The fleecing of the flock at the local wardhouse is an all-to-familiar theme here in Utah we believe; and we wonder if devout LDS church-members will ever get wise to the fact that it isn't smart to put blind trust, (let alone your life savings or entire retirement account) into the hands of somebody who says he's real smart, just because you know him from church.
Weber County Forum
Ogden Financier Gets the Criminal/Civil "Double Whammy"
February 7, 2008
While all investments carry an element of risk, that risk can be managed by following sound and proven financial principles; first, avoid unnecessary debt, especially consumer debt; second, before investing, seek advice from a qualified and licensed financial adviser and third, be wise.
Salt Lake Tribune
Letter from the First Presidency
L.D.S. Church
March 13, 2008
LDS Church leadership finally puts out the word to the faithful flock, according to yesterday's Salt Lake Tribune:
Just weeks before a Mormon entrepreneur is expected to plead guilty in a scam that defrauded about 800 people of $180 million, The Church of Jesus Christ of Latter-day Saints is warning its members to steer clear of financial scams.Read the full story.
In a letter by the church's First Presidency read to its congregations Sunday, the church said it is "concerned that there are those who use relationships of trust to promote risky or even fraudulent investment and business schemes." It is unclear if the letter targeted Utah congregations or its entire worldwide membership.
The church declined to answer questions on the letter and whether the case involving Ogden businessman Val E. Southwick and other recent cases like it triggered it. A spokesman would only say that "the principles of personal discipline in financial management and of avoiding debt have been taught by church leaders from the earliest days of the church."
But what sets this letter apart from earlier messages is that it specifically addresses fraud and urges members to invest "wisely with responsible and established financial institutions."
We'd of course interpret this message broadly, to include a warning to watch out for scammers in government.
And what say our gentle readers about this?
