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I lost half my invesment in a investment scheme that was promised a profit

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  • 17-06-2010 7:58pm
    #1
    Quintis
    Registered Users Posts: 671 ✭✭✭


    i had a sum of money in one of the main banks in ireland in a stadard deposit account. one day i got a phone call who from a private banking group who were a subsidary of this bank. they told me to invest my money with them in a very safe investment scheme(shares, very little irish holdings in the portfolio) and we would make a profit a few percent greater than the deposit account over a few years. it was very low risk and at worse i was told the profit would be equal to that of the deposit account. a few years on my investment is barely half of my original sum, i went to a solicitor and he is working on it but it is going nowhere they invested the money wrong it seems, hide this fact in confusing letters and investment details. from the start i signed an agreement with the bank not to give my personal or account info to anyone yet i got a phone call from this private banking group so obviously they broke privacy agreements and i did not get what i was tol i was getting with my investment. I need help!!!


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    #2
    x in the city
    Closed Accounts Posts: 7,134 ✭✭✭x in the city


    Quintis wrote: »
    i had a sum of money in one of the main banks in ireland in a stadard deposit account. one day i got a phone call who from a private banking group who were a subsidary of this bank. they told me to invest my money with them in a very safe investment scheme(shares, very little irish holdings in the portfolio) and we would make a profit a few percent greater than the deposit account over a few years. it was very low risk and at worse i was told the profit would be equal to that of the deposit account. a few years on my investment is barely half of my original sum, i went to a solicitor and he is working on it but it is going nowhere they invested the money wrong it seems, hide this fact in confusing letters and investment details. from the start i signed an agreement with the bank not to give my personal or account info to anyone yet i got a phone call from this private banking group so obviously they broke privacy agreements and i did not get what i was tol i was getting with my investment. I need help!!!


    so you got scammed basically..


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    #3
    Quintis
    Registered Users Posts: 671 ✭✭✭Quintis


    x in the city wrote: »
    so you got scammed basically..
    ya, from one of the main banks in ireland not some shady invesment group, they would come to your door looking for the money if they did it to you but when you try to get your money back they hide behind legal mumbo jumbo and put the blame on others


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    #4
    edellc
    Closed Accounts Posts: 1,787 ✭✭✭edellc


    thats terrible hope your solicitor can help you
    also why not post this thread in legal see if someone can give you advice over there :-)


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    #5
    Quintis
    Registered Users Posts: 671 ✭✭✭Quintis


    i will do that thank you!


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    #6
    MRBEAVER
    Closed Accounts Posts: 206 ✭✭MRBEAVER


    The value of your investment may go down as well as up. Low risk does not mean no risk. You are wasting money on Solicitors.


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    #7
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Indeed, unless you had it in writing that the bank *promised* the value would only go up, I'd say you're up the creek, and solicitors will only cause a case of throwing good money after bad. (Remember, it's in their interest to promise you hope, as then you keep paying them..)

    Check the documentation you recieved when you signed up - it will more than likely contain advice similar to the post above.


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    #8
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    BuffyBot wrote: »
    Indeed, unless you had it in writing that the bank *promised* the value would only go up, I'd say you're up the creek, and solicitors will only cause a case of throwing good money after bad. (Remember, it's in their interest to promise you hope, as then you keep paying them..)

    Check the documentation you recieved when you signed up - it will more than likely contain advice similar to the post above.

    +1 on this.

    I'd not bother any further with a solicitor. Follow the complaints procedure with the Bank you invested with till they give you thier final answer. If this answer is not what you want take it to the Ombudsman for investigation. Its far cheaper and you'll get a much better result.


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    #9
    dillodaffs
    Closed Accounts Posts: 67 ✭✭dillodaffs


    i agree with unclebill....go through the complaints procedure, then on the the the Ombudsman for investigation...the solicitor should probably have advised you of this!!


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