Michael D Allard (Calbay Investments) Scams Old Folks. He lost My Dad His Retirement Funds and Vanished.
Michael Allard convinced my dad to invest his retirement funds in a shady enterprise. My dad had hired Michael to manage his retirement funds and his 401k. You might know Michael as the principal of CalBay Investments.
He lost my dad a lot of money by advising him to invest in a shady company. The company he had recommended to my dad went bankrupt in a few months, and my dad most of his retirement funds.
When my dad and I tried to confront him for his mistake, he vanished. I mean that literally. His people started making excuses such as ‘He is gone somewhere or he is unavailable for weeks’. He started avoiding us when he realised that he was caught.
I’ve shared my dad’s detailed experience here so the world would know how this fraudster steals from old folks.
I have shared details about him below:
Who is Michael Allard?
Michael Allard is the founder and principal of Calbay Investments Inc. He is a terrible person but has stellar qualifications. Michael is a Chartered Life Underwriter, Chartered Financial Consultant, and Certified Fund Specialist.
He has been working in the finance sector for decades. Michael has also been named in Barron’s list of “Top Financial Advisors” for several years. So yeah, the guy has all the qualifications you’d look for in a financial advisor.
So you can see why my dad hired Michael. He had no idea that Michael is a greedy and shady financial advisor. I feel ashamed as a daughter to let my dad fall prey to this fraudulent advisor.
How Michael Scammed My Dad:
Michael’s company had contacted my dad through a cold call. My dad was looking for a financial advisor already so he was glad to talk to them.
They did all the formalities very quickly and you can see how they look so reliable and trustworthy. Not only my dad but anyone could have fallen for this scam.
My dad had met with Michael too and he had insured my dad that he will provide him with the best service possible.
Obviously my dad was very happy to have found a seasoned financial advisor for him. But he was mistaken. Michael suggested my dad invest 25% of his funds in a new company. He told my dad that his team had done extensive research on that enterprise and they were 100% sure that it is a secure investment.
If your financial advisor recommends you to invest in a particular company and promises you that it’s a great deal you follow his advice. That’s what my dad did. He followed the advice of Michael who is actually a fraud. He did not know that Michael had vested interest in that company.
After a few months that shady enterprise filed for bankruptcy due to some legal trouble. I was the first one to find this out. Michael used to talk to my dad frequently but neither him nor his team informed my dad about this. My dad had informed me about his investment in that company so I contacted him to ask whether he had changed his investment or not. It turned out that my dad had no idea about this news. His highly expensive and so-called reputed financial advisors had not informed him about this.
When my dad called Michael to ask about this issue, Michael escaped the question and hung up. After that, Michael and his team started acting in a very dodgy manner.
Losing 25% of your investments is a huge deal so me and my dad tried to contact Michael many times. Whenever we would talk to his people they would make up excuses like Michael is overseas or Michael is in another state. It went on for months until we gave up.
We fired those people and haven’t hired any financial advisor since. I don’t think my dad would hire anyone else after everything that has happened. He has stopped trusting these retirement planners and in my opinion, he is right to think so. When an industry veteran turns out to be a fraud, imagine what would those low-level advisors do?
Michael D. Allard is obviously a scammer who gives selfish advice to old and retired folks like my dad. He takes advantage of their innocence and thinks it’s okay to steal from other people. I don’t think he should get away with what he’s done. But because he is so powerful and wealthy, I don’t think taking the legal route would do any good. That’s why I’ve shared my dad’s experience with CalBay Investments here.