I'll try to sum this up as best as I can, because I'm posting on behalf of someone who is a non-Redditor, but wanted to take the situation to you people for some help.
For all intents and purposes, I will put myself in the position of my friend, but I realistically am "asking for a friend".
My father (82) has struggled with money his whole life, especially after he and my mom got divorced. Eventually, a new girlfriend of his convinced him to take $16,000, save it, and invest it with a financial advisor, which at the time, she recommended. I was proud of my dad, because he actually did.
Fast forward to May. My brother and I find out my father has about $10k in outstanding credit card debt that is piling on interest. My brother has POA and decided to withdraw his money from his financial advisor to pay off the debt.
Financial advisor lets us know that, he's very sorry, but he spent the money and can't pay it back right away. That my father was his "Top priority" and he needed until the end of June. Also let us know that if we wanted to report him, he understands and gave us the steps to do so. He then said that if he is reported, he'll lose his license, but the insurance money won't cover everyone's owed funds and that he needs time.
So far, he has paid back $2,500(roughly) and it's now September 3rd. My brother has been paying the minimum payments on the credit card to avoid late penalties, but that is as much as we have received.
So, Reddit, help me. What should our next step be? Legal action vs. reporting? Is it possible my father agreed to this in a legally binding contract? Should we try to touch base with other clients that were swindled? I truly need your help.
EDIT: THE ULTIMATE GOAL IS TO GET THE MONEY BACK. My father is 82 years old and I don't want his debt to grow any further. I don't want to ruin this man's life, I simply want to not further ruin my father's.
EDIT 2: Am Canadian.
TL;DR: father invested $16k with a financial advisor, brother and I find out Dad has $10k in credit card debt, go to withdraw money, Financial Advisor spent it, said if we report him he'll lose his license and insurance won't cover everyone's owed money, has only paid back $2500.
Submitted September 03, 2017 at 07:41PM by isarealboy13 http://ift.tt/2eAZGsR
