Previous entries have described how the Wells Real Estate Income Trust, the Wells REIT, run by Wells Real Estate Funds closed down their redemption process in May. This means that investors could not get their money out for the rest of 2004. They then tried to stem people taking money out as dividends by reducing the price of their shares, hoping the bait would make people take stock instead of dividends.
But all along they said they would resume redemptions in January. Well, guess what? It's January, and now they say that, gosh, they have some reallly really great news... Such good things are going to happen in the future that they still are NOT going to let investors get their money out. The Wall Street Journal described this scam as the 'roach motel' for money. Nothing checks out.
If their blather were true, they would just say "well, you might be able to get more money for your investment if you just wait a while longer." But THEY DID NOT SAY THIS! Instead, they just continue to refuse to let investors get their money out of their miserable fund. Their excuse: the 'fine print' in our prospectus says we have the power to do this. Right. That's just what the slimey brokers who sold this worthless junk said would never happen.
Be smart... Stay away from Wells. At least learn from someone else's mistake.
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