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Tea Party Financial Advisors Long America Ex the Next Three Weeks

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At least one of them is not sweating the whole debt ceiling thing and is happily buying up U.S. equities, as well as enough gold to stay on friendly terms with Ron Paul. What does worry him though is how cavalierly Nebraska regulators will go around sanctioning people for, and here's where it gets a little murky, either (a) misleading customers about variable annuities and maybe forging their signatures a little bit, which he could see how that might look unfortunate, or (b) calling the President a Communist.

"This so-called crisis will all be over in a week or two or three, and when it’s over, the stock market will go right back to where it was," says Bob Bennie, a certified financial planner in Lincoln, Nebraska, and a leading state Tea Party organizer. ...

"If someone came to me with cash today, I would invest it in domestic equities and commodities tomorrow," says Bennie, who manages about $85 million in assets. "I don’t believe this market is going to take a big tank tomorrow: no way, no how." He’s investing in gasoline, gold and silver.

To say Bennie is no big fan of Democrats and the White House is putting it mildly. Financial Advisor reported last month that Bennie sued the Nebraska Department of Banking and Finance, alleging the department sanctioned him because he made a public statement calling President Obama a Communist.

Be warned, however, that other Tea Party advisors are less keen on America, preferring bastions of liberty Switzerland and China. They're particularly bearish on Treasuries, which makes sense what with their whole wanting to default thing.

Commodities in, cash out for Tea Party wealth advisers as debt deadline looms [Reuters]

Also: Couples say Bennie misled them about investments [Lincoln JournalStar]


Financial Advisor Facing Some Legal Troubles

1. A class-action lawsuit by investors. 2. Murder via bomb charges. Brian Malley, 55, is charged with first-degree murder in the death of Victoria Shachtay, a disabled mother who died in November 2011 when an explosive package was delivered to her home in Innisfail, Alta. Malley, who worked for Assante Wealth Management, is accused of sending that package. Malley now faces allegations he lost an estimated $50 million for dozens of clients. The claims are contained in a lawsuit filed this week in Red Deer Court of Queen's Bench. "This was their retirement savings," said Rob Armstrong, one of lawyers behind the lawsuit. "The allegations are that Mr. Malley was placing them in very speculative and high risk investments and losing money." The statement of claim suggests Malley's conduct was "high-handed, malicious and highly reprehensible." The document further alleges that Malley "acted in his own best interests which were in conflict with the interests of his client class members." The lawsuit claims that Malley invested in equities that were riskier than what his clients may have wanted and made frequent trades within a short time-frame to earn more commissions. $80M lawsuit filed against financial advisor accused of murder [CBC]