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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

477.0. "Advise: Firm sold/bought funds without permission" by --UnknownUser-- () Thu May 20 1993 13:46

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477.1ZENDIA::SCHOTTThu May 20 1993 13:563
    I thought it was the law that you can not be solicited to 
    purchase funds without being given a prospectus.  Sounds
    like they are going to be in big trouble.
477.2Get a lawyer to write a letterTLE::JBISHOPThu May 20 1993 15:2417
    We don't know the initial agreement, which may well cover this action,
    if your mother-in-law agreed to have her affairs managed (given what
    you've said about her, it's quite possible she just signed such an
    agreement).
    
    I'd suggest getting a lawyer to write a letter requesting "unwinding"
    of the sales--this wouldn't cost more than $50 to $100 (at a guess), if
    you already have a lawyer.  Letters are easy to write, and it sounds
    as though you have a case that your mother-in-law didn't understand and
    there was thus no valid agreement.
    
    I'm a bit amazed that a 50-year-old, presumably in reasonable health,
    is demanding to be supported by her child and the child's spouse,
    particularly to the tune of $900 a month.  But that's your decision
    as a couple.
    
    		-John Bishop
477.4Good luck with the letter!TLE::JBISHOPThu May 20 1993 17:5313
    By your node name, I assume you're in ZK?
    
    If you don't have a lawyer, I can suggest David Lieberman
    in Nashua.  I recommend him because he was willing to pass 
    me on to an expert in a particular field when expertise
    was needed--in other words, he didn't take a stab at something
    out of his depth to make money at my long-term cost.  He's 
    done real estate and wills for me.
    
    He should be able to either write a letter or point you to 
    an appropriate investment lawyer in the area.
    
    		-John Bishop
477.5Write the letter yourself first.SOLVIT::CHENThu May 20 1993 19:1317
    I would write a letter to him myself first and demand that they show me
    some prove in *WRITING* that they had the authorization for the
    transactions. If they can not provide such prove. Then, I would request
    them to restore my account back to its original allocation. I would
    also make it clear to them that if they refuse to do this, I would be
    forced to seek legal actions against them. Sometimes, this will do the
    trick. Getting to lawyer to write you a letter is not cheap. It'll cost
    you anywhere between $100-$200 per letter. I have done that before and
    guess what? It didn't even help with the matter at all. :-(  So,
    basically it was like throwing money in the wind. 
    
    You have to let the company know that you are in a good legal position
    against them and you know what you are doing. You mean what you say and
    you mean business. I don't think they want to get involved in a legal
    battle which they know they don't stand a chance to win.
    
    Mike
477.6Give a deadline and a desired actionTLE::JBISHOPThu May 20 1993 20:3820
    It's certainly worth a try.  Be sure to mention what you want done,
    rather than just complain. e.g:
    
    	On <date> transactions detailed below were made.  I am not
    	aware of any authorization given by me or <MIL> for these
    	transactions.  I expect you to undo those transactios, 
    	restoring <accounts> to the state they would have been had
    	those transactions not been made.
    
    	If I do not hear from you within two weeks, I plan to start
    	legal action.
    
    I'd also make sure they write up the changes so that there's no
    taxable income/gain to you, i.e. that they either pay any incurred
    taxes or somehow undo the transaction as far as the IRS is concerned.
    
    Send it registered, return receipt requested and keep a copy.
    
    		-John Bishop