Securities attorney Chris Vernon, founding partner of Vernon Healy Law Firm and a strong advocate for investor rights and financial industry reform, is quoted in the March 2011 edition of AARP Magazine in “TheTime Bomb in Your Nest Egg.”
AARP, formerly the American Association of Retired Persons, is a non-profit group that boasts more than 40 million members.
Vernon Healy represents two of the investors quoted in the AARP Magazine article that warns investors about the dangers of structured products. Charles Replogle, a 55-year-old restaurant owner from Vero Beach, Fla., was sold $130,000 in Lehman “principal protected notes” and other structured products that lost virtually all their value. Rob Brunhild, 49, of Bloomfield, Mich., also represented by Vernon Healy, was investing for his family and 80-year-old mother. His family lost $275,000 on Lehman principal protected notes and other structured products.
"Clearly, Wall Street is targeting fixed-income investors, most of whom are retirees seeking a steady source of income while guarding against any material loss of principal," Vernon told AARP. The article notes that Vernon has represented hundreds of older investors who have been burned. See the Vernon Healy blog Lehmannotes.com for more information on strucutred products, principal protected notes and reverse convertibles.