David W House, from Boca Raton, FL, Chief Operating Officer at CG Capital Markets Dishonest financial advisor: David W House, from Boca Raton, FL, tricked my father into poor investing, which ended up costing him his entire life savings! Boca Raton Florida

My father is in his late 60s and currently resides in FL where this all happened. He has been going through some tough financial struggles lately. Forgive me for my lack of details or understanding, but this is something my father does not willingly talk about too much with me and it makes it harder for me to describe it.

Couple of years ago my father hired a financial adviser to invest his money for him. The brokers name is David W. House and apparently this is someone my father trusted very much since they have known each other for many years and often used to go fishing together. After a couple of good investments, this guy and his partner talked my dad into a huge investment with big returns. They basically guaranteed that he could make up to 12% return in stock marketand that there were no real risks involved.

Later I have learned that he was using basic mutual funds and had no ground to promise returns. But somehow, he managed to persuade my father to invest in front-end load mutual funds and to pay $15,000 with a promise of a quick return. Under the mask of “active trading”he was selling one shares, turning around and buying other shares, sometimes in the exact same fund. It made no sense other than the fact that the advisor made a commission on each of those trades. When those risky investments didn’t pay off, he justified that by stock market going down and promised my father a “sure deal”. From my understanding, he talked him into buyingsome old lady’s life insurance policy by paying $50k upfront, and possibly $6000 more in a few months to continue to remain on the list of beneficiaries who will receive payment upon her death. The lady was allegedly very ill and wasn’t expected to live for another year. Mr. House was so assured in this deal that he told my father he had jumped in on ithimself (I am almost sure that he didn’t). The old lady is apparently still alive and well and the horrible financial advice left my father’s savings account completely wiped out.

Unfortunately I wasn’t aware about my father’s investments, or I would have done background check on David W House much sooner. I learned that he is far from honest and respectable man. As a matter of fact he even has a criminal record: 

http://bocanewsnow.com/2015/06/18/david-house-arrested-charged-with-dui/

http://bocabusted.com/2015/06/david-house-dui/

My father decided not to do anything and moved on. He's back working, which he never planned on doing during his retirement. I feel like the advice he received from this guy is completely negligent and I have strong reason to believe that David House is just a plain salesman, not the market experts he represent himself as, his job is to sell the services and get his commission from the fund provider. Unfortunately, there is not much we can do now, liability of the financial advisor is very hard to prove, and as long as the client was informed about the actions, the law protects the brokers.  But I can use this opportunity to warn everyone about unaccountable investing practice of Mr. David House. He is currently a Chief Operating Officer at CG Capital Markets http://www.cgcapitalmarkets.com/cg-capital-markets---david-house.html , so beware of this conman!