I am thinking of investing a small amount at first with a company that guarrantees 18% apr paid monthly at 1.5%. I know this sounds a little too good to be true, so dont tell me that. But how can I check out this company to make sure they dont have any lawsuits, complaints, etc. Also, does the fact that they can work with the money in my existing IRA make the firm better or more legitimite? Maybe because they have to deal with other firms in this case. Thank you.
2006-11-04 14:05:07 · 6 answers · asked by j_issa 1 in Business & Finance ➔ Investing
Wow, this is great. Thank you for the quick responses. I posted this question a few minutes ago. What a great service. Thanks again.
2006-11-04 14:33:50 · update #1
I would seriously ask for some references i.e former and current clients, look at their prospectus, ask for some references in magazines, newspapers etc.
Look if they are actually a real company by checking the company register, look them up on the Internet for lawsuits and complaints.
2006-11-04 14:25:33 · answer #1 · answered by Beeswax 4 · 1⤊ 0⤋
#1 This is not a service. You have no way of proving who's legit or who's not (assuming there are legit answers)... They can also be legit people that are honest passing wrong information.
Regarding your question. No "legit" company can/will guarantee an 18% return. NO ONE CAN OR WILL GUARANTEE AN 18% RETURN. (I said it twice to emphasize).
The fact that they are allowed to invest your IRA money means nothing (not a thing regarding their being legit). Are there any "legit" well known companies guaranteeing 9% return these days......... The answer is no way. (Small correction, they may guarantee 9%.... but they can't guarantee they'll be in business or that your principle is safe).
I can't think of any circumstance where this scenario as you describe it could be safe. Contact the Securites and Exchange Commision (http://www.sec.gov/).
This truly smells. Stay away. No excuses. Run away... Don't look back!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2006-11-04 23:10:49 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋
There is some risk in every investment, as I am sure you're aware. If you're in the US, I would begin with the better business bureau of the area they do commerce in. Further, if they are registered with the SEC, you might begin there. Finally, I would do a search on the internet and see if you cand find reviews, or postings (positive OR negative) on various financial boards with people who have done business with them. 1.5% per month is a high rate of return, but hardly impossible. Oh yes. Do find out what sectors of the economy this fund is involved in, and see how it fits in with your risk tolerance. As the old disclaimers say, however "Past performance does not guarantee future result"
2006-11-04 22:27:02 · answer #3 · answered by Dat MrE Guy 2 · 0⤊ 0⤋
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2014-09-28 18:22:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Complaints generally are not in advance.
2006-11-04 22:08:00 · answer #5 · answered by Smilin' Fred 4 · 0⤊ 0⤋