Galvin, Gaustad & Stein LLC – Suspected Embezzlement
I suspect that the people at Galvin, Gaustad & Stein are embezzling funds from my uncle. They are a financial planning firm based in Scottsdale Arizona. If anyone in your network or social circle is a client of GGC, please tell them to get their books checked by a third-party. It would be best if they get it done without any person from GGC finding out. If my suspicions turn out to be true, then I would preferably approach FINRA and file a complaint there. Currently, I’m trying to get uncle’s books and finances checked to find out if my suspicions are true or not.
What is the danger of customer fraud?
The risk of fraudulent activity is the potential for any unforeseen loss, whether it be material, financial, or reputational, as a result of fraud by an inside or outside actor. Financial losses resulting from theft, embezzlement, or other sorts of financial crime are examples of how fraud has an impact.
The thing is, ever since my uncle has been doing business with Galvin, Gaustad & Stein, he’s been losing money regularly. They get him some positive returns and then they lose him some funds. It’s suspicious. My uncle thinks that the people at GGC are too incompetent and don’t know how to handle large accounts. But I differ. I think the people at GGC are too smart. They make it seem like the client is losing money naturally so the client would never suspect a thing. After all, the thought that “my financial advisor is stealing from me” rarely enters a person’s mind. This is why, I suspect, GGC has successfully gotten away with client embezzlement. Moreover, because of the recent pandemic, people don’t know what to expect from their investments. This has given shady advisors like Galvin, Gaustad & Stein a great advantage. They don’t have to worry about justifying their poor returns. The pandemic is an excellent excuse for them. They can blame the world for their incompetence. This way no one would suspect a thing and they will get away with embezzlement.
If you’re a Galvin, Gaustad & Stein client and have received lower (or negative) returns, there’s a probability that it’s because they embezzled funds. Please get a third-party to check your accounts and books. Better be safe than sorry.
The reason why I even began suspecting them of embezzlement is when my uncle asked his advisor why he was getting poor returns on his investments, the advisor didn’t have any clear answer. The advisor said a bunch of words coupled with jargon and tried to fool my uncle. To some extent, he succeeded because my uncle just assumed that the advisor was confused. It never occurred in his mind that the advisor didn’t have an answer because there was none.
Embezzlement is when a person is responsible to do certain tasks with specific funds but does something else instead. Suppose you trust your financial planner to handle your funds. But instead of using them to increase your investments, the financial planner keeps a chunk of them for him/herself. That’s what embezzlement is and it’s illegal. I wonder how many funds Galving, Gaustad and Stein have stolen from their clients so far. The number could be in millions!
Similar Review: Therese Daly
If my suspicions turn out to be false then it would be great news. It would only mean that GGC’s financial planners weren’t competent enough to help my uncle get good returns. That’s much better than them stealing my uncle’s money. However, I advise all clients of Galvin, Gaustad and Stein to get someone to look into their accounts to check if any embezzlement has happened. Personally, I would recommend hiring Galvin Legal. They are a legal firm specializing in securities arbitration, securities litigation, mediation, and many similar fields. Those people are quite skilled in handling such cases and have a lot of experience. If you can’t work with them, find someone with similar credentials and experience.
My Galvin, Guastad & Stein, LLC Review Verdict: Avoid Them
At least for now.
Check out the review for: High Traffic Academy
I don’t want my suspicions to be true. But if they do turn out to be true, then it would only help the community. Better be safe than sorry. On the other hand, if you’re looking to work with Galvin, Gaustad and Stein, I wouldn’t recommend doing so, right now. Embezzlement of money is not a small crime, and even though I just have suspicions right now, I wouldn’t recommend risking money with the firm. Considering they are a shady firm, you’d be better off working with someone who is more ethical and reliable.
I never suggest people to hire a financial advisor. In the current day and age, you can read and familiarise yourself with a lot of stuff that was inaccessible before. People should focus on learning about personal finance more instead of hiring someone to handle their finances. It wouldn’t surprise me if a financial firm really did something like this. Knowledge is better than this risk.