Had someone buying a brand new car cash and only putting the bare minimum allowed by law for insurance.
upvoting this, i wanna see what to avoid
I’m a lawyer who worked on a case where an investment advisor was stealing money from his clients’ funds to pay for his own lavish lifestyle. (Red flag right there — don’t trust an investment advisor who’s always jetting off foreign countries for pleasure trips.)
One of his clients had been awarded 10 or 20 million dollars in a civil rights lawsuit, and had absolutely no clue how to handle having money. He’d buy 50 big screens, or buy out a movie theatre for private performance, and other ridiculous things just because he could. He got the idea to start a business — delivery I think. But then he’d exhaust his divestment payment and needed money, so he then sold all the trucks for the business, destroying it. You could really read the advisor’s frustration with the dude over the emails and letters, and my guess is that the fraud started when advisor figured that he could tap into the guy’s funds and the guy would never even notice.
I’m a property manager and have heard all sorts of wild excuses as to why someone can’t pay their rent on time.
The wildest one I’ve heard in my 15+ years in the business is (delivered with a completely straight face):
“My boyfriend took the rent money to pay for an abortion for the other girl he was apparently sleeping with.”
I guess this could be viewed as a horrible or great financial decision, depending on where you’re standing.
Follow /r/wallstreetbets advice.