Rest in peace, FeederFund, because your investors won’t
June 3, 2007
FeederFund, one of the few remaining "trusted" online investment programs, is closing down.
In an email sent to all investors, FeederFund (www.feederfund.com) announced they are terminating the program and are now in the process of liquidating remaining investments for distribution to investors.
FeederFund attributes its closing to the recent major losses in FXIG, one of its programs, and the fraudulent deception by the administrator of another of its program, PSHI. Add to this was the supposed freeze order imposed by online payment currency e-gold on FeederFund's e-gold account. FeederFund claims more than $300,000 worth of e-gold purportedly for distribution to investors were placed on hold by the online currency.
Update on the liquidation process after the jump.
FeederFund's liquidation and claim process
Investors are encouraged to log on to the FeederFund liquidation site at www.f-management.com/logon.php using their FeederFund login information to track the liquidation and claim process.
After September 7, a Settlement Amount will be available for FeederFund investors to withdraw. Only those whose deposits exceed withdrawals will have a right for the claim. The Claim Amount, however, is not the amount to be paid to the investor; it will just be used to compute the investor's claim percentage in the total settlement amount.
Members only have until August 31 to log on to the site to file a claim, otherwise they forfeit their right.
Rest in peace, FeederFund. Because your investors won't unless they have received what they think is proper compensation.
To discuss these FeederFund issues and updates, log on to the PMT Forum and drop by the FeederFund Discussion folder.
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