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#94587 - 11/08/06 11:33 PM worldcom victim trust
Saundra Offline
Member

Registered: 11/18/05
Posts: 1796
Loc: Daytona Beach, Florida
So, when I was in Los Angeles (the valley) and had a good job and a life...I invested in Worldcom, a then great company. You all probably know what happened - fraud! And Ken Lay died instead of going to prison. I lost $3,000.00. Today I received a check for $100.00 which is my payoff for being a victim. Apparently, fraud is calculated on a sliding scale. If I had invested closer to the time they were caught I would have received way more settlement money.

This is in addition to losing a lot more money in the stock market crash in/around 2000. Too stressful to remember. No more investing for me. I have an annuity that is guaranteed and that's the riskiest I will go. Anyone have a similar story?
_________________________
What I know for sure is that it's all connected.
Saundra Goodman
Got Teeth? A Survivor's Guide
www.gotteethguide.com for your Free Tips

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#94589 - 11/09/06 12:51 AM Re: worldcom victim trust [Re: ]
Saundra Offline
Member

Registered: 11/18/05
Posts: 1796
Loc: Daytona Beach, Florida
Anne, a Victim Trust was formed. There were almost 500,000 claims covering 9 million transactions in securities. Losses totaled over $12 BILLION and the Trust is paying out over $750 million to victims. People lost their entire 401Ks, life savings, etc. My loss was nothing compared to those who had worked for the company and lost everything.
_________________________
What I know for sure is that it's all connected.
Saundra Goodman
Got Teeth? A Survivor's Guide
www.gotteethguide.com for your Free Tips

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#94590 - 11/09/06 08:57 AM Re: worldcom victim trust [Re: Saundra]
Edelweiss Offline
Member

Registered: 06/05/06
Posts: 4136
Loc: American living in Europe
Oh yes, Saundra, I go the secure way as well. We experienced a big dive two years ago. Our stock broker said we should wait it out. Well, I got cold feet, and told him to sell everything. We invested in low risk stocks. Not much money in it, but I sleep better. (by the way, those stocks never recovered...so much for the stock broker's advice, the own gut feeling is always the best.)

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