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Search results for "First Union Brokerage" ...
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Wiped Out
BUSINESSWEEK tells the tale of how roughly 90 Proctor & Gamble workers were lured into quitting their jobs by the siren's call of a local stockbroker who promised them untold riches. Bill Gibbs, the stockbroker, convinced older workers to quit their jobs so he could gain control of their company-funded retirement accounts. As Gibbs' original investments began to falter, he sank his clients' portfolios heavily into tech and Internet stocks just as those sectors were peaking and about to begin devastating declines. Within a year, most of these workers saw their life savings wiped out.
Tags: A.G. Edwards; Procter & Gamble Co.; oil; health benefits; stockbroker; investing; life insurance; retirees; tech stocks; Internet stocks; portfolio; J.D. Power and Associates Inc.; First Union Brokerage; high yields; Dow Jones Industrial Average; Dow Dividend Strategy; Individual Retirement Account; Chevron; General Electric; General Motors; International Paper; 3M; high risk stocks; bankruptcy