Houston, TX, United States – September 25th, 2014 /PressCable/ —
In his recently released book, “Mentor Me: GA=T+E—A Formula to Fulfill Your Greatest Achievement,” author Ken Poirot writes about a bank financial advisor caught allegedly stealing around $1.9 million from clients over seven years. According to Ken Poirot this is not an isolated occurrence.
When asked about this Ken Poirot said, “People will be shocked to find out how often bank and brokerage employees steal client funds right from client accounts. It happens more often than the public will ever know and it is an embarrassment to all banks and financial services companies.”
Employee theft is often hidden from the public by banks and brokerage companies. The reason: if people knew how widespread employee theft really is, it would completely erode the trust necessary in order for most financial institutions to conduct their business.
The good news: most of the time the employees are caught and the money is replaced.
The bad news: employees learn company safeguards put in place to detect the theft of client funds and figure out ways to get around those policies and procedures.
In other words: some employees do get away with it.
While employed as a manager with one bank, a bank with over 200 branches in the Houston area, Ken Poirot states he was informed of approximately one employee theft of client funds in the region each month.
When asked how the public can protect themselves, Ken Poirot stated, “Check account balances online and by calling the customer service department of the financial institution; speak to those who have no vested interest in the specific account.
Bank and brokerage employees learn client habits, so they typically focus any theft on accounts clients are not watching on a regular basis.”
Per Ken Poirot, “Particularly vulnerable are accounts which fluctuate in value or issue physical statements less frequently, for example, brokerage accounts which may only generate a statement once a quarter. The normal market fluctuation of most brokerage accounts can help obscure theft from these accounts.
Also, insurance contracts, for example, cash value life insurance policies or annuities which issue statements only once a year are often targets of theft. The theft can't be prevented, but the sooner the theft is found, by staying vigilant, the less likely someone will become the next long-term victim.”
Ken Poirot recommends, “Check account balances at least once a month. Report any erroneous activity immediately to a supervisor outside the local branch.
Most often the branch employees who know the client best are the employees responsible for the theft of client funds. Therefore, it is best to report the alleged theft to a supervisor above and outside the local branch in order to ensure the most effective investigation.”
About the book:
“Mentor Me” is a unique blend of business, success, self-improvement, and self-help, combined with real world observations and experiences. It was written to be a distinctive, interactive, practical book people can use to transform their lives which also includes many entertaining, anecdotal personal stories to illustrate how the information in “Mentor Me” can be used in real life situations.
For more information on “Mentor Me,” see the following recent press release, titled, “New Self Help Book Named Among Best Self Help Books for Self Improvement,” its page on Amazon.com, or view the recently released book video trailer below respectively:
About the author:
Ken Poirot has almost two decades of experience as a successful financial advisor and sales manager.
Among his achievements are a US patent for a new drug delivery system he developed in graduate school, as well as various accomplishments during his tenure with such New York Stock Exchange-listed firms as Cullen/Frost Bankers, JPMorgan Chase, The Charles Schwab Corporation, American Express, Merrill Lynch, which is now part of Bank of America, and Guaranty Bank, which is now part of BBVA.
Name: Ken Poirot
Organization: Poirot Interests
Release ID: 64321