Dear John Chapman,

Dear John Chapman,

My father and mother lost over $350,000 of their life savings with XX.

What’s the first step they have to take in order to recover?

-Sad Son

Dear Sad,

If your parents have been victim to fraud or negligence, the faster they can act, the more likely they are to recover.

The most important step is to contact a trusted investment fraud attorney who can investigate the situation and guide your parents through next steps.

In the meantime, be sure all of their bank accounts and cards are secured until the matter is resolved. If your parents believe there has been wrongdoing, they can file a complaint with the Federal Trade Commission and a fraud alert with TransUnionEquifax and Experian.  They should also file a complaint with their state Attorney General and/or Division of Securities. Ensure your parents don’t fall victim to a recovery scam or engage in any communication with the possible fraudster.

John Chapman

John S. Chapman

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