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Can Jordan Goodman be Trusted? Has WCI noted his Ponzi Scheme Connection?

Home General/Welcome Can Jordan Goodman be Trusted? Has WCI noted his Ponzi Scheme Connection?

  •  AssnapKined 
    Participant
    Status: Other Professional
    Posts: 2
    Joined: 09/28/2018
    Earnest refinancing bonus

    I was doing some Internet research on the Woodbridge Wealth Ponzi scheme and I came across the podcast Jordan did for this site back in January:

    https://www.whitecoatinvestor.com/interview-with-jordan-goodman-from-money-answers-podcast-35/

    I think anyone who listened to this podcast and wasn’t seriously skeptical about Mr. Goodman’s recommendations should listen to this podcast from the Talking Real Money show:

    http://www.talkingrealmoney.com/talking-real-money/2018/6/1/advice-gone-bad

    The TRM hosts take Jordan to task for his association with Woodbridge Wealth.  One of the hosts even stated that he had respect for Jordan at one time, but some of his recent work was of dubious nature at best.  They are challenging the guest, because they don’t want their listeners falling for his antics.

    I’m sure the WCI just wants to get information in the hands of its readers/listeners, but when someone is promoting a Ponzi scheme, something needs to speak up about the associations/relationships of the guest…even if it is in retrospect!!

     

     

    #153740 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3717
    Joined: 05/13/2011

    Did you miss the follow-up article?

    https://www.whitecoatinvestor.com/mortgage-acceleration-really-work/

    At any rate, you’ll notice we’ve gotten pickier about who we take as podcast guests. Everybody is allowed to make mistakes, right?

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #153761 Reply
     AssnapKined 
    Participant
    Status: Other Professional
    Posts: 2
    Joined: 09/28/2018

    Absolutely!!  Glad to see you have identified the issue.  I would hope that most people would have recognized that anything “guaranteeing” those lofty returns in this current interest rate environment should be approached warily (if not outright avoided).  Even if it wasn’t a Ponzi scheme, the risk for those returns would have to be substantial.

    On the TRM show, Mr. Goodman said he would give up any gains from his association with Woodbridge if it was proven to be a Ponzi scheme.  That remains to be seen.

    Assnap Kined

    #153773 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6148
    Joined: 01/09/2016
    On the TRM show, Mr. Goodman said he would give up any gains from his association with Woodbridge if it was proven to be a Ponzi scheme.

    Click to expand…

    LOL – famous last words.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #153790 Reply
    Liked by Vagabond MD
    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 312
    Joined: 03/24/2018

    I thought I was reading the headline of a National inquirer story while waiting to pay for my groceries when I saw the name of this thread.

    Side hustle opportunity as headline writer for OP?

    #153830 Reply
    Molar Mechanic Molar Mechanic 
    Participant
    Status: Dentist, Small Business Owner
    Posts: 242
    Joined: 10/29/2017

    I listened to that podcast (and subscribed).

    I got the same creepy “WTF is this guy talking about” vibe I got from when he was in the WCI podcast. Was he selling anything then? I don’t remember that he was, I just thought his plan was stupid and he was looking for a gimmick to get his name out there.

    The scary thing to me is how so many of his sales pitches sound exactly like my internal monologue with regards to syndicated real estate.

    #153865 Reply
     LonScott 
    Participant
    Status: Retired
    Posts: 1
    Joined: 11/04/2018

    While I appreciate WCI, the reply mentioned above does not does not address the main issue of Goodman promoting both Woodbridge Investments and Secured Income Funds. The other thread only addresses Mortgage Optimization.

    Goodman has an ownership and probably gets some of the management fees from the Secured Income Funds. The Offering Circular on their website and on the SEC Edgar filings has Goodman as a 20% owner of the Class B shares and signs the filing as “Jordan Goodman, Investment Director; SREIF Manager II, LLC, Managing Member” The Offering Circular on the SEC Edgar website has a date of Nov. 2017 so WCI could have read this before Goodman appeared.

    Now Goodman’s website has this disclaimer: (Full disclosure: Jordan Goodman is an advisor to and part owner in Secured Real Estate Income Strategies).

    His claim in the podcast that there are “no fees or commissions” is contradicted by the Offering Circular. There is a 2% management fee, a 2%/20% Profit Share and numerous other fees. There is also a 9 cent of the $10 offering price for underwriting. No fees or commissions is something fixed index/UL insurance salespeople say to induce the gullible that they are getting a good deal. Maybe he forgot he wasn’t peddling Index UL to WCI which he has done on other recent podcasts.

    Since this is an Investment, the good thing is there are disclosures. Unfortunately one has to actually read them to see this is a horrible deal for investors.

    There is more on Woodbridge but that would make this too long a reply and has links to a couple of articles.

    Look at this way: if WCI feel for his pitch, how does the average investor stand a chance? Perhaps a mea culpa that addresses the OP concern is in order.

    #162366 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3717
    Joined: 05/13/2011

    Just recorded an addition to that podcast that will be added to it explaining all this stuff. It’ll be available next week or so. I’ll also refer past listeners to it in my “state of the podcast” podcast I’ll be running in January.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #171831 Reply
    Liked by Vagabond MD

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