In 2004 wells fargo bank was employed by American Business Financial Services to reorganize investors accounts. This "reorganization" included converting subordinated investment notes to "preferred" stock. Six months later the company filed for bankruptcy, at which time Wells Fargo became bankruptcy Trustee for the company's "reorganization". The preferred stock, which was 1/2 of each investors investment, had no value and could not be traded. Thousands of investors lost their life savings as a result. Wells Fargo, the courts, other trustees, and accounting companies have been on the payroll since that time and yet investors have yet to receive anything! Now a company called EPIQ7 has been hired to pay approximately 2% of each investment, but hasn't disbursed any funds yet. Perhaps they're just using the investment funds as long as there are any to be had! Acorporate trust dept has a legal obligation to behave in a manner that reflects the interests of investors, which Wells Fargo did not. The fact that Wells was responsible for the conversion implies complicity and premeditated fraud. Why would a large national bank be involved and instrumental in such illegal acts? The courts and sec seem to be okay with all this. This is a rip off and should be addressed in some way, but how?
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