This "fund" is it a trust or a uniform gifts for minors account? In any event, you clearly need an attorney to either inquire or bring suit against this trustee/custodian. It is not legal and fraud to self-deal and not use the funds for the benefit of the beneficiary.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
I agree with Attorney Zelinger. You need an attorney to help you investigate this further.
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if they won't respond, you will need an attorney to inquire through letter and if still no response to petition the court for an accounting.