Gearhead Jim
Full time employment: Posting here.
My Mother-in-Law is a widow in her mid-late eighties, with no physical ailments and a family history of longevity. She lives alone in a small house in central Florida.
About ten years ago, she was persuaded to invest her IRA and most of her free cash in a loan to LCS Correctional, basically a Louisiana jail company with also an office and attorneys/board members in Florida. It appears to be a private comapny, I couldn't find much on the 'net. At best, this is the classic story of an elderly person being sold an investment that is totally unsuited for her situation. Or maybe it's a scam.
She did receive interest checks on a regular basis.
Firday, she received a letter from Gottlieb & Gottlieb, the attorneys/board members in Clearwater, saying the company could obtain loans at lower rates than had been arranged from the old folks. They sent her a check for the loan total (drawn on BofA), and also said her IRA money had been wire transferred to the custodian bank (IRA still had a few bucks) in Michigan.
She phoned us with this sad story last night as we were driving down, we'll arrive after lunch today.
She, and many of her friends also sucked into this, are worried that the "refund" account will not have enough money to cover all the checks that have been written.
Some of them plan to deposit the check and keep their fingers crossed.
Some of them plan literally cash the check and walk out with a suitcase full of cash, to be deposited inanother bank immediately. She does her checking at BofA, so that might actually be possible. Maybe.
Some of them want to try converting the refund check to a cashiers check, and then deposit that elsewhere.
We can talk about her financial mistakes later, but for now-
What's her best way to protect the "money" represented by the refund check
About ten years ago, she was persuaded to invest her IRA and most of her free cash in a loan to LCS Correctional, basically a Louisiana jail company with also an office and attorneys/board members in Florida. It appears to be a private comapny, I couldn't find much on the 'net. At best, this is the classic story of an elderly person being sold an investment that is totally unsuited for her situation. Or maybe it's a scam.
She did receive interest checks on a regular basis.
Firday, she received a letter from Gottlieb & Gottlieb, the attorneys/board members in Clearwater, saying the company could obtain loans at lower rates than had been arranged from the old folks. They sent her a check for the loan total (drawn on BofA), and also said her IRA money had been wire transferred to the custodian bank (IRA still had a few bucks) in Michigan.
She phoned us with this sad story last night as we were driving down, we'll arrive after lunch today.
She, and many of her friends also sucked into this, are worried that the "refund" account will not have enough money to cover all the checks that have been written.
Some of them plan to deposit the check and keep their fingers crossed.
Some of them plan literally cash the check and walk out with a suitcase full of cash, to be deposited inanother bank immediately. She does her checking at BofA, so that might actually be possible. Maybe.
Some of them want to try converting the refund check to a cashiers check, and then deposit that elsewhere.
We can talk about her financial mistakes later, but for now-
What's her best way to protect the "money" represented by the refund check