- Report: #755230
Complaint Review: Morgan Stanley - Internet
Reported By:
Pooky -
Chantilly, Virginia, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Morgan Stanley
Internet, United States of America
Phone:
Web:
www.morganstanley.com
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Morgan Stanley Alternitive Investment PArtners Try and get your money back in less than a year Internet
Over 3 years ago I went with Morgan Stanley as my investment broker. In that period my return was near "0" so I desided to get out and find another investment group. One of the investments that MS bought for me was Alternitive Investment Partners (AIP) in which they placed $100,000.00 into. Since this was recommended by the MS broker I said ok. Over that 3 years I saw a grand total of $2000.00 dollars in return. I questioned the investment a number of times, even suggesting we sell it, and even was told that they would put me in touch with the investment manager but I was depending on the broker to make the call since he was suppose to be working for me. Well on leaving MS I find out that there is a few things that will hold up my money.
I filed the paper work in January and made a call directly to AIP to find out that the paper work doesn't do anything until the end of the quarter, like March. In March I found out that the funds wouldn't be liquidated until the end of July. In July I found out that they can hold 10% of my money until the following YEAR, like June!! Then I asked the big question through my teeth. Will I get interest on the money through July from March when the closed the account?? the answer was NO! Will I get interest on the money (10%) they will be holding for a year? Again the answer was NO! Where does my money go when you send the 90%? "To a Morgan Stanley account" they tell me. But it's my money and I want it sent to me.. "Sorry we have to send it to MS". But your MS, Your owned by MS, your sending the money to your self. No reply. I'm not happy....
I filed the paper work in January and made a call directly to AIP to find out that the paper work doesn't do anything until the end of the quarter, like March. In March I found out that the funds wouldn't be liquidated until the end of July. In July I found out that they can hold 10% of my money until the following YEAR, like June!! Then I asked the big question through my teeth. Will I get interest on the money through July from March when the closed the account?? the answer was NO! Will I get interest on the money (10%) they will be holding for a year? Again the answer was NO! Where does my money go when you send the 90%? "To a Morgan Stanley account" they tell me. But it's my money and I want it sent to me.. "Sorry we have to send it to MS". But your MS, Your owned by MS, your sending the money to your self. No reply. I'm not happy....
1 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
Not surprising
#2Consumer Comment
Tue, July 19, 2011
" But it's my money and I want it sent to me.. "Sorry we have to send it to MS". But your MS, Your owned by MS, your sending the money to your self. No reply."
Just to comment on this aspect of your post, AIP is not the same as MS. They are an independent Canadian firm. I believe when they (eventually) return the funds, they must return them to where they came from, which would be MS. Had you bought into AIP under your own name (i.e. no broker) then you would be the owner of record and they could send the funds directly to you.
Sorry to hear about this fincancial fiasco. Most investment advisors come with a built-in conflict of interest. What is good for them is often not what is good for you. I'll bet MS and your broker made a lot more money by sticking you into this dog of an investment than you did. You're much better off educating yourself and taking responsibility for your own financial future. Good luck.
