Investment debacle reinforces need for caution

The New York times recently reported on an investment scandal that has cost dozens of Northsiders millions of dollars. Investors are still trying to recoup their losses. The bad news started in 2010, when Northsider Steve Wyatt, who oversaw $100 million in investments, began experiencing severe losses. Wyatt had worked first for Smith Barney then transferred in 2007 to Morgan Stanley, which has an office in Ridgeland. Office manager Fred Brister recruited Wyatt with a million-plus offer. At the time, Wyatt had a great track record.

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