This is a complaint of an individual (an in-law, actually), not a company, who was verbally given trust to
MANAGE funds from the sale of a building which our dad ran a well recognized business for many years. Our dad worked very very hard to achieve close to 60 yrs of business.
In the 1990's there was the best opportunity to sell the building. The in-law was given permission to Manage funds from the sale; however, long before the problems of the past 2 years in banks and stock market surfaced, he had allowed funds to continue to drop, ultimately resulting in thouseands of dollars of loss. (A minimum of $45,000) I was told "he THOUGHT" the market would go back up, but he continued to make trading decisions, and
apparetnly didn't care much, as it was not his own money.
This ended in 2004, when we pulled out just a few thousand (under $5,000). It was my hope to use some of the funds to make necessary repairs on a 58 yr old home, our homestead, but there was refusal to make any compensation for loss. (The in-law) had built a loarge home
in the late 1990's as an "investment", so he was well off when selling his home.
The whole point comes down to justice and apparently breach of fiduciary duty, and perhaps securities fraud -- who knows what type of info was provided to make poor decisions. One does not normally
put up with continually losing money-- but again, it was not his. This is a terrible blow to our dad's hard work and heritage. I've asked and asked the past few years for at least partial restoration ( as I was involved in our local business) and STILL he refused to make recompense.
While we think of business or corporations to complain about unfair practices, this is a clear example of even famly members, (in this case, and in-law), basically making decisions comprable to theft. The funds could have been placed in a secure account insttead of dealign with continued losses. It's way past time to take responsibility and face the consequences. Hopefully
there will be suppor out there in some form to try to restore these funds. Our dad deserves much better, though he is deceased. Please help so we can make the necessary repairs to the homestead as he would do.
Thank You
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