ComplaintsforPurpetual Wealth Management, LLC

• Initial Complaint

  02/22/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  My dad invested in this co years ago. He recently passed away in June 2021. My brother (poa) went to *** ***** office to get the accounts for *** ****** closed and moved to the Estate of *** ******. I guess the account closed at 17,000.00 and in October the money 12,000.00 was reinvested by *** ***** office into the New York Stock exchange. First of all where did 5000.00 of the money go. Second how can a dead man invest in the New York Stock Exchange. Very frustrated. We want the money to go to the Estate so it can be closed. Also want to know what happened to the 5,000.00 dollars? My brother said he did not give them permission to invest any of this money, There is 6 sibling in this trust and none of us gave permission to do so. The only thing is if they slipped a paper in on my brother when he was told that signatures was needed to close account, and was fraudulently presented for reinvestment to my brother for signature. We want answers.

  Business response

  03/21/2022

  Business Response This is a response to the complaint by the ****** heirs regarding their father's estate and investments. Please understand that we did not conduct any further business in the mentioned accounts after Mr. ****** death. The statements of accounts may be confusing as an asset purchased years ago had a name change. Benefit Street Partners Realty Trust changed to Franklin Benefit Street Partners Realty Trust (FBRT). This may appear as a new transaction, but it was not. This was simply a renaming of a fund originally purchased by the investment company. Statements and transaction history confirms this fact. FBRT is the stock symbol for the investment. When a portion of the shares (10%) were introduced to the New York Stock Exchange, they have, unfortunately, dropped in value. The remaining shares will all be available to sell on or around April 18th of this year. This is the value change mentioned in the complaint. The $5000 loss referred to is less than that by several hundred dollars as of today. This value is closer to $4500 drop in value today. This could change either up or down due to shares being traded in the NYSE (market Fluctuations). This value change was not caused by any fault of me but is a result of market performance of this security. The value could very well go up. Today as I write this, the stock is up 1.48% to $13.00. Again, the remaining shares are restricted for sale until on or around 4/18/2022. Even with the change in value of FBRT the overall performance of this security is and has been profitable when distributions and redemptions are considered. All positions in question by the ****** family have/had liquidity restrictions. We've tried to explain this as best we can to the family, but they are not familiar with private equity positions that have liquidity restrictions. I can provide, if necessary, transaction history of each security the estate is trying to close. Each has been profitable and provided significantly more income to Mr. ****** than could have been accomplished using Bank CDs. This is what Mr. ******, my client wanted and understood. In summary, not one of the issues mentioned in the complaint regarding our involvement are valid. My assistant and I have assisted with the closing of the estate as best we could with the liquidation restrictions of each security mentioned. We continue to be of service to help this family settle the estate. We have moved as quickly and as efficiently as possible to help close this issue. Just as a note here: this is the first BBB complaint I have had in 19 years of being in the industry. Hopefully, this will be resolved satisfactorily to all parties involved. Sincerely, *** *****

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