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Rating:Reserve Investors Threaten to Wage a Smear Campaign Against TD Ameritrade
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Wednesday, October 13, 2010

Reserve Investors Threaten to Wage a Smear Campaign Against TD Ameritrade

News summary by MFWire's editors

Call it Return of the Investors. Today, the Wall Street Journal reports that investors trapped for two years in Reserve Yield Plus Fund they bought through TD Ameritrade are threatening the broker with a new wave of negative publicity.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

The petition, which was reportedly sent to TD Ameritrade CEO Fred Tomczyk, was also sent to the Securities and Exchange Commission and U.S. District Judge Paul Gardephe in New York, who is overseeing the liquidation of Reserve Primary Fund, another fund managed by Reserve Management Co.

The petition said the company had two weeks to respond and if it doesn't, the petitioners will take their complaint to attorneys general in each state, the company's competitors and the media, according to James Singer, an investor who reportedly had $800,000 in Reserve Yield Plus and still has $45,000 tied in the fund.

He was quoted as sayiong that the petitioners will seek to spread a "betrayed by Ameritrade" campaign through bumper stickers, and even billboards.

For its part, TD Ameritrade said it hasn't yet seen the petition and had no comment. She added that the company is cooperating with regulators.

Stay tuned for the sequel to this action drama. 

Edited by: Hung Tran

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