Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Bruce Gumbert

Jun. 24, 2018

Jun 24, 2018

Securities and Exchange Commission

To the and Exchange Commission,

This rule needs to be changed. A financial advisor should not be
allowed to make decisions to benefit themselves when working with
someone else money.  Allowing them to do that is stating that they can
run a Ponzi scam which is illegal for a very good reason. Allowing this
to happen is ignoring the underlying causes of the collapse during the
most recent "Great Recession" which was caused by a similar
attitude with the bankers. Unfortunately, most people who work in the
financial sector from my experience are doing it mainly because they
are greedy and want to make money and do not care what they do to get
it. Not changing the rule is saying that it is alright for a financial
advisor to ignore fiduciary responsibilities. The bottom line for me is
not changing the rule you are condoning what should be criminal
behavior because it is no better than someone putting a gun in your
face and robbing you.

I'm counting on you to make a stronger rule that closes the loophole.
Americans who've worked hard to save for retirement deserve peace of
mind about their financial security.


Mr. Bruce Gumbert