Let’s take a moment to discuss an important issue that’s becoming more common—and more sophisticated—especially for people with retirement savings.
The New York Times published a detailed story about a retired attorney who lost nearly his entire retirement after being drawn into a highly convincing scam. The criminals impersonated financial institutions and government agencies, created urgency, isolated him from trusted contacts, and coached him on exactly what to say to banks and advisors to access his accounts. By the time the scheme unraveled, the victim’s money was gone—and, to add insult to injury—significant tax consequences remained.
We’re sharing the article here because it highlights a few critical realities worth keeping top of mind:
- No legitimate government agency or financial institution will ever ask you to move money “for safekeeping.”
- Requests with urgency, where you are being compelled to act quickly, are major red flags.
- Requests that involve secrecy are major red flags.
- Scammers are increasingly professional, patient, and psychologically manipulative.
- Once funds are transferred—especially via wires, crypto, or precious metals—recovery is extremely unlikely.
If you ever receive a request that involves moving funds, changing account access, or bypassing normal safeguards—no matter how credible it may appear—please pause and reach out to us first. A quick call can prevent irreversible damage.
Our role is not just to help grow your assets, but to help protect them. When something feels out of place, trust your instincts and loop us in.
We’re also happy to walk through the protections we use, including requiring direct contact for any withdrawal and phone verification for requests that aren’t made in person.