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Lane
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3644
Experience:  Providing Financial & Tax advice since 1986
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i am a dpoa for my sister. she and her husband invested money

Resolved Question:

i am a dpoa for my sister. she and her husband invested money on a new type boat. approx $50000.00 and has received shares in the co. I donot see any balance sheet or any info. I called and wrote this copany for some answers. GOT NOTHING
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Lane :

Hi,

Lane :

Most of the time companies (although boat sales might no have a standardized process), such as banks, credit issuers, etc. will have a process for getting your POA on file .... Many times it's a form ... sometimes its a letter from the person that the POA is still in place and Valid... THEN when they communicate with you the have to treat you essentially as they would the customer

Lane :

What I would do is call them and asking them what their process is for getting the POA into the file? (and although the person on the front lines might not know, this might get it escalated to someone where it wouldn't just keep falling through the cracks)

Lane :

Sorry, just read the questoins ... i see now that we are talking about an investment copan y... yes THAY will most certainly have a process.... YOU SHOULD ASK FOR THE DIRECTOR OF COMPLIANCE

Lane :

(Please excuse the typos... was trying to get that last comment in there)

Lane :

IF they're large enough, they may also have an investor services dept that is in the business of providing financials, statements made to analysts, etc

Customer:

I want to know how to progress beyond the dpoa. the husband is dead and my sister has alzheimers.

Lane :

If you want to give me th name of the company, I can dig into it for you (no personally identifying info from YOU however) As a CFP, this is what I do ... however,

Lane :

The first step IS (if you want to start with getting enough data to get your hands around it) to make them take the POA so that they have to provide you with whatever they should be providing the customer

Lane :

To take legal action, there will need to be what's called "standing," an actual case or controversy ... if they have not SPECIFICALLY refused to do something that you asked, you'll lose under motion for summary judgment, where their lawyers will say that there was no standing (that the case was not ripe enough ton litigate)

Customer:

this is not a large company, local co. the company does function but is not making any money per owner. is there any legal road to get some money from them or i am just spinning wheels?

Lane :

Sure, the first step, however, is to exhaust what the court would say is the existing remedy (which begins with submitting the power of attorney to them and then asking for the money back)

Lane :

They cannot legally refuse to talk to you if you have a valid POA

Lane :

I would start by sending the POA to them via certified mail ... that documents that they (once you get the return receipt back) HAVE the POA document

Lane :

After that, ask for a meeting of at least a call with someone in authority there

Lane :

If they completely disregard you, it might be worth paying an atty $100 or so to send a demand letter

Lane :

Are you still with me?

Lane :

I still don't see you coming back into the chat ... so I'll move us to the "Question and Answer" format. We can still continue a dialogue there, just not in real-time chat as we can here) ... But essentially you have to ask fir the investment back, in writing, (after you have proof that they have your POA) ... After that, you can then initial a legal action (which, again could start with an attorney simply writing a demand letter for (1) response, (2) return of investment, (3) whatever else make sense, depending on what information your been able to get from them ... Finally, if you want to get me the name of the company I can research them for you

Lane :

My screen says tht you are still "in the chat," but I'm not seeing any response from you ... would love to help

Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3644
Experience: Providing Financial & Tax advice since 1986
Lane and 3 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.


Hi Peter,

Sorry we weren't able to talk more.

Hopefully what I provided was enough to get you started.

If you need more on this, let me know here

Thanks for the rating

Lane

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