Adviser kidnapped and beaten by angry pensioners

Adviser kidnapped and beaten by angry pensioners


If ever a headline has conjured up some interesting mental images, this would be it. 

However, the so-called wave of “silver crime” is no joke – especially not for brokers – in Germany it has been reported that a group of four wealthy pensioners have exacted revenge on their financial adviser after their savings were hit hard by the downturn in the markets.


German-American financial adviser, James Amburn was allegedly kidnapped from his home, stuffed into the boot of a car and driven to a town close to the Austrian border where one of the pensioners had a holiday home.


Mr Amburn claims that he was held in a cellar for four days, stripped, beaten and threatened by the two elderly couples. Twice daily he was fed soup.


Last weekend he was freed by 40 heavily armed policemen from the German counter-terrorist unit, who found him tied up in his underwear, his body covered in cuts and bruises.


“They bound me with masking tape until I looked like a mummy. I thought I was a dead man.” Mr Amburn has said. “I was beaten and they threatened again and again to kill me.”


The two couples had apparently entrusted £2 million of their savings with Mr Amburn, who invested it into Florida’s property market. The sub-prime mortgage crisis led to the properties becoming forfeit, but the pensioners wanted their money back.


Whether the violent backlash of pensioners who have been affected by the credit crunch or poor financial advice will spread to the UK remains unclear, but perhaps this story will serve as a warning to brokers to ensure TCF is fully implemented.


The four pensioners are now under arrest on suspicion of deprivation of liberty, torture and inflicting grievous bodily harm.  

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