I am interested primarily in correspondence with TD Canada Trust and TD Waterhouse customers who were sold this rip-off dog for your retirement savings.
This is a Trust Unit written about extensively in the Financial Post as a scam. Over the past year it was sold as a "safe" conservative retirement investment for $10.00 a unit. TD executives and brokers made millions selling it. It now trades for. 50 to. 65 cents and has suspended its projected 12% return. The Financial Post Newspaper's investigation indicates it was a nicely dressed up scam because FMF could never have met it's dividend income projections over time. Not revealed to most investors at time of sale was that FMF was a "non-prime lender" to mortgage borrowers who did not qualify for US bank financing (poor credit risks). It was also not disclosed that FMF senior management was selling their entire personal equity in their US company to Canadian investor suckers. Also such securities in Mortgage brokers are largely un-saleable in US stock markets due to poor industry reputation and interest rate risk. A class action lawsuit has been filed against FMF in Michigan by a Toronto law firm representing investors. TD Waterhouse and the TD Bank now need to be brought to justice. Both were clearly involved. Experts have publically stated this should never have been a Trust Unit period.
TD Canada Trust/Waterhouse a member of the select insider "sales group" along with Nesbitt Burns the underwriter have not refunded losses or apoligized to their customers to date.
If you were an investor in FMF and would like to initiate and form a class action lawsuit specifically against TD Canada Trust and TD Waterhouse... Please PM me or leave a message here.
Everyone in the TD Bank right down to the local branch level knew about FMF and tacitly endorsed the product with an excited buzz to their customers during its IPO marketing. Its time TD Canada Trust admitted its wrong doing and paid you back.
K,
Vancouver, British Columbia
Canada
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