Was That Stock Tip Legit?

Do you trust your friends to provide you with sound investment advice? Well, some people did and now they are paying a hefty financial price:

A former stock trader was charged on Thursday with duping friends out of $16 million over six years by luring them into various investments, most of which never existed.

Instead of investing the money his friends handed him, the ex-trader, David Holzer, 58, spent it on luxuries, including a $300,000 Aston Martin, a gold Cartier watch with diamonds and bracelets from Hermès. He spent the money so quickly, prosecutors said, that he now has only $375 in one bank account and just over $1,000 in a brokerage account.

Choose your friends wisely.