Reserve Yield Plus Fund and TD Ameritrade Class Action Lawsuit Filed

• MicheleJune 11, 2016 at 3:21 pm

  I am soooooooo glad this is taking place. Yes!!!! I had had my money in cash for quite a while and upon walking in the branch over a number of occasions was repeatedly told about this fund - into which I could put my money and be guaranteed doing so was as rock solid as keeping it in cash - while I would realize a hefty return. When questioned about the risk/reward relationship - I was told no[Show More]I am soooooooo glad this is taking place. Yes!!!! I had had my money in cash for quite a while and upon walking in the branch over a number of occasions was repeatedly told about this fund - into which I could put my money and be guaranteed doing so was as rock solid as keeping it in cash - while I would realize a hefty return. When questioned about the risk/reward relationship - I was told not to worry about it - it truly was true. I put a lot of money in this fund .... and the rest is history. TD Ameritrade not only did nothing but also spent a good deal of time absolving itself of ALL responsibility. They told me that the broker who had said this was fired - as if that should be good enough. By the way - it wasn't only one broker - it was their party line that they were all going with.!!!!!

• tsfergusonJune 16, 2015 at 3:00 am

  Look at the lead class action attorney website there is an agreed settlement order dated June 4, 2015 in SDNY Court. don't know when Judge Gardephe will sign it. But hopefully this will end all this long long long long wait.

• DianeApril 12, 2015 at 3:42 pm

  After we lost a lot of money due to being persuaded to put all of our cash into RYPQX, we removed everything that we invested through TD Ameritrade and took the 30% losses on the RYPQX. BUT we were unable to liquidate all RYPQX because they continue to hold on to some of our money because they say they need to have it to pay off lawsuits?!? They are holding it in a fund they call 825250103 which [Show More]After we lost a lot of money due to being persuaded to put all of our cash into RYPQX, we removed everything that we invested through TD Ameritrade and took the 30% losses on the RYPQX. BUT we were unable to liquidate all RYPQX because they continue to hold on to some of our money because they say they need to have it to pay off lawsuits?!? They are holding it in a fund they call 825250103 which can't be liquidated. Am I automatically part of a class action suit? I have heard nothing from anyone.

• NickDecember 28, 2013 at 1:26 am

  Below is a link to the case dated September 30, 2013. http://www.wlrk.com/docs/reservedcn.pdf

• MicheleNovember 13, 2013 at 3:40 pm

  The dates of the class action suit should be expanded. According to TD Ameritrade, I purchased RYPQX on 05.29.07 at which time I was told repeatedly that shares in RYPQX were as safe as putting money in a bank money market account - and with this - after having heard this enough times, i invested about $200,000 in RYPQX and then ended up subject to a decline in the value of my investment when the[Show More]The dates of the class action suit should be expanded. According to TD Ameritrade, I purchased RYPQX on 05.29.07 at which time I was told repeatedly that shares in RYPQX were as safe as putting money in a bank money market account - and with this - after having heard this enough times, i invested about $200,000 in RYPQX and then ended up subject to a decline in the value of my investment when the Lehman issue arose, didn't get money for a long while, and am still not whole. I think the Reserve should be sued for using remaining investor funds to fund their litigation expenses rather than return them to investors. I also think TD Ameritrade should be sued big time for continual misrepresentation of the facts of the case.

• UrsulaAugust 9, 2013 at 6:04 pm

  Like you, Richard, our losses are substantial. I understand one is a member of a class action suit, unless one opts out. Anyhow, is there any hope to get some more of our money back, either from the Reserve Fund or TD Ameritrade?

• RICHARDMay 3, 2013 at 12:14 am

  I HAVE NOT BEEN CONTACTED BY ANY CLASS ACTION ATTORNEY AND HAVE A SUBSTANTIAL LOSS CARRY FORWARD FROM THE LEHMAN BROS BANKRUPTCY.

• LauraMarch 15, 2013 at 10:25 pm

  Are any updates available?

• DianeDecember 19, 2012 at 4:31 pm

  If we owned RYPQX in TD Ameritrade are we automatically part of the class action suit? If not, how do we join?

• JerryDecember 5, 2012 at 9:53 pm

  does anyone know the current status of the case S.E.C.vs.RMCI that involves the Reserve Yield Plus Funds sold by TD Ameritrade. Please advise if you have any current update. I thought the judge was going to hear arguments and make decisions in July 2012. What happened?

• HarveyOctober 5, 2012 at 2:30 pm

  Iwas told that it was insured?

