- May 18, 2001
- 7,856
- 344
- 126
A while back, my elderly parents' investment firm encouraged them to invest a large amount of money into what turned out to be a Ponzi scheme.
http://www.investmentnews.com/artic...ve-unlicensed-salespeople-in-woodbridge-ponzi
The amount of money my parents put in was a large chunk of their life savings. My sister & I are going to talk to my Dad tomorrow night & try to help him salvage as much as possible out of this mess, but we're not sure where to start. My Dad is convinced that the government is going to fix everything, but to say the least I'm very skeptical. I think he thinks that he has it under control and that my sister & I are intruding on his business.
1a. should he get a lawyer, or just let the SEC handle everything? Just to be clear - he has already been contacted by the SEC & given a bunch of forms in order to file a claim.
1b. There seem to be a bunch of existing lawsuits, so should he jump on one? If so, how do we pick one?
2. We're going to strongly encourage him to change investment firms. That's the right thing to do, right?
3. does the investment firm that recommended this "investment" bear any responsibility or liability?
There are probably other questions, but I can't think clearly at the moment. This thing makes me alternately sick to my stomach / insanely angry.
http://www.investmentnews.com/artic...ve-unlicensed-salespeople-in-woodbridge-ponzi
The amount of money my parents put in was a large chunk of their life savings. My sister & I are going to talk to my Dad tomorrow night & try to help him salvage as much as possible out of this mess, but we're not sure where to start. My Dad is convinced that the government is going to fix everything, but to say the least I'm very skeptical. I think he thinks that he has it under control and that my sister & I are intruding on his business.
1a. should he get a lawyer, or just let the SEC handle everything? Just to be clear - he has already been contacted by the SEC & given a bunch of forms in order to file a claim.
1b. There seem to be a bunch of existing lawsuits, so should he jump on one? If so, how do we pick one?
2. We're going to strongly encourage him to change investment firms. That's the right thing to do, right?
3. does the investment firm that recommended this "investment" bear any responsibility or liability?
There are probably other questions, but I can't think clearly at the moment. This thing makes me alternately sick to my stomach / insanely angry.
Last edited: