Bruce Williams: Movie investment turns outto be a scam | TheUnion.com
Bruce Williams
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Bruce Williams: Movie investment turns outto be a scam

DEAR BRUCE: I was taken by a person who ran a seminar selling a publication that claimed to have movie rights to the Ninja Turtles. Believing that this movie would be a hit, I invested $50,000 in that stock. Up until and even after the movie came out, I was promised that the monies made would be coming. I have all the e-mails promising the return.

Now it turns out it was a scam. Showing him his e-mails, he promised to personally repay the money I invested, but after a year, I still have not heard from him.

My question is, do you know what government agency I should contact about him as I am sure there are others being taken by him. All a lawyer will do is write him a letter and not pursue it further. — D.N.

DEAR D.N.: I am sorry you had this bad experience. I don't think there is even a small chance of regaining all or part of your money. Clearly, they were playing on your interest in the Ninja Turtles, but I doubt seriously if they had anything to with the movie.

By all means, notify the attorney general's office of your concerns, giving all the details and copies (note I said "copies") of the correspondence that was exchanged. It sounds to me like this is strictly a scam. Contacting the attorney general's office and asking for guidance might help, but I wouldn't hold my breath. Good luck.

DEAR BRUCE: I am a 34-year-old federal employee. About 12 years ago, I worked for a corporation for a few years, and I received a check for some of my 401(k), but I keep getting updates from Vanguard showing I have about $2,000.

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I currently invest 15 percent in my Thrift Savings Plan 401(k) and would like to do something with that $2,000. How do I get those funds, and what's the best way to invest them — TSP, if possible, or elsewhere? — A.E.

DEAR A.E.: Write to your former employer and ask who in the organization handles these accounts and consult that person as to how to cash the account in. If I were you, I would withdraw the money from the account and totally invest it in whatever you think is appropriate.

As to the best way, that's a whole different matter. That will depend to some measure on how much you have now. At 34 years old, you've a long way to go, so I would be looking at longer-term investments. You can't just buy and forget about it. You've got to keep your eye on your investments and find out how they're working for you. I do wish you well.

Send questions to bruce@brucewilliams.com. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.

The Bruce Williams Radio Show can now be heard 24/7 via iTunes and at http://www.taeradio.com. It is also available at http://www.brucewilliams.com.