• T FergusonMay 10, 2012 at 3:15 am

  IMPORTANT INFORMATION REGARDING Primary Liquidating Fund: Primary Fund-In Liquidation (formerly known as Reserve Primary Fund) Short-Term Investment Trust In Liquidation: Yield Plus Fund-In Liquidation (formerly known as Reserve Yield Plus Fund) TRIAL SCHEDULED TO BEGIN ON JULY 16, 2012 IN CASE OF SEC vs. RMCI New York, April 25, 2012: There have been certain developments in the case of Securities[Show More]IMPORTANT INFORMATION REGARDING Primary Liquidating Fund: Primary Fund-In Liquidation (formerly known as Reserve Primary Fund) Short-Term Investment Trust In Liquidation: Yield Plus Fund-In Liquidation (formerly known as Reserve Yield Plus Fund) TRIAL SCHEDULED TO BEGIN ON JULY 16, 2012 IN CASE OF SEC vs. RMCI New York, April 25, 2012: There have been certain developments in the case of Securities and Exchange Commission v. Reserve Management Company, Inc. et al., 09-Civ. 4346 (PGG) (S.D.N.Y.) that may affect the Primary Fund-In Liquidation. Judge Gardephe, who is the presiding judge in the case, has scheduled the trial to begin on July 16, 2012. The parties have stated that they currently project the trial to take approximately two to four weeks. In addition, the judge has stated that, in advance of trial, he may resolve certain pending motions that could affect the amount of assets remaining in the Primary Fund-In Liquidation. In particular, the judge intends to resolve the questions of (1) which parties are entitled to $10 million of insurance proceeds, (2) whether certain persons who were officers of the Funds as well as of Reserve Management Company, Inc. (“RMCI”) are entitled to be indemnified out of the assets of the Fund and (3) whether certain expenses are owing to RMCI for services rendered. The resolution of the case (pending any appeal) and the resolution of pending motions could result in a depletion of Fund assets. On the other hand, additional Fund assets could become available for distribution if claims against the Fund assets are resolved against claimants. There can be no assurance as to how the case or pending motions will be resolved or the timing for doing so. Please be aware that, as previously disclosed, the Primary Fund-In Liquidation has no current intention of making any further distributions unless and until claims are fully resolved and not subject to reversal and a large enough amount of assets is available to justify the costs of a distribution. Many of the pending issues involving the Primary Fund are similar to those involving the Yield Plus Fund-In Liquidation. Resolution of motions related to the Primary Fund could impact similar motions for the Yield Plus Fund-In Liquidation. The Yield Plus Fund-In Liquidation does not anticipate making any additional distributions until claims against the Fund’s assets are resolved by the parties or by the Court.

• Gary CMarch 13, 2012 at 1:32 pm

  Emailed and called the SEC, TD Ameritrade does not know anything. Still a small amount of funds remain, no end in sight.

• P. LaMarcaJanuary 28, 2012 at 10:02 pm

  It's 2012 and still no resolve on this issue. I, too, was misled by a TD Ameritrade rep, who gave me the impression I was putting my money in a safe place. When you call Ameritrade, they act like they have no responsibility. Feeling helpless and want some answers!

• WesDecember 20, 2011 at 4:29 pm

  We were advised by TD Ameritrade that this fund was like a CD but with a higher rate of return. TD now refuses to discuss the fund other than to say all funds are frozen for pending lawsuits (as of 12-1-11) How can we proceed. Is there an official lawsuit that we can join.

• leoDecember 16, 2011 at 9:58 pm

  Surely someone knows when we will recieve the funds that were deposited with RYPQX at the advice of TD Ameritrade. This was fraud and should not be allowed to continue to hold and eventually steal our money. This is the time to clean up the Wall street thieves.

• B BaxterMay 25, 2011 at 2:14 pm

  Since RYQPX is gone and the only remaining funds are for their own legal expenses is there an action against TD Ameritrade? We were all misled by our account borkers, but how many of you were misled by the TD Ameritrade website? That site clearly posted a chart of the holdings of RYQPX showing that the assets were 85% cash and 15% bonds. It turns out that that was not even close to being truthf[Show More]Since RYQPX is gone and the only remaining funds are for their own legal expenses is there an action against TD Ameritrade? We were all misled by our account borkers, but how many of you were misled by the TD Ameritrade website? That site clearly posted a chart of the holdings of RYQPX showing that the assets were 85% cash and 15% bonds. It turns out that that was not even close to being truthful. In fact I believe it was fraudulent. Their explanation to me was that the chart was supplied by Morningstar and they only posted it. It seems that if they used it as a sales tool to lure us in they are responsible!!!

• t fergusonApril 22, 2011 at 4:08 pm

  yes td ameritrade paid out the funds based on the shares held in September 2008. the class action is against the REserve Funds. I have no idea on the status other than it appears to be taking a long, long, long very long time.

• robertApril 11, 2011 at 8:05 pm

  re rypqx and tdameritrade...they did not pay out the 1.2cents on my account...did they actually pay it out on other accounts?

• BBMarch 27, 2011 at 8:51 pm

  I am a little confused. Has the class action suit been settled for 1.2 cents? Is this the compensation for the 3 cents loss? Is this the class action suit against TD Ameritrade? Ares there other suits against the Reserve? There does not seem to be much new about this. It has dropped off the radar.

• TimMarch 1, 2011 at 10:31 pm

  I spoke today to someone at Crederian to try to get clarification on what Line 9, 1099 DIV really means. She told me that number is our new account balance and our previous number of shares times $1.00 minus this new account balance in dollars is our loss. My 1099 line 9 number is consistent with the roughly 34% reduction in account balance (announced 1/26/11 on the liquidation website) to be c[Show More]I spoke today to someone at Crederian to try to get clarification on what Line 9, 1099 DIV really means. She told me that number is our new account balance and our previous number of shares times $1.00 minus this new account balance in dollars is our loss. My 1099 line 9 number is consistent with the roughly 34% reduction in account balance (announced 1/26/11 on the liquidation website) to be coming in a future statement. And it should reflect a $1/share valuation instead of the bogus $0.97 valuation that TDA continues to report on statements. Crederian told me the new balances were being generated and would go out in next week or so, which means they probably won't show up on TDA statements until end of March - in 'plenty' of time for finalizing tax returns, unless you take a leap of faith and calculate a loss the way I was told!! Please understand you do this at your own risk, as I am not a tax accountant and am only passing on what I was told, which does, however, seem a LOT more credible than the continually changing stories or outright stonewalling from TDA reps. When I asked about the other 1099 reported transactions deemed to have taken place on 12/31/10 in RYPQX, but which don't show up on any TDA statement, I was told that the Fund never saw us as individual investors if we bought through our TDA accounts, as TDA held the Fund as an 'omnibus position' and the decisions about how much and on what lines to report the bond interest, non-qualified dividends and investment expenses were all done by TDA, which directly contradicts what TDA rep told me when I tried to get an explanation from them last week. They appear to still be screwing around with this whole thing. One last note, the Crederian rep told me specifically that the two distributions that took place in Jan and May of 2010 should never have shown up on the 1099 as Maturity Redemptions, but should have been in 1099 Div line 8 Cash Liquidation Distribution as a Return of Capital and are non-taxable. She said TDA just plain got it wrong - hardly a new behavior in this whole sordid saga. And 1.2 cents is supposed to make us feel OK? Especially given the press release statement that brags that the SEC imposed no fine on TDA . And that management fees on this turkey greatly exceed this $10 million payment to TDA victims. We're stuck with TDA on the remaining Fund balance until it gets finalized as more loss, some return of capital or whatever. We can and should move the rest of our holdings to a broker that realizes that serving its clients as the first priority is the best way to make money in the long haul.

• johnFebruary 17, 2011 at 7:33 pm

  Looking for clarification... Just got off the phone with TD Ameritrade. If their rep is correct in his explanation of Line 9, 1099 DIV, we are going to pay taxes on all the interest the fund (our money that we do not have access to) is receiving. In other words, if my percentage portion of the remaining assets of the fund is equivalent to $1000 in interest earned, then I pay income tax on that [Show More]Looking for clarification... Just got off the phone with TD Ameritrade. If their rep is correct in his explanation of Line 9, 1099 DIV, we are going to pay taxes on all the interest the fund (our money that we do not have access to) is receiving. In other words, if my percentage portion of the remaining assets of the fund is equivalent to $1000 in interest earned, then I pay income tax on that $1000, don't ever actually receive that $1000, nor see it added to my base investment total, nor get to pull my money out of the fund to prevent that happening in the future. Someone please tell me this TDAM is misinformed.

• johnFebruary 16, 2011 at 5:32 pm

  TD Ameritrade's most recent 10million dollar settlement is too little too late. It's obvious that they do not care about the individual investor, their own CLIENTS, but rather the shareholders and other big muckety-ups. Many middle men have and still are getting rich off of all our money being "tied up." I, like many others was told it was a safe investment. I also was told in 2010 by a TD Ame[Show More]TD Ameritrade's most recent 10million dollar settlement is too little too late. It's obvious that they do not care about the individual investor, their own CLIENTS, but rather the shareholders and other big muckety-ups. Many middle men have and still are getting rich off of all our money being "tied up." I, like many others was told it was a safe investment. I also was told in 2010 by a TD Ameritrade representative that TDAM was going to cover the full 3 cent difference in RYPQX and had the money set aside to do so. It seems letters, names, dates and times of the conversations fall on deaf ears now. And the judge - allowing them to settle for 1.2 cents and not admission of guilt. This isn't about 3 cents anymore. It's currently at about 5 cents with no end in sight. The whole time I have not had access to my money, it has accrued interest and The Reserve employees continued to get paid for holding my money. We can't change the past, but we can change the future. We can speak with our collective dollars. I for one have moved my money elsewhere - outside of TD Ameritrade. The only transaction fees they have received from me have been sell orders as I clear out my account. If the brokerage isn't going to work for us, then it doesn't really matter which one we use. I am a small time investor, just a drop in the scheme of things. But if a lot of us "drops" speak up, eventually they might take notice. It's too bad the Ameritrade monster destroyed Datek and TD Waterhouse - those were my previous brokerages. I seriously doubt either of those two would have misled me into investing in RYPQX.

• TylerFebruary 14, 2011 at 12:03 am

  TD Ameritrade just paid out 1.2c per share of shares held in September 2008, which is good since it doesn't have to go through the court process and is payable directly to shareholders. anyone know the status of the Reserve Lawsuit in the SDNY court?

• LanceFebruary 3, 2011 at 5:34 pm

  I am interested in receiving the information for the class action law suit.

• ElsieJanuary 19, 2011 at 10:37 pm

  I still has outstanding shares (TD Ameritrade). Where can I find the Law Firm that has filed the Class Action suit? How can I become a member of said? I’ve tried looking at the NY Southern District Fed Court web site and you need to be a lawyer to navigate that mess.

• T CHILDERSJanuary 18, 2011 at 6:06 pm

  My Mom still has outstanding shares (TD Ameritrade). Where can I find the Law Firm that has filed the Class Action suit? How can she become a member of said? I've tried looking at the NY Southern District Fed Court web site and you need to be a lawyer to navigate that mess. Any assistance would be appreciated

• GeorgeJanuary 5, 2011 at 5:22 pm

  I thought the SEC was handling this matter. Sems like others I too was led to believe that this was a money market account by my TD Ameritrade Investment Advisor. It had a NAV of $1,It paid monthly "dividends" etc. Although I did not read the Propectus, when it looks like duck, acts like a duck then unless your investment advisor tells you it is not a duck-why wouldn't you think it was a duck. Fo[Show More]I thought the SEC was handling this matter. Sems like others I too was led to believe that this was a money market account by my TD Ameritrade Investment Advisor. It had a NAV of $1,It paid monthly "dividends" etc. Although I did not read the Propectus, when it looks like duck, acts like a duck then unless your investment advisor tells you it is not a duck-why wouldn't you think it was a duck. For those of us that ave this money in our IRA, and have to include it in the calculation of our RMD, we are screwed both ways.

• GaryJanuary 4, 2011 at 7:26 pm

  Note: NEW YORK--(BUSINESS WIRE)—The Board of Trustees for the Reserve Primary Fund and the Reserve Yield Plus fund announced today that Crederian Fund Services LLC became the liquidating services agent for each Fund effective November 24, 2010. In that role, Crederian will facilitate (1) Form 1099 reporting for calendar year 2010 and subsequent years and (2) any further Fund distributions to shar[Show More]Note: NEW YORK--(BUSINESS WIRE)—The Board of Trustees for the Reserve Primary Fund and the Reserve Yield Plus fund announced today that Crederian Fund Services LLC became the liquidating services agent for each Fund effective November 24, 2010. In that role, Crederian will facilitate (1) Form 1099 reporting for calendar year 2010 and subsequent years and (2) any further Fund distributions to shareholders. Seems that the remaining assets in RYPQX have been moved, and the contact is now "Crederian Fund Services LLC". The related URL is "http://www.primary-yieldplus-inliquidation.com/". Does anyone have information on how / when our assets will be recovered? Regards,

• RonaldDecember 14, 2010 at 9:41 am

  As of this date, what is the status of litigation going on with The Reserve Yield Plus Fund & TDAmeritrade? At the Federal Court level. Has any progress been made?

• RichDecember 8, 2010 at 3:10 am

  I tried to buy a number of other publicly traded money market funds but the TD Ameritrade system kept rejecting my buy orders. I was told by TD Ameritrade that they only offered two money market related investments, the Primary Fund and Reserve Fund, and could not buy competing funds. They indicated that these were very safe and they were the only options offered by TD Ameritrade. I'm assuming [Show More]I tried to buy a number of other publicly traded money market funds but the TD Ameritrade system kept rejecting my buy orders. I was told by TD Ameritrade that they only offered two money market related investments, the Primary Fund and Reserve Fund, and could not buy competing funds. They indicated that these were very safe and they were the only options offered by TD Ameritrade. I'm assuming there was some compensation paid by the Reserve Fund to TD Ameritrade in exchange for exclusivity. The fact that I was unable to choose from many differently publicly traded funds and steered into Reserve Funds seems criminal.

• FardadDecember 2, 2010 at 4:04 pm

  We have been waiting for over two years for the remaining 5% of our RYPQX invesment to be returned to us but it turns out the law suit is taking for ever to even affect the outcome. Bents have already started a new company and the judge has allowed them to use the remaining RYPQX funds to pay for their legal claims! Is this justice served??

• JoeNovember 1, 2010 at 2:22 pm

  Reply to Bill's 10/13 comment: the petioners are located at Yahoo's financial group page under "rypqx" TD answered the petition with a terse pedictable FU not our fault response. Can anyone summarise the current status of class action(s) vs. TDA?

• BarryOctober 13, 2010 at 10:34 pm

  TD Ameritrade has not lifted one finger to assist their Reserve Yield Plus Fund account holders. It seems they could care less about clients who put their money into the fund they TOUTED as a "safe" investment.. They should step up to the plate and instead of paying executives big Christmas bonuses, pass the money onto their Yield Plus holders along with a belated letter of apology. Something's [Show More]TD Ameritrade has not lifted one finger to assist their Reserve Yield Plus Fund account holders. It seems they could care less about clients who put their money into the fund they TOUTED as a "safe" investment.. They should step up to the plate and instead of paying executives big Christmas bonuses, pass the money onto their Yield Plus holders along with a belated letter of apology. Something's better than nothing!

• BillOctober 13, 2010 at 2:39 pm

  Oct 13, 2010 WSJ ... pg. C17 - says "investors unite to challenge Ameritrade defunct fund". This is about RYPQX. Like most on this blog, I invested based on recommendation. Am still owed almost $20K. The article mentions "a petiton signed by more than 380 investors". Does anyone know how we can join in? Is it too late?

• RonaldSeptember 11, 2010 at 8:49 am

  The Reserve Yield Plus Fund was sold by TDAmerica touting that this was a money-maket with high returns. To me this action was a fraud and I fell for it. Well, I am going to stand by and see what happens at the Federal appeals court.

• susanAugust 16, 2010 at 9:51 pm

  I just spoke with a TD Ameritrade rep on the phone. Unfortunately TD Ameritrade has no plans or course of action to make our investment whole or issue a 1099 showing the loss. How can they legally provide a monthly statement listing RYPQX with an amount that is non existant? In light of the July 2010 fund update by the Reserve Fund, no future monies will be distributed pending the litigation (w[Show More]I just spoke with a TD Ameritrade rep on the phone. Unfortunately TD Ameritrade has no plans or course of action to make our investment whole or issue a 1099 showing the loss. How can they legally provide a monthly statement listing RYPQX with an amount that is non existant? In light of the July 2010 fund update by the Reserve Fund, no future monies will be distributed pending the litigation (which will consume the remainder of the fund).

• DanAugust 3, 2010 at 7:34 pm

  Anyone know where I can find the complaint for this case?

• TimMarch 16, 2010 at 5:39 am

  Does anybody know when TDAM began to charge 45$ per phone order for stock trade ? It seems to me it only happened began in 2009 without any notice ? I do no think it ever happened before.

• DonFebruary 10, 2010 at 12:08 am

  Here's a possible solution (but it takes some leg-work): 1) Find the confirmation order of "RYPQX" in your records. 2) Send a written complaint to FINRA (www.fira.org) regarding the initial meeting or call, the solicitation of RYPQX and all other products, and the trade order process. 3) After submitting the written complaint to FINRA, try to talk to the "divisional or regional" manager NOT the br[Show More]Here's a possible solution (but it takes some leg-work): 1) Find the confirmation order of "RYPQX" in your records. 2) Send a written complaint to FINRA (www.fira.org) regarding the initial meeting or call, the solicitation of RYPQX and all other products, and the trade order process. 3) After submitting the written complaint to FINRA, try to talk to the "divisional or regional" manager NOT the branch manager where the trade took place and see "what they can do for you." 4) Chances are they will try to pay you under the table. Whether you take it or reject it, its up to you. If you take it, you help yourself. If you reject it, and send the written offer to FINRA, you help everyone on this blog. Good Luck!!!

• TS FergusonDecember 20, 2009 at 11:08 pm

  The recent td ameritrade commercial "Straightforward, no Shennanigans, etc. just fires me up. Write the Judge, Write TD Ameritrade and ask that they step up and makes this good and end this lawsuit. TD Ameritrades commercial is a sham. if a couple a thousand shareholders wrote the judge and their congressmen maybe somethiing would happen to resolve this now and get us the rest of our money ba[Show More]The recent td ameritrade commercial "Straightforward, no Shennanigans, etc. just fires me up. Write the Judge, Write TD Ameritrade and ask that they step up and makes this good and end this lawsuit. TD Ameritrades commercial is a sham. if a couple a thousand shareholders wrote the judge and their congressmen maybe somethiing would happen to resolve this now and get us the rest of our money back

• T FergusonDecember 20, 2009 at 5:44 pm

  Recomend writing the court, Judge Gardephe, SDNY. Asking that he order that the remaining assetts be distributed now, just like the primary fund. and that TD Ameritrade be made to pay all attorneys fees, and legal fees for clients. If the lawsuit were not filed, we could all get back 97.5 c on the dollar, plus about 30% of Lehman brothers holdings at some later time, but people got scared and [Show More]Recomend writing the court, Judge Gardephe, SDNY. Asking that he order that the remaining assetts be distributed now, just like the primary fund. and that TD Ameritrade be made to pay all attorneys fees, and legal fees for clients. If the lawsuit were not filed, we could all get back 97.5 c on the dollar, plus about 30% of Lehman brothers holdings at some later time, but people got scared and hired lawyers and they have to make a living to.

• craigDecember 18, 2009 at 3:25 pm

  TD Ameritrade represented that it did not recommend investments. This is why I opened my account with them. I had read articles of how Merrill Lynch had promoted certain investments to their customers because they were also the underwritter on the security. I was told my a local representative of TDAmeritrade that RYPQX was a good place to park money. I thought this was his personal observati[Show More]TD Ameritrade represented that it did not recommend investments. This is why I opened my account with them. I had read articles of how Merrill Lynch had promoted certain investments to their customers because they were also the underwritter on the security. I was told my a local representative of TDAmeritrade that RYPQX was a good place to park money. I thought this was his personal observation rather than a TDAmeritrade promoted investment. Had I known that the brokerage house was promoting this investment, I would not have invested my money in RYPQX.

• ALLANDecember 16, 2009 at 6:54 pm

  As with others, I met with a so called TD Ameritrade "investment advisor" while at a local office. Although I call my own shots, the advisor looked at my portfolio and reccommended certain TD Ameritrade products. After looking at the fees associated with the products I declined. The advisor then said at least with my then present money market fund I should switch to the RYPQX which would pay a sl[Show More]As with others, I met with a so called TD Ameritrade "investment advisor" while at a local office. Although I call my own shots, the advisor looked at my portfolio and reccommended certain TD Ameritrade products. After looking at the fees associated with the products I declined. The advisor then said at least with my then present money market fund I should switch to the RYPQX which would pay a slightly higher yield without risk to principal. RYPQX would maintain a $1.00 price per share. Needless to say, the advisor was wrong and moreover did not disclose that TD Ameritrade was compesated by the fund. Since that time I have received calls from TD Ameritrade to review my portfolio. Of course, I mention RYPQX and am told numerous of its employees are in the fund. Why would I take advice from such "dummies". Although TD Ameritrade will cover a 3 cents loss against a $1.00 fund stk price, this will not take place until a final distribution which may be years in coming. Meanwhile the 97 is "frozen" with no appreciation from interest earned by RYPX on the remaining funds. Frankly, am sick and tired of TD Ameritrade and will transfer my account when this mess is resolved. Hate the commercials with Sam Waterston enticing persons