Complaint Review: FMF Capital/Mortgage & TD Waterhouse - Southfield Michigan
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- Author Confirmed
- FMF Capital/Mortgage & TD Waterhouse 25800 Northwestern Highway, Suite 875, Southfield, Michigan, U.S.A., 48075 Southfield, Michigan U.S.A.
- Phone: 888-4 MAX LTV
- Web:
- Category: Investment Brokers
FMF Capital/Mortgage & TD Waterhouse ripoff...defrauded Canadian investors on the TSE with a Trust Unit they knew could never pay Southfield Michigan
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Want to form a class action lawsuit against TD Waterhouse Securities and FMF Capital...?
So it seems FMF Holdings Ltd. doing business as FMF Capital of Michigan got together with Bank of Montreal Nesbitt Burns and Toronto Dominion (Bank) Securities and colluded to rip-off Canadian investors with a Trust Unit offering which they knew or should have known could never meet its monthly dividend/interest payments and would therefore collapse.
The players knew the stock would typically be sold to investors on the phone by brokers prior to the investors receiving the Prospectus. They usually sold it to people who wanted safe investments, like bank stock,...a mortgage company sounded safe. An 11% promised return sounded even better.
The crooks forgot to tell people this:
FMF is a "non-prime" lender to high risk borrowers
FMF senior executives were selling all of their personal shares of the company into the initial public offering...thus opting out of their own company.
FMF mortgages packaged for sale can be returned to FMF within 90 days if borrowers default...
The US mortgage business is saturated...most banks won't touch it.
Mortgage companies aren't suitable as Trust Units...because of the prime rate interest hike risk which will cause business and revenue to fall off sharply.
Just a couple of minor over-sights by FMF and its investment broker affiliates.
They shamelessly sold the stock anyway and it dropped immediately never seeing its issue price again. It went from an issue price of $10 to .53 cents Canandian. FMF has suspended all dividends indefinitely.
All this in under 6 months. Millions of dollars of investors money has disappeared.
We must bring the Investment Dealers and FMF to account to repay all money taken.
If you are a client of TD Waterhouse Securities in Canada and you lost money in FMF and are interested in forming a class action lawsuit against TD and FMF...Let me tknow through the rebutttal key.
"Bent on Revenge"
Vancouver, British Columbia
Canada
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This report was posted on Ripoff Report on 12/15/2005 05:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/fmf-capitalmortgage-td-waterhouse/southfield-michigan-48075/fmf-capitalmortgage-td-waterhouse-ripoffdefrauded-canadian-investors-on-the-tse-with-167982. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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