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Old 10-12-2011, 03:06 AM   Nav to Top  #1
jose marra
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Default LOST ALL MY $ IN A MUTUAL FUND,NEED ADVICE

I was investing in what i think was a ( mutual fund) i only had $2,000.in it , this "fund" was being ran by local accounting/brokerage firm that i've known for years well,they drew up contracts took down all my info, even social security #, i wrote them a check for 2 grand,they gave me a contract,it was all notarized in front of me,saying that i would get my$5k back in 3months with a return of 25% and i would get back a total of $6250...it all looked very legal,i did some research into them and no red flags came up( all clean).they had been doing this fund since 1999 without any legal issues..id say 4months into it,i get a call from a man saying he was a lawyer,telling that the company/fund was broke/bankrupted and that my money was gone & everybody that invested in this fund lost it all too..a pal of mine had $30k in this fund & he lost it too..then id say 6months after they closed up shop i get a phone call from the "fund manager" saying that everybody was getting there $$ back,but that it could take up to 3yrs ......my questions to the members of this site is>> does this sound like a legal mutual fund or something else to you guys?..& what happens when a " mutual fund" goes bankrupted, do all the investors loose it all?..also i have be talking to other investors that lost it all too & there's a rumor that the "fund manager" could possibly still be operating this fund & making $,,,is there any way to find out if this fund is still operating & making $$$?..and is there any ways of finding out if the "fund manager " & its fund or firm have any money in any bank accounts?..thank u all
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Old 10-14-2011, 03:02 AM   Nav to Top  #2
Saintjames
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Originally Posted by jose marra View Post
,is there any way to find out if this fund is still operating & making $$$?
You could start by giving us the name of the mutual fund, or doing some research online with Google. Perhaps you can find other investors in your same position.

Usually mutual fund managers manage large and diversified baskets of stocks for investors and make commission. It is very possible with the recent turn down in the markets these guys got into trouble and are now bankrupt.
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Old 02-16-2012, 05:04 PM   Nav to Top  #3
Ted85050
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I think Mutual Funds should be illegal or AT LEAST the fund manager should be required to disclose all the trades he approved and be held accluntable for them. If his fund (his clients... us) loses money, he dosen't get paid.
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Old 07-11-2012, 01:30 PM   Nav to Top  #4
Mr.Index
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Default Sad story but it

Hi Jose,

You posted some months back. I hope you are better now. I am really shocked to read your story. You said they were operating since 1999! That means they were there for long 12 years, and you had the bad luck that you invested in their 'last' year.

You can try to get the papers they had. They might be obliged to tell where the money were being invested. Those papers may (if you are able to get your hands on them) may help you to get a picture whether they were making profit or not.

Thank you and take care.
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Old 12-21-2013, 05:41 PM   Nav to Top  #5
Dommanick
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Here on after I would recommend you get a report from the BBB the Better Business Bureau The U.S. government consumer protection tool. Secondly I think you need to seek a lawyer
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Old 01-18-2015, 11:02 AM   Nav to Top  #6
MarkSimms
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Your brokerage firm was probably covered by SIPC Insurance (The Securities Investor Protection Corporation). SIPC protects customers of SIPC-member broker-dealers if the firm fails financially. Coverage is up to $500,000 per customer for all accounts at the same institution, including a $250,000 limit for cash. Although SIPC does not protect you when the value of your investments falls.
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