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Dwayne B.
Dwayne B., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27005
Experience:  Practicing for over 20 years and handled many cases and trials for consumers.
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I am now 75 years old. I retired in 2003. I invested all of

Resolved Question:

I am now 75 years old. I retired in 2003. I invested all of my savings with Zenith resources ll LP class A who bought and sold puts and calls with my funds from 2005 to April 2008.
On April 29, 2008, I transfered all of my savings to M F Global using their investment broker Joseph W. Castiglione, 141 West Jackson Blvd, Suite 1800-A Chicago, Ill 60604, as power of attorney over the management of my funds, investing in puts and calls. I wired the funds to Harris Trust and Savings Chicago , who placed the funds in an account named: Man Financial Inc, Customer Segregated Funds. Within 6 months my funds went from approx $600,000, to $100,000. I removed the $100K and invested in stock on my own, but have only $23,000 left today in the sum of all three accounts, Cash, IRA, Roth, even though I have not removed a cent since 2003.
I have read about fraud being uncovered at M F Global in the past couple of years, and wonder if any fraud went on with my funds, and if I have any legal recourse to recoupe any of the $500,000 I lost in 2008 with MF Global?
My cousin, who lives in Knoxville Tenn, followed me in 2008 and he also lost $500,000.
Submitted: 10 months ago.
Category: Consumer Protection Law
Expert:  Dwayne B. replied 10 months ago.

Dwayne B. :

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification.

Dwayne B. :

Of course, there is no way anyone can tell if any fraud occurred with your account without having a forensic audit conducted of the account and a careful examination of all transactions by an expert.

Dwayne B. :

However, there is at least a reasonable possibility that you could bring a lawsuit and thus be able to obtain the information to determine what happened and whether anything untoward occurred.

Dwayne B. :

The statute of limitations in Indiana varies depending on the cause of action and you are running close against the time on a number of those causes of action and are likely past it on others.

Dwayne B. :

The statute of limitations on fraud is six years while that on breach of contract is ten years.

Dwayne B. :

A concept of law called "the discovery doctrine" could be used to extend the time farther depending on the facts. The discovery doctrine means that if the cause of action or the facts giving rise to the cause of action were somehow concealed then the statute of limitations can be extended until a time AFTER the facts are "discovered".

Dwayne B. :

The website is showing you are offline so I will exit so I can assist other customers. Please feel free to ask any follow up questions that you have in this thread. However, please do not issue a rating until our interaction is complete and all of your questions have been answered.

Customer:

I RECEIVED MONTHLY STATEMENTS FROM MF GLOBAL, SHOWING WHAT THEY BOUGHT AND SOLD EACH MONTH. ON OCT 10, 2008, THEY MADE TRANSACTIONS THAT LOST ME $300,000 THAT DAY. THIS SHOWED UP ON MY OCTOBER 2008 STATEMENT. I NEVER MET WITH JOSEPH C AT ANY TIME. HE SAID HE WAS MANAGING EVERYONE OF HIS CLIENTS THE SAME, BUT I SUSPECT SOME OR ALL OF THE TRANSACTIONS MADE COULD HAVE SHOWN UP ON AN7Y NUMBER OF ACCOUNTS, INCLUDING HIS OWN, IN WHICH CASE HE COULD HAVE SHIFTED THE BURDEN OF LOSS OR GAIN OTHER PEOPLE. THERE WERE A WHOLE LOT OF DETAILS THAT I AM NOT AWARE OF, AND WERE NEVER DEVULGED TO ME.

Dwayne B. :

Likely the statute of limitations starts in October 2008 or at least you should consider it as being that and look for a lawyer ASAP. There is really no way to know if you have a solid case until you start doing discovery.

Customer:

IS THERE AN ATTORNEY IN CHICAGO THAT WOULD BE INTERESTED IN INVESTIGATING THIS CASE AND MY COUSINS CASE FOR HALF OF WHAT LITIGATION MIGHT AWARD US FOR OUR LOSSES? WHAT IS THE TIME LIMIT FOR FILING A LAWSUIT IN THE CASE I HAVE DESCRIBED TO YOU?

Dwayne B. :

It is probably going to be a six year statute of limitations. As far as finding a lawyer to take it on a % you would just have to call around and talk to some. You can find a lawyer in that area at www.lawyers.com and look for one who does Civil Litigation.

Dwayne B. :

Is there anything else I can assist you with before I exit to help others?

Customer:

THANK YOU FOR YOUR HELP. I WILL THINK ABOUT WHAT YOU HAVE TOLD ME.

Dwayne B. :

Best wishes to you on this and please don't forget to leave a Positive Rating (of course I’d suggest Excellent!) so I get credit for my work.

Customer:

IN YOUR OPINION, IS THERE A GOOG CHANCE AN ATTORNEY WILL BE ATTRACTED TO THIS CASE?

Dwayne B. :

I think there is a pretty good chance. The damages are enough to make it interesting to them.

Customer:

tHANK YOU FOR YOUR HELP.

Dwayne B. :

You're very welcome!

Dwayne B. :

Bye!

Dwayne B., Lawyer
Satisfied Customers: 27005
Experience: Practicing for over 20 years and handled many cases and trials for consumers.
Dwayne B. and 6 other Consumer Protection Law Specialists are ready to help you
Expert:  Dwayne B. replied 10 months ago.
Thank you very much for the Positive Rating. Please come back and visit us if you have any new questions and feel free to ask for me by placing “FOR DWAYNE B” in the subject line or as the first words of your question and I will pick up as soon as I see it.

Also, I’d ask you to consider issuing a high rating (9-10) when you receive your customer satisfaction survey as that ensures I can continue to assist people in this category.

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