JPMorgan gambled away $50 million of client funds 🎰
Imagine yourself as Peter Doelger, a successful entrepreneur, in your old age you sold your company and retired. You decided to give your proceeds of $50 million to JPMorgan firm to help you with your investments.
Five years passed and only $1.5 million was left of the $50 million, all the rest was lost on high-risk investments that were recommended to you by bank investment analysts 📉
This is a true story and the Doelger family sued JPMorgan, saying the bankers profited from high fees by purposely slipping him into dubious deals and taking advantage of the fact that Peter Doelger suffered from dementia.
⚖️ JPMorgan has filed a counterclaim in the same lawsuit, saying the Doelgers’ accusations have no merit. And they are likely right about that, as Peter signed a letter in 2015 indicating that he was interested in making large and risky bets.
Looking at such investment stories, crypto doesn't seem so risky anymore. What do you think?