with a NASDAQ company, American Business Financial Services, Inc. The maturity dates ofr these notes were 2005, 2009, 2010 2011 and 2012. In July of 2004 I was "approached" by phone by one of the ceos and told that the company was undergoing a "conversion" process whereby each investor's total investment was going to be "simplified" for accounting purposes in the following ways: 50% of the total of each investment would be reinvested into the company's preferred stock, and the remaining 50% would be reinvested into Senior Collaterized Notes , both of which would have maturity dates of 2007. I told him that if I had wanted to purchase stock I would have done so , and that my investments were planned and timed carefully. He replied that this would be the only way i would get my money back
I would venture to guess that this is not an isolated incident. Therefore, if I were you I would search the internet a bit to see what's "out there" concerning these institutions and these folks. You may well find a legal action (likely a class action) already pending against them? Additionally, you may be able to find someone who does this type of law, securities fraud, right in your own backyard. One place to look would be at the National Association of Consumer Advocates website (link below). Sorry this happened to you and wish you the best.
Securities / Investment Fraud Attorney
If I recall, ABFS ceased operations. However, if your investment was recommended and sold by a broker/brokerage firm, you may have an avenue for relief in securities arbitration. Your initial challenge will pertain to a potential statute of limitations defense. Your success with overcoming that defense will relate to when you knew or, with the exercise of reasonable diligence, should have known of the alleged fraud. www.forizs-dogali.com