by Brian Mahany
(reprinted from our sister firm, MahanyLaw’s blog. www.mahanylaw.com)
In January I wrote a piece titled “Do You Know Who Is Handling Your Money?” That piece discussed how TV star Willie Adams (star of reality television show “Broke and Famous”) was now licensed to be a financial planner. Willie isn’t alone.
The newest entrant in my personal “Hall of Shame” is Kevin Trudeau.
Trudeau authored “Debt Cures: ‘They’ Don’t Want You to Know About.” Unfortunately. Mr. Trudeau has things he does not want you to know about either.
According to published reports, before writing self help personal finance books, Trudeau was charged with multiple counts of felony credit card fraud. Apparently he defrauded American Express out of $122, 735. This sum doesn’t include money swindled from Chemical and Citibank. Nor does it include the many people who paid $14.95 for his advice. According to Amazon.com, Trudeau has sold “millions” of books.
In fairness to Trudeau, he may not be just another common thief. At sentencing, his own lawyer cited a psychiatric report indicating Trudeau was disturbed. Very disturbed – mixed personality disorder and emotional disturbances. I am not sure what “disturbed” means in psychiatric terms but it doesn’t sound like he is fit to provide financial advice.
According to Trudeau’s mother, prior to stealing from banks, Trudeau was president of the Junior Clowns of America.
Whether a clown, thief or just plain crazy, Trudeau has no business writing books on personal finance. Before you rely on a book or TV star turned financial planner for advice, talk to your accountant, lawyer or banker first. And never be afraid to ask questions.
If you have already lost money to bad legal or financial advice, give us a call. We may be able to get all or a portion of your money back. Anywhere in the world.
Mahany & Ertl is located in Milwaukee, Wisconsin. We handle cases nationwide. Our asset recovery lawyers have represented clients in the U.S., Caribean, south america and the middle east. Call Brian directly at 414-704-6731 or by email at