How Secure is Your Retirement Investments Planning And Fraud Hearing Befo

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How Secure is Your Retirement Investments Planning And Fraud Hearing Befo
United States Congress Senate Special Committee
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I don't believe so, I'm not sure. But as soon as the salesperson resigned from First Investors Corporation and went with another company, she transferred all of her funds out of First Investors into his new company.
Senator Cohen. She is still your friend?
Mrs. Pharr. Very much so, yes.
Senator COHEN. One thing that struck me, you said that the salesperson, Mr. Rutland, told you that even though the invest- ment didn't have FDIC insurance, it was just as good, right?
Mrs. Pharr. Yes.
Senator CO
...HEN. What did you think he meant by that?
Mrs. Pharr. I felt nervous about it, and I don't know exactly what he meant except that it had the security, the same as FDIC.
Senator Cohen. Did any alarm bells go off in your head, when someone tells you this is good as gold, do you want to put the coin in your mouth and see if it bends or not?
Mrs. Pharr. A yellow light came on, yes.
Senator Cohen. A yellow light?
Mrs. Pharr. Caution.
Senator Cohen. Caution, but you weren't cautious.
Mrs. Pharr. Not enough, evidently.


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