Financial friendship turns sour

Financial friendship turns sour

There are 115 comments on the South Florida Sun-Sentinel story from Jul 20, 2007, titled Financial friendship turns sour. In it, South Florida Sun-Sentinel reports that:

For a decade, Helen Alpert, an 86-year-old from Lauderhill, thought of Doria Sabia-Lawrence as much more than her Merrill Lynch financial adviser.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

Cathy

Douglasville, GA

#23 Apr 7, 2009
We have used Mark to complete our taxes for the past few years he has always been very good to us. Yes it is a pain in the butt to get hold of him at tax time but he is worth the wait. As far as the Hedge fund that everyone speaks about Mark has brought that up to us and has given us the option to join but we were never pressured, so I feel if you got involved in this it was by choice because Mark certainly didn't con you into making that decision...
lost in Fort Lauderdale

West Palm Beach, FL

#24 Apr 12, 2009
I for one invested over $50,000. The hedge fund is no more! The Utah case is for real.....The problem being Mark has been unable to collect on it. Yes he promised me my monies back in full, but the longer it takes for him to collect the less likely we will see anything. He also had an associate Leonard.
There are many investors, don't be deceived! Just look at the family friend. I bet she trusted him also...He is being investigated!
FAILTO SEE JUSTICE UNLESS

Hollywood, FL

#25 Apr 13, 2009
When asked for a refund Mark has dodged people for months at a time, sits in a dark office and does not like to answer the door...eventually he told people that 'he lost all of their money' and has NEVER made an attempt to return any of their money. The reason all the money is gone he claims, is that he invested in something other then what he claimed that he was supposed to be doing which was 'writing options like nobody else' and with guaranteed results of 5% return. He claims he got 'scammed' but who really knows maybe he was in on it and just got eaten by a BIGGER fish...problem is it was OTHER people's money he lost NOT 1 dime of his...
His hedge fund debacle never produced 1 single statement to anybody and as people got concerned and asked for their money back is when this whole thing blew up. Bottom line is the INVESTORS lost their money. NO MONEY HAS GONE TO THESE PEOPLE NO MATTER HOW LONG THEY ASKED FOR IT.
Now, as far as Mark 'WINNING' a judgment in Utah that just goes to prove Mark as being a complete ass and a liar. The judgment is only good as the ability for it to be collected...so this means that if no money is collected or can be 'found' NOBODY gets any money back.(ask any attorney or call the Mark's attorney he will tell you the truth about ability tp collect: Michael P. Studebaker from Ogden Utah)
There are a few accounts that have lost more than a few hundred thousand believing that Mark was an honest person. They believed in him and he had no problem taking 100% of their money. He took their whole life savings!
Janice James did NOT get all her money back so The person that believes his lies will get the same from him, lies and once he is fully investigated and this comes out as a matter of public record the truth will be known.
If Mark has a problem with the TRUTH being printed here he can pick up the phone and call ALL the people that he has robbed of their life savings and ruined their lives. He knows who they are and how to get in touch with them.
FAILTO SEE JUSTICE UNLESS

Hollywood, FL

#26 Apr 13, 2009
For those who still fail to see the tragedy, scam and what is really going on here just contact Michale Ward from the Office of Financial Regulations. He can clue you [email protected]
Viandsho

Boca Raton, FL

#27 May 5, 2009
I have had some problems with Mr. Colodne concerning my tax return. First, he "forgot" to send in our return- he never would have submitted it if we did not contact him about it. His wife/repceptionist was not helpful and it took almost 2 weeks to get in touch with him regarding that situation.
Second problem- somehow part of my refund (in addition to his services fee) was deposited into his account. Mr. Colodne has done absolutely nothing to return the money. We have called him over thirty times with no response and we have gone to his office on several occasions, but no one is ever there. The IRS says he has made no attempt to return the money to them, and definitely not to me. I hope that he and his wife are on a long vacation and have not taken off with my and other people's money. I wish I had found this website BEFORE I did business with him!!!!!!
Eyes Now Open

Hollywood, FL

#28 May 21, 2009
Wake up people, it's time to utilize the contacts here and uncover the truth! This needs to be reported by all of the people that have been scammed by this man.
lost in Fort Lauderdale

West Palm Beach, FL

#29 May 29, 2009
For all of the people who defend Mark for one..Chris, Get your heads out of your a__! Are you not reading what is being posted, how many people invested. The lawsuit yes he won it but has failed to collect or made an attempt to pay anyone back, even a goodwill gesture, just ask his attorney Mr. Studebaker. Have you not called or e-mailed Michael Ward from Flordia Dept. of Finance? Have you even looked up the Green Oak Hedge Fund? How
about the (supposed) Certified Public Accountant of Record, Glenn Zalk of Short Hills N.J call him he will tell you he was never retained,never the
CPA for Green Oak Hedge Fund. Please open your eyes before you open your mouth....A lot of elderly people lost a lot of money!
Confused

