Comments.. My husband and I invested $, but our money was embezzled by the investor @ the bank.

Question

The bank has promised to give us our money back, but we are waiting for legal paperwork to go through, basically they have filed suit against the investor, but I think they want to make sure that we don't sue the bank for what happened. Our money has been tied up now for almost 1 month and they promise to release it to us as soon as everything on their end is cleared. Does this make sense or are we being scammed even more. Why can't they just give us back our money????

Answer 1

They have to return it after the audit. You will be less likely to put your money out so fast in the future. Lesson learned.

Answer 2

Call an attorney.  Sue the investor, sue the broker-dealer, and sue the bank.  File a complaint with FINRA (formerly NASD) and your state's regulatory body for investments.

The bank will probably release the funds as soon as the attorney calls.  Good luck!

Answer 3

For one thing; keep all your paperwork.  Throw nothing out.

You might want to call a lawyer about this one.  I know of someone who had all her money blown by a Schwab broker, and it wasn't settled for a long time.

Answer 4

take it to court and get a attorney im sure they will get scared and try to settle out of court

Answer 5

On the one hand, one month is not a lot of time in the world of conflict resolution.  On the other, I am confused about "bank" and "investor at the bank."

If you made your check out to the bank and they have acknowledged embezzlement, something is wrong.  Get a lawyer now.

If you made your check out to the embezzler or to his company (which was separate from the bank), you should still talk to a lawyer, but you may have to wait a good bit longer for full restitution.