UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: boojieboy One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35640  
Subject: Bank United Securities Fraud? Date: 2/20/2000 4:00 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I am trying to sort out a situation here. Let me give you the setup, in chronological order:
1. About a year ago my mother-in-law gives my daughter a $1000 bond fund as a gift, through Bank United Securities of Houston, TX.
2. Management of the fund is changed in Apr 1999 to BNY Clearing, who then changes the account to "Kemper Dreman High Return CL B".
3. Account statements start showing account DECREASING in value.
4. I become aware of the existence of this account, read all available statements.
5. It seems that the fund is withholding a little each month for tax purposes, but the amount they are withholding is about 120% of interest earned, PLUS our tax statement this year for the fund shows $0 withheld.

Am I paranoid to smell something fishy here? It seems to me that if there were some kind of fraud here they would be better at hiding it.

Calls to Bank United have been fruitless.

Any info/advice would be greatly appreciated.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.