I wonder if the advisor invested (and lost) any of his own money in the dodgy Florida property scheme, or if he just made money (via fees) by getting his German "clients" (marks) to "invest". It would be interesting to know the details regarding his actions - was he licenced to give financial advice, what advice did he give the pensioners regarding this investment (risk, returns etc.), and was the advice he gave "suitable" for his clients given their age, risk-tolerance, need for diversification, understanding of the investment. It appears to be another example of how high fees paid to advisers by risky investment schemes can lead to massive conflicts of interest and unsuitable advice being provided to clients.
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