A little background here:
In December 2012 I left my previous employer at the age of 32 after 10 years with them. I had about $250k in my 401k. At my new employer, my new boss told me his brother-in-law was an investment banker (small firm with just 2 people that he founded) and I should roll my 401k over to him.
This guy was SUPER in bed with this company RCAP. I didn't qualify for the investments based off my income or liquid savings, but he told me not to worry about that. He actually filled out the forms for me so all I had to do was sign them, prefilling out the boxes that said I had $1M liquid, etc... Instead of doing what I asked him to do (red flag I know), he put 100% of my money in RCAP REITS and RCAP stock. The stock went bankrupt and the REITS crashed in value. I can't even access my money that's in the REITS and it's been years.
So the $250K investment that I started with is now worth $77k. Had I done what I wanted to do and parked that money in VOO and a single Berskhire A Share, it would now be worth $552k.
I understand risk and losing money (now I do anyways), however because advised me to just lie on my application form about my net worth, and then filled out those forms for me with false information on them to qualify for the REITS, do I stand a chance at suing him? I continue to lose about $3k a month in these funds, and because they are closed REITS I can't get out of them. I'm slowly watching all my money disappear.
The only silver lining in all this is it happened at a young age and I should be able to recover. It was a valuable lesson learned when I could afford to learn it.
If I can sue, is there a legal group that anyone can recommend with experience in this? I live in MN now, but I lived in NY when this happened and the investment firm is located in NY.
Submitted January 24, 2018 at 09:49AM by walb0034 http://ift.tt/2DvmXnh