West Palm Beach, FL

#30 May 29, 2009
To Lost in Fort Lauderdale: You may be right I have made contact with a couple of agencies and he is under investigation. But that is all I could find out they would not go into detail they did take my name and # and the amount my grandparents invested. I am really scared for them.
Eyes Now Open

Hollywood, FL

#31 Jun 2, 2009
TO: Lost in FT. Lauderdale, YES, A lot of elderly people lost a lot of money! Looks like he preyed upon the elderly and people who TRUSTED HIM!!!!
YOU ARE SO RIGHT in what you said...and to all to all the disbelievers out there....OPEN you eyes people and be properly informed before opening the mouth. You will see.
IRS has him pegged as well I hear. And the story goes on, hopefully one day he truly gets what he deserves and the Justice is finally served. Shame on him! Because until then, he is free to just carry on and take and take and screw people over.
Cookinman

Boynton Beach, FL

#32 Jun 10, 2009
Mark has handled my families taxes flawlessly for the last3 years. Never invested with him nor was solicited even when my returns exceeded 5 K.
Confused

West Palm Beach, FL

#33 Jun 14, 2009
Mark also did my grandparents taxes for 10 or more years, he seems to use a more soft shoe approach when it comes to investing with him. They trusted him unconditionally. I guess that was the problem.
Eyes Now Open

Hollywood, FL

#34 Jun 15, 2009
Confused wrote:
Mark also did my grandparents taxes for 10 or more years, he seems to use a more soft shoe approach when it comes to investing with him. They trusted him unconditionally. I guess that was the problem.
To Confused. Yes you are correct. It seems that he had people that did trust him like family. Looks like the majority of people that lost all their money to him were elderly and/or TRUSTING individuals. He simply took their money and has NEVER made an effort to repay and continues to take more money from people for his schemes.
Looks more like he was in on it and had 'help' to make all of the money 'disappear'.
We will see when he and the wife suddenly disappear into the night and flee the country.
NLN

Miami, FL

#35 Sep 17, 2009
Reason for Concern wrote:
<quoted text>
You do have reason for concern. It is a scam Mark Colodne's mismanagement of people's money and all the money he has lost is a shame. I wonder how this guy even sleeps at night knowing how he has ruined people's lives. He probably is still soliciting people to invest with him....sounds a bit like a Ponzi to me as he managed to pay 'some' people back a little money maybe to keep them quiet.
He is just keeps going on somehow....he apparently misused funds from the Green Oak Hedge fund and instead of doing 'his writing of options' method he apparently got scammed by a bigger fish. There is a court case in Utah for Green Oak vs Rick Hopkinson, E-Centurion case 2:06-cv-636. There is a jury trial set for November 2009.
Apparently Mark was doing business with this guy Rick Hopkinson to supposedly sell electronics somehow here and abroad and looks like the guy made off with all the money from Green Oak as Mark was stupid enough to put all the money at risk???
The question is do you really want a guy like this to handle ANY money after this giant debacle???? I understand only too late that he has tried and failed before to 'manage' money and attempts implementing money making schemes...
I have know Mark Colodne for many years, and have never seen him act or do business in a dishonest way.
He probably has been the most honest guy I have ever met in the investment world. As many relize, everyone in that industry makes money even if the investors doesn't. Not in the case of Mark.
Again the ones that act in the most honest way get the brunt from all because they are trying to do the best for all even to their own expense, as they are riding the waves the same way as the whole system is doing it...
Eyes Now Open

Lake Worth, FL

#36 Sep 17, 2009
NLN wrote:
<quoted text>
I have know Mark Colodne for many years, and have never seen him act or do business in a dishonest way.
He probably has been the most honest guy I have ever met in the investment world. As many relize, everyone in that industry makes money even if the investors doesn't. Not in the case of Mark.
Again the ones that act in the most honest way get the brunt from all because they are trying to do the best for all even to their own expense, as they are riding the waves the same way as the whole system is doing it...
NLN,
Here is a thought. IF you did any research OR looked into any public records,( for example: compare the court documents to his scam hedge fund objectives ),contacted Mike Ward from FDFS and/or researched ANY complaints you would actually realize what has been going on.

It is quite obvious by your response that you have NO clue, base your 'opinion' on severe lack of factual knowledge and have a misplaced sense of security and loyalty to someone that has deceiving investors (especially the elderly)for years.

It is funny how some will offer commentary on topics of which they have done NO actual research and will take word of mouth as fact to argue a point.

