If some one befools me once then shame on him; but if someone befools me twice then shame on me.

Though, Bernie Madoff the master-mind of Ponzi schemes is going to spend 150 years in prison for duping investors of approximately $65 billions, yet the world has not got rid of Madoff-type advisers.

So investors should take some simple steps to shield their hard earned money.

Before investing money, one should spend some time researching the background of financial planners, stockbrokers etc.

One can search Web sites for getting background information about industry professions. One such site is www. sipc. org.

Working relationship between the financial professional and his investors should be examined.

Getting a 2nd opinion is a good idea for those who want more information to ensure they are making the best decision. Do not hurry.

Make sure not to buy into the exclusivity of an investment.

One should write their checks in favor of the investment fund and not individual adviser or broker.

Don't put all of your eggs in one basket. It one should not invest all of one's assets with one manager.

The Financial Industry Regulatory Authority provides license to brokers. Investment advisers managing less than $25 million in assets are licensed by state regulators, while the SEC regulates those with more assets. So, one can approach these regulators to get information about advisers.