Ok...someone please tell me if this is legal...I made an investment in a company about 7 months ago. Now they are sending letters to about 65 of the investors saying that they messed up and didn't register with the Federal Securities and Exchange Commission as a "private corporation". This means they have too many investors so they are trying to give us our money back and in return we are to send back our stock certificates. So apparently they can only have 35 investors and they have 99, and instead of letting the first 35 people that invested in the company keep their stock, they are keeping the 35 investors who invested the most money...They have been sending us all letters for the past 7 months saying how good things are going and that the project is going to sell for billions. I have information that the project is finished and about to be sold.so they used our money to build their project and are basically just treating it like a loan which is definately not what we signed up for
2006-12-01 07:42:25 · 1 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
I smell a scam and a lawsuit if you are quick enough. Speak to a lawyer to see if they misled you. If they did you have a claim. Do not surrender stock certs without having some procedure in place for getting your money.
2006-12-01 07:59:03 · answer #1 · answered by skip 6 · 0⤊ 0⤋