What To Do About Magnum Options

Investment ForumCategory: Broker QuestionsWhat To Do About Magnum Options
quincerdog asked 5 years ago
An account representative talked my 86 year old father into depositing over $90k.  Over the same period, the rep placed $60k in bonuses.

He know my father was borrowing the money from credit cards.  He promised him that he would make enough money to pay off the credit cards in three or four months.

The rep had him sign all of the agreements.  My father had no idea what he was signing nor did he read any of it.  Magnum said they would do the trading as my father had no clue.

Once the rep determined that he had no more money, he quit calling.  I have been working through the management email address but have had no luck in getting them to remove the bonuses and closing the account.  They have lost a third of the investment before I discovered what my father had done.  I stopped the trading.

Does anyone have any idea for remedies?