There is a saying I have about scams: “I’m from Brooklyn, you’re go- ing to have to get up earlier in the morning to get one on me.” Growing up in Canarsie Brooklyn in the 1970s and 1980s allowed me to have street smarts, where I’m always looking behind my back. When someone is trying to do something that I think is suspicious, I always ask myself: “What’s the con (confidence trick)?” In 26 years in the retirement plan business, I’ve seen a lot of scams and potential cons that I’ve seen (including exposing one or two). I know three people (a plan sponsor and two plan providers) who spent time in Fed- eral prison for embezzling plan assets. The problem with scams and thefts is that while tech- nology for 401(k) plans is improving, it’s mak- ing it easier for thieves to steal. This is all about potential scams and avoiding getting scammed. You don’t have to be from Brook- lyn to understand how to avoid being scammed.
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