This only continues to prove that anyone that has been affected in this way needs to open their own eyes and do the proper research in order to make the right decision for themselves.
Chris

United States

#37 Oct 25, 2009
I see many people put up posts here but no one is detailed on any information has anyone not been able to take money out of his hedge fund? If so how much? I am in the finnancial field and know many companies as you should all be aware of took many losses. Also redemtions on many funds is only allowed every 3 months.
Eyes Now Open

Lake Worth, FL

#38 Nov 4, 2009
Chris wrote:
I see many people put up posts here but no one is detailed on any information has anyone not been able to take money out of his hedge fund? If so how much? I am in the finnancial field and know many companies as you should all be aware of took many losses. Also redemtions on many funds is only allowed every 3 months.
Google this, as there is a court case in Utah for: Green Oak vs Rick Hopkinson, E-Centurion case 2:06-cv-636

That will tell you why NOBODY can get ANY money from this guy at all. He 'apparently, lost it all' by 'investing in a scam by 'selling phones and electronics' overseas vs writing stock options as stated in his sales pitch....and got eaten by a bigger fish or was in on the whole thing from the start. So, all money disappears, NOBODY gets any money at anytime. Do you get it now?

So, now how much more detail do you need? Did you not read? If you actually read all of the previous threads, it is pretty clear as to what is going on here.
Frank M Jerry

Tuscaloosa, AL

#39 Nov 5, 2009
Please never engage the Law Firm of Boose Ciklin Casey Martens and O'Connell. This firm came highly recommended by the Florida Bar Association. Simply put, there crooks and not just because of there outlandious Fees. Proof upon request.
Frank M Jerry

Tuscaloosa, AL

#40 Nov 5, 2009
Please also be aware the West Palm Beach Courthouse is under FBI investigation. It seems this Courthouse is highly corrupt.

Cases are not being decided based on merit but ____,I'll let you fill in the blanks.
Frank M Jerry

Tuscaloosa, AL

#41 Nov 5, 2009
In addition from my perspective the Ft Lauderdale court house needs mending as well. There are several Judges who need to be replaced.

1) Judge Lisa Trachman =Has no clue what she doing in Landlord Tenat and simply unable to read. If you feel you owe no rent then no monies need to be put into the rent registry. Go back to Law School and learn how to read English !!

2) Judge Lisa Carol Phillips= Allows fourteen year olds to serve beer ? Where are her brains ?

3) Judge Mark Speiser- Simply rubber stamps harrassment notices which almost got me killed !! Marched into Wings on Sample to protest the exploitation of my sons and my ex wife was able to secure a harrasment notice. My ex-wife has nothing to do with Wings and wasn't in the establishment when I protested. A very corrupt city that Coral Springs !!

My ex-wife rejoiced in the fact I was almost killed by Coral Springs P.D.(Romans)
NYC Pigeon

Warwick, NY

#42 Nov 23, 2009
I too had a long association with Mr. Colodne and a "friendship". 20 years he did our taxes. Inveested lightly in his stock puts and made some money. When my mother passed away I stupidly gave a majority of my inheritance to Mark and poof! He never produced statements when I requested and stopped answering calls early 2007. His office assistant was the only person who'd pick up the phone. I'd leave 10-20 calls in a day. Nothing.

I spoke to Mr. Ward a few weeks ago. He said filed a suit against Coplondne but it was 50-50 if the court would hear it. He was not encouraging.

If Colodne's done or is doing your taxes, watch-out...I got audited for 2005 taxes last year. This man can not and should not be trusted with anything!

I would be interested in hearing if there is a law firm working on a class-action suit.
Eyes Now Open wrote:
<quoted text>
NLN,
Here is a thought. IF you did any research OR looked into any public records,( for example: compare the court documents to his scam hedge fund objectives ),contacted Mike Ward from FDFS and/or researched ANY complaints you would actually realize what has been going on.
It is quite obvious by your response that you have NO clue, base your 'opinion' on severe lack of factual knowledge and have a misplaced sense of security and loyalty to someone that has deceiving investors (especially the elderly)for years.
It is funny how some will offer commentary on topics of which they have done NO actual research and will take word of mouth as fact to argue a point.
This only continues to prove that anyone that has been affected in this way needs to open their own eyes and do the proper research in order to make the right decision for themselves.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Pompano Beach Discussions

Title Updated Last By Comments
News Barack Obama, our next President (Nov '08) 3 min RoxLo 1,602,998
News Thousands Protest Roe V. Wade Decision (Jan '08) 1 hr Freedomofexpression 317,610
girls how many family members have you had sex ... (Dec '15) 15 hr EllenB9 18
News Once slow-moving threat, global warming speeds ... (Dec '08) Sat Patriot AKA Bozo 63,981
News Missing 5-year-old Florida girl likely was abdu... (Feb '09) Sat zazz 98,518
the outlaws motorcycle gang in south Florida is... (Feb '11) Sat tlclost57 264
Review: I Love Kickboxing (Jun '16) Fri Martina Masecchia 81

Pompano Beach Jobs

More from around the web

Personal Finance

Pompano Beach Mortgages