CBS Evening News for Friday, Mar 06, 1987
View other clips in this broadcast →
(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.]
Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.
Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:
If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.