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Article: Indiana Investors Split $150,000 Refund from New York Mutual-Fund Firm.(Originated from The Indianapolis Star and News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 10, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jun. 10--The Rev. Bob Hunter had his heart in the right place when he decided to invest in mutual funds for his son Andrew's education.
A First Investment Corp. salesman talked him into some allegedly low-risk mutual funds, but Hunter was later stunned to learn that the $3,600 he invested annually for six years was instead placed in high-risk junk bond funds.
"They misrepresented" the facts, he said.
Today, Hunter estimates that the more than $21,000 he put into the fund is worth about $14,000.
On Monday, Secretary of State Sue Anne Gilroy announced that Hunter and about 850 other Hoosiers who had done business with the ...