Aside from Ray Ohlson, other Klein customers have responded angrily. And apparently, unbeknownst to Mr. Ohlson, Klein did notify some of his customers. Normally forums and blogs are not the most reliable source, but after dozens upon dozens of entries pop up overnight by disgruntled acquaintances and employees, we think they are worth mentioning.
First, here’s a forum entry posted on Registered Rep.com, December 21, 2006, topic “NF Communications”:
“Has anyone else bought one of their marketing/seminar systems? I fell into the trap because of the 90 day "guarantee".
I just received an email from Larry Klein, president of NFCom, saying they've closed their doors and fired everyone. He says there's no one to talk to about refunds or guarantees. Luckily, we've stopped payment on our credit card and put the payment into dispute.
Has anyone else gotten duped by these clowns?
PS- I think I remember seeing posts from Larry Klein on this forum in the past. I hope he shows his face here again...”
Former NF Communications employees have certainly been the most vociferous of everyone upset by Klein. Here is just one from http://outlarryklein.blogspot.com:
“Shame on you Larry! You are not a man but a sad cartoon of an unconsciously incompetent huckster trying to screw people. How can you guide the people who work for you now further into your deep pit of deception? Now you have crossed the line with outright fraud to keep a failed business alive by:
- Debiting advisor credit cards fraudently with bogus leads that you're selling for $18.
- Telling existing employees that you are not collecting a salary (implying no income)when mysteriously you are cashing NFCom checks after it's supposed demise to clear your personal debts.
- Ditching and dodging NFCom creditors selectively to use NFCom assets to set-up Javelin.
You don't need a law degree to figure out you're really screwing real people with businesses of their own with those practices and putting your existing Javelin employees in jeopardy as being accessories to committing fraud in front of the IRS, SEC and the State of California.
The NASD was set-up exactly for the purposes of identifying and ousting guys like you. You are sliding down a slippery slope to extinction!"
Insurance professionals associated with Klein’s materials should be wary. In the insurance business, reputation is everything. And right now, the insurance industry is struggling with its reputation.
Day by day, more and more articles on the topic of fraudulent investment schemes by so-called advisors preying on the ignorance of seniors are cropping up. More and more, the NASD and SEC are putting these schemers out of business.
Once a prominent name, Klein has become a “Where’s Waldo” candidate, having vanished off the map as of December 15, 2006. Once connected with some of the biggest companies and top personnel in our industry, he is now a ghost advisor, leaving a trail of broken promises from today all the way back to the doors of his closed business.
Klein’s designation, the CRFA, has also come under fire. With his recent disappearing act, what will come of the credibility of the CRFA?
According to a Wall Street Journal article dated September 24, 2006, Beware the Huckster in Adviser’s Clothing, “There has been an increase in the number of organizations that offer designations such as Certified Wealth Preservation Planner or Certified Retirement Financial Advisor™. Regulators say that while such titles might sound impressive, investors should question how much of the associated training is focused on sales tactics instead of education.”
Wednesday, January 3, 2007
Larry Klein Shuts the Doors on NF Communications, Jeopardizes Credibility of the CRFA Designation -- Part II
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2 comments:
No anonymous: Tammy Gets Fired
Today, I was called in by Barry, Perry, et al and confronted about my blog: (incomplete though it is:http://screwedbylarry.blogspot.com)
I fully admitted that yes, in the spirit of venting, I had posted this blog. It was supposed to be a place for the disenchanted to gather. I didn't even make the blog public. Somehow, the link got sent around and wound up at Javelin. The Javelinettes were displeased. TRAITOR! INGRATE!
Here sat before me the same people who TOLD me to blatantly lie about (not embellish, prevaricate, or whitewash) Larry's involvement with Javelin, told me to shine on the customers who got cheated, had me fielding calls from Financial Visions- another one of those not-quite- but sorta Larry Klein companies like bigproducer.com. They too were blindsided by the demise of NF and were demanding to know of Klein's whereabouts.
Here they sat- accusing me of having given memos to someone at outlarryklein, of assisting Brian Williams and his mastermind buddy to bring the paragon of virtue, Larry Klein, down. (as if he needs any of our help..)
On the judgement seat were the same people who told me not to mention to the folks in production that they were about to get the big, spiky shaft,and had us all pretending it was business as usual. These were the same folks who instructed customer service to not give ANY refunds for months in a row (it must have been Debra's idea?)
These new bosses sat there telling me how bad I was, telling me that they had all the goods on me and that I had better fess up or else Larry Klein himself would sic his gang of lawyers on me posthaste.
My first thought was "Wait a minute- I'm confused.. If Larry's not here anymore and has nothing to do with Javelin and NF doesn't exist- why is he upset?
I calmly explained, as I will here now, that I provided NONE of the content on outlarryklein and that I do not know, nor have I ever even spoken to Brian Williams. They voiced disbelief and outrage.
"What do you want me to do- take a lie detector test?" I demanded.
Perry: "It may come to that." (threat?)
Barry: "You know who Cindy Williams is- don't say you don't."
Me: (to self) "Uh.. not really. Oh, wait- isn't she that gal from LAVERNE AND SHIRLEY?"
Perry managed a few damned fine eyerolls and fairly snorted when I said (truthfully) that I didn't know who Cindy Williams was.
Was I upset about all the crap that went on at NFavelin? You bet! Was I up for a bit of mischief and mayhem for my own twisted satisfaction? Perhaps. But I was not involved in the group effort.
Honestly, I thought Barry was an OK guy. He seemed like he was really trying to make things work but was caught between a Klein and a hard place. I had even more respect for Perry and was crossing my fingers that he would tell the whole bunch of them to **** themselves. Disappointing.
Hell, there were a lot of things I liked about Larry. Such a shame that he felt he had to marginalize his ethics in order to make money. He probably could have done it just on his own merits. And while all of us have certainly made our share of bad choices and done things of which we are not proud, Larry has made a lifetime's work of it. He has used up his share of forgive and forget ten times over.
As for me, I am jobless. For putting information on the internet that I didn't put on the Internet- for orchestrating the downfall of a guru (which I did not do.) and for telling our clients the truth when they asked.
BarPerLarry have given me time to think about what I can do to help Larry catch the "principals." If I do, perhaps the hand of Larry shall not smite me.
However, I don't really know who they are. Even if I did, and he quelled them, ten more would take their places and ten more and ten more, ad infinitum.
Best of luck to all of you, may your scars heal quickly.
PS: Barry- why did I stay on? Because I wasn't as brave as those who said no and because I had a glimmer of hope that things might work this time 'round.
Tom Lauricella at the Wall Street Journal wrote the "Huckster's" article in which Klein was so oblivious about ethics in talking about his CRFA courses. Lauricell might be willing to follow-up if he becomes aware of people's concerns. His e-mail is tom.lauricella@wsj.com.
Keep up the good work.
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