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Cons, Scams, Ripoffs (Part V) #315101

CBS Evening News for Friday, Mar 06, 1987
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(Studio: Dan Rather) Report introduced.

(NYC: Jane Bryant Quinn) Unscrupulous financial planners' impact on middle class investors featured; details given, scenes shown. First Meridian cited as example [VICTIMS - comment.] [New York attorney general Robert ABRAMS - thinks problem is nationwide.] Lack of any government regulation or licensing for financial planners said exacerbating problem. [Consumer Federal of America spokesperson Barbara ROPER - cites amount involved in 1986 fraud cases.] [Fin. expert Edward JORDAN - defs. industry] First Meridien case outlined. [First Meridian president Roger Sala's attorney Harry MANION -claims client warned investors of risk in Florida condo development] [Investor Joseph SUMMERVILLE - recalls Sala's assurance that condo investments were sound.] Sala mentioned once convicted on gambling charge [MANION - comments.] Sentence given financial planner Ray Sciarappa for fraud noted. [SCIARAPPA - cites ease of bilking clients.]

Quinn, Jane Bryant;
Rather, Dan

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