Fri Dec 13 2024, by Tyler Gardner

Seven Important Facts About Richard Whitaker

If you haven't heard of Richard Whitaker, you need to know these seven things about him right now.

I'm Tyler, a former financial advisor and portfolio manager, and now I make financial content for free so that you don't have to pay for it.

1. The Layoff and Diagnosis

In 2023, Richard was laid off from his industrial job and, in the same year, received a devastating cancer diagnosis.

2. A New Investment Opportunity

Then, seemingly like he finally had a stroke of good fortune, his friend informed him about an investment he could make with a guaranteed return of 15.25% through a company called Yield Wealth Management. All he had to do was withdraw his entire 401k and invest it with Yield.

3. A Missed Warning

If Richard had read the fine print, he might have noticed that Yield Wealth Management was affiliated with a firm called Next Level, which was run by a man named Paul Reagan—someone who had literally been banned from trading for life.

4. The Failure to Deliver

Early in November 2024, to everyone's surprise, Next Level failed to send out their monthly guaranteed returns to investors.

5. Liquidation Notice

Things took a turn for the worse on November 15th when the firm sent a notice to investors indicating they would be liquidating assets and winding up their affairs, effective immediately.

6. A Financial Catastrophe

Not only was Richard affected, but also 340 other investors who had collectively put about $50 million into Yield Wealth Management might never see their money again.

7. A Crucial Lesson

If it seems too good to be true, it is too good to be true.

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