Dear D.................. and R..............,
I would like to inform both of you of September 9th trading activity on all three trusts.
Who authorized the trading of trust assets?
All trading was suspended as of December last year since JPM is in the process of resigning.
Those unauthorized trading activities have resulted
in a total Realized Loss of $ 131,103.12
Sold on September 9th 2009 with the DOW at 9,547 points
Marital trust : 950 sh of Exxon @ 70.65 Loss: - $ 3,013.23
55,277.524 sh of HLGFX @ 8.43 Loss: - $ 73,519.11
Residuary trust: 2,050 sh of Apollo @ 9.70 Loss: - $ 15,012.86
721.371 sh Harbor Intl. HAINX @ 51.52 Loss: - $ 2,834.97
IRA: 27,610.501 sh of HLGFX @ 8.43 Loss: - $ 36,722.95
HLGFX– JPM LTD Bond fund has a yield of 4.28 %.
The proceeds of 698,745.05 (combined for the IRA and Marital Trust) were moved
into a JPMorgan Sweep Institutional (IRA) with a yield of 0.12 % and
a Government Money Market acc. (Marital trust) with a yield of 0.11 %.
The sale of HLGF has resulted in an income loss of $ 29,90d6.30 a year and a realized loss of $ 100,242.06.
Are those JPM’s “Investment Philosophies” ?
I therefore demand that the trust will be reimbursed for those unnecessary losses.
Where is the fiduciary responsibility??????????