brokers'crooked deals - Comment - Israel News | Haaretz Daily Newspaper
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    • m cohen
    • 16.11.06 | 13:26 (IST)

    I had an even more sobering experience with Millenium - a brokerage company recommended to me by Mizrachi-Tefahot. At the initial, "sell" meeting, at which I was treated to a coffee, the "Vice President" told me he would deal with my portfolio (a few 100,000 NIS) in person - and that they would reduce the "risk factor" by spreading my money over several shares - in packages of 10-12,000 NIS. But they did NOT forewwarn me at all that they would be buying their own Mutual Funds - Millenium Nasdaq, Millenium shares, etc. I found that out via my Internet access. Not only that, but davka on their own fund - Millenium Shares - they bought over 30,000 NIS, and over two months, the fund actually fell! So much for spreading and limiting "risks". I concluded that Millenium was taking care of themselves first, and that my interests came in a poor second. I drew my conclusions and pulled out after less than three months.

    from the article: We do not believe Analyst
    First published 00:00 16.11.06 | Last updated 00:00 16.11.06
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