No. of 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.

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