any readers out there with legal backgrounds?
One of the advantages of a reasonably well-read blog is the opportunity to solicate free advice. I don't take advantage of it much, but this one may just be a doozy so here it goes...
I am the guardian of my little brother's inheritence (or part of it -- his portion of my mom's house) and have kept it in a mutual fund since I got it (just easier to file my yearly reports with the Probate Court if it's in one place). Yesterday I got my mail from my dad's house which included my quarterly statement from the fund company, opened it, and learned that there was *no* money in his account.
Today I called them to ask what was up and they told me that the fund had been liquidated at the end of August and that they had sent me a check to the address on file. Well, the address they had was not my current address (as my investment guy hadn't updated that in the system I guess -- he knew) and so the check came back to them. Given this, they sent the check to their "best guess" (!!!) which happened to be some guy in Texas with the same name as me, aside from his middle initial. Thank God the guy was honest and returned it, whereupon the fund company placed the money in a money market account where it now sits.
This seems a bit "irresponsible" to me, to be understated, and I just have this strong desire to have the fund company punished. Had the other Kyle not been so honest I would be SCREWED and there may have been no way for me to get my brother's money back.
The conversation on the phone was very to the chase, with the every seven-second beep to let me know that it was being recorded. They know they were very bad. Should I be suing? Should I be calling the SEC or other regulatory agency and letting them know about this?
I am definitely getting my bro's money out of there as soon as I get the probate court's permission to do so and finding a company that actually has some security checks in place. But I'm wondering what else I should be doing. Any advice?
I am the guardian of my little brother's inheritence (or part of it -- his portion of my mom's house) and have kept it in a mutual fund since I got it (just easier to file my yearly reports with the Probate Court if it's in one place). Yesterday I got my mail from my dad's house which included my quarterly statement from the fund company, opened it, and learned that there was *no* money in his account.
Today I called them to ask what was up and they told me that the fund had been liquidated at the end of August and that they had sent me a check to the address on file. Well, the address they had was not my current address (as my investment guy hadn't updated that in the system I guess -- he knew) and so the check came back to them. Given this, they sent the check to their "best guess" (!!!) which happened to be some guy in Texas with the same name as me, aside from his middle initial. Thank God the guy was honest and returned it, whereupon the fund company placed the money in a money market account where it now sits.
This seems a bit "irresponsible" to me, to be understated, and I just have this strong desire to have the fund company punished. Had the other Kyle not been so honest I would be SCREWED and there may have been no way for me to get my brother's money back.
The conversation on the phone was very to the chase, with the every seven-second beep to let me know that it was being recorded. They know they were very bad. Should I be suing? Should I be calling the SEC or other regulatory agency and letting them know about this?
I am definitely getting my bro's money out of there as soon as I get the probate court's permission to do so and finding a company that actually has some security checks in place. But I'm wondering what else I should be doing. Any advice?
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