Its a weird feeling, and that's probably putting it mildly for the folks who work in the Richmond, Virginia, office of the Stanford Financial Group.
Late last year, we were hired to make portraits of the folks who had just opened the local office of this international company. Just yesterday, I heard the story on NPR about their founder Allen Standford: how he was served papers by the FBI (up the road in Fredericksburg) and is now under investigation for securities fraud.
This morning when went to the Stanford Group website, I was greeted with a receivership page. Wow.
Now, I can't stop thinking about those folks I met in the Richmond office last December. Can you imagine being a financial adviser, who's reputation and integrity is everything, having to field calls from your anxious clients who have just learned the company who they've invested with is in receivership?
What must if feel like to wonder whether your boss, the founder of your company, your "fearless leader" who inspires you and your coworkers to work hard and believe in your products/services, may have duped you? And duped your hard-earned clients? Pretty depressing.
Of course, if you or I were in this position, we'd probably try to calm our clients, and remind them it's only an investigation, and no criminal charges have been filed, and everything will be ok when the dust settles. Hoping that this is just all a big mistake.
Now this may sound odd, but when I make someone's portrait, I chat them up...ask em questions about their lives and get to know them. There have been times when I got a weird vibe from someone and would think "no way could I ever do business with this person".
But that didn't happen in the Richmond office of the Stanford Financial Group. My goodness radar was on, and these folks all achieved the "good guy" rating.
One of the folks we met is Bobby Long. He's well known in Richmond, and has been in the financial services industry for over 35 years. He's active in the community and volunteers for several Richmond area non-profits.
Ironically, the Stanford Financial Group offices in Richmond occupy old Wachovia office space in the Riverfront Plaza (West Tower). One of the folks we met, Chris Long, had worked for Wachovia. I'm pretty sure he was happy to continue his career in financial services here in Richmond. Joining the Standford Group must have seemed like a great opportunity back in 2008.
And next is Dave Innes. Smart, trustworthy, a veteran of USB-Paine Webber. We chatted about cameras, as he was thinking of getting a new one for the Christmas holidays.
These are all decent hardworking folks. I can't help but think that no one deserves to go through the kinda stress they might be going through now. I feel for them, and their families, and I wish them the best of luck getting through this.
I also hope their client's assets are safe and sound.
1 comment:
They are doubtless good people at heart, but "CD's" paying 8% should have raised an eyebrow or two. Stanford wasn't a Ponzi scheme (just highly misleading about the accessibility of their funds) so their clients should be able to recover a percentage of their investments. If they have to liquidate quickly there will be significant losses.
Post a Comment