One Huffington Post Columnist recently observed,”I suspect the ratio of bad investment advice to sound advice is around 10:1.” This sad phenomena was earlier corrected by Warren Buffett, “Be fearful when others are greedy and greedy when others are fearful.” A wise investor knows that what the crowd is doing is going to inflate the price for the particular asset that is being bought. Buying high and selling low is not the path to wealth, though that faulty investment philosophy is practiced by many.
Matthew Eitner and James Ahern were recently called to task by a Federal Judge, who placed a restraining order on them for their deceptive behavior toward clients including Relmada Therapeutics. In the suit, Relmada insinuated that Laidlaw was taking revenge for a previous buy out attempt. Laidlaw partners with wealthy retail investors, but it has come into the spotlight because of its dark corporate culture.
One anonymous Laidlaw employee groaned, “The most unprofessional group of people ever assembled on one place.” Laidlaw seems to treat its employees like dumb sheep. “Very Long Hours, terrible pay, not given a real direction,” said another insider. This poisonous culture than bred out into its interaction with clients on the outside.
Fitapelli Kurta, a securities law firm, has heard from several disenchanted investors who were hurt by Laidlaw’s corporate machine. “In 2013 a customer alleged Leonard V. Gallick, Jr, while employed at Laidlaw & Company, executed unsuitable trades,” cites www.stopbrokerfraud.com.
Laidlaw must be held to account for its poor treatment of customers and employees. Such investment institutions like Laidlaw and Company cannot operate with impunity, immune from regulator pressure. It is necessary that all banks operate with an unimpeachable code of ethics and integrity, or risk facing confiscatory penalties. Financial CEO‘s such as Eitner and Ahern are particularly responsible in making sure that their public image matches their personal practice in the company.