No one really wants to bear losses. But, in case you have had a stock loss, then going to a stock loss recovery company may seem the next logical step. And it is not a bad move if you feel that your stock broker has acting in bad faith. However, one of the red flags FINRA lists as a scam is when the recovery firm asks for money up, like Cold Spring Advisory Group does.
Here are three reasons why you should definitely stay away from companies like Cold Spring Advisory Group!
Because they make claims that don’t always stand true
Browse the Internet and you will find various claims made by the Cold Spring Advisory LLC pertaining to offering the right help to those who have experienced a stock loss. They ask upfront fees — in the thousands of dollars. They’ll assure you that you’ll get it back from all the losses they recover for you, then don’t, as this former client explains.
Because of the shady background
A quick search on Cold Spring Advisory Group and Louis Ottimo, the shadow CEO behind the company, will reveal a career of fraud, theft, and deception that got Louis Ottimo barred from FINRA for life. Louis Ottimo and Michelle Ottimo are the owners of Cold Spring Advisory, one in the shadows the other on paper. The list of sanctions, fines, liens and bankruptcies attached to Louis Ottimo is extensive.
Because of the lack of reliable sources
If a company provides good services, its clients value it and review it accrodingly. If the company is really dynamic the independent press write about them. But the only good press you can find on Cold Spring Advisory group is that which they publish themeselves, via press releases, and contrinbutor articles to 3rd party sites. As pointed out in an article by Brie Austin, he notes:
“Guest blogs are misleading because readers see a glowing review of a company on a website or ezine — some of which appear like an independent magazine or news sources –, not realizing that the company being praised is the author (directly or through proxy) of the contributed article. Therfore when you read a great review on a site you don’t recognize, it is prudent to cross-reference to see if you can find anything about the company on any verifiable and credible independent source.
There is no positive articles out there in the independent press about Cold Spring advisory. This is a suprise since they calim — on their website and in press releases to be “the largest stock loss recovery company in the nation.” Odd that no other publication has noted that.