ED Magedson – Founder
FutureGen CapitalNationwide USA
FutureGen Capital Steals Life Savings Washington DC, Atlanta, Chicago, Las Vegas, Seattle Nationwide
Company president of FutureGen Capital, Lawrence Schmidt, wrote his clients a five-sentence letter that said he had decided to "close down" FutureGen Capital, and that it would be "in the best interest of everyone." He said that he could no longer accept additional capital, and that was a good thing. However, my attempt to roll my IRA into another IRA investment account met with a rejection -- due to paperwork. The trust company servicing my FutureGen account told me that FutureGen was not paying anyone, so I might try to contact the president directly as well as submit further forms.
In my efforts to contact FutureGen, I get a "Thank you for calling FutureGen Capital. Our offices are closed ....blah, blah, blah...please leave a message and we will return your call within one business day." Unfortunately, this message is on a loop and repeats as one is attempting to leave a message. It is clear that the system has been shut down.
I am now seventy, and I struggled as a single mother -- getting through school, raising my sons, and trying to save nickles and pennies for twenty years. My father's farm -- where I thought I could one day live in my retirement -- was placed in public domain and taken by the county government for a park. The tiny amount we siblings shared from the sale of the farm (which was placed in a flood zone resulting in greatly diminished market value) I combined with my life savings and gave to FutureGen Capital.
Mr. Schmidt said in his letter: .. "we will make everyone whole." I think that is an inadequate statement relative to the devestating reality. As a woman seventy years old, it is unlikely that I could earn that money back. In the meantime, I will not be able to replace my car, pay off my mortgage, or use it for other things my retirement will not cover.
Even though there are no guarantees in life, I think he owes his investors an explanation, and I think that this company's practices should be investigated. I will be very unhappy if this man is going to be able to keep homes, cars, boats or gold bars in Swiss banks while I'm rolling a shopping cart around in the rain looking for a place I can afford to rent.
This report was posted on Ripoff Report on 04/29/2014 03:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/FutureGen-Capital/nationwide/FutureGen-Capital-Steals-Life-Savings-Washington-DC-Atlanta-Chicago-Las-Vegas-Seattle-1142745. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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