimized by fraud.
While it is reasonable to assume that a successful adviser will have obtained some degree of success with his own money, a flashy life style is no guarantee of that; on the contrary--if someone acts like the West Coast distributor of money, it can mean that he has never saved enough to invest himself, or that the money he is distributing is yours.
If you are choosing an adviser on the basis of his impressive credentials, why not check them out? How much trouble is it to call his prestigious alma mater and ask if he did indeed receive a degree, or if he ever even attended classes there?