5 Billion Dollar Financial Fraud! Scam Artists and Fraudsters Cost Us More Than Capital

60 Wyndham Street, Hong Kong, March 23, 2015 (Newswire.com) - If you were fortunate enough to be in Singapore last month you may have seen the dominant posters dotted around the city and their financial district.

Ryan Cuthbert of the Luma Group in Hong Kong was hosting a seminar in association with the ACFE to educate young professionals on the topic of handling fraud complaints and enquiries.

"Financial fraud has cost the industry an estimated 5 Billion Dollars last year, but this estimation is only the tip of a global iceberg. An iceberg so big that it sinks ships in broad daylight"

Ryan Cuthbert, Senior Client Advisor

With over 22 years in the financial industry Mr. Cuthbert sheds light on a dark area of financial fraud and enlightens us on how to handle the situation.

In his own words; “Financial fraud has cost the industry an estimated 5 Billion Dollars last year, but this estimation is only the tip of a global iceberg. An iceberg so big that it sinks ships in broad daylight”

He went on to talk about how financial houses, like the one he advises for, are stooped in bad stigma.

“When approaching new clients, how many of you here come up against the wall of credibility and find yourselves having to battle to gain that client How many of you have lost potential clients because of the general public’s lack of trust in financial institutions ALL of us right!"

"Well it’s not just the banks that are to blame! There are criminals out there wearing your suits, smiling and presenting your products as their own. Stealing from the very same people that you are trying to help. Creating distrust in our industry that Portfolio managers like me have to restore."

"With many wearing the black eyes for these crooks. It's time to say ‘NO MORE!’ Better that all of us with an ethical approach start arming ourselves with the knowledge and expertise to turn the tables. Let us show these criminals that we are a force that cannot be matched with puppet shows and flashing lights! Pretty stories and unverifiable opportunities!"

"Time to make a change, but it starts right here, right now! In this room full of Bankers, Brokers, Fund managers… Yes, you all can make a difference and I am going to show you how!”

This powerful introduction was just the start, Ryan went on to blow the audience's mind with fruitful information about the markets and how they can all make small changes to ensure that they contribute to the demise of the Quote “Theft Culture” that is currently being experienced. Likening it to a teens ‘phase’ of obsession for a pop star, His controversial approach really hit home. With a hard but honest approach, Ryan basically slapped all the attendees into waking up and smelling the coffee.

As the seminar is due to be televised later this year, Finance Asia will refrain from ruining it for all those that are interested to hear what he had to say. 

Any queries for Ryan should be directed to him directly on his email r.cuthbert@lumagroup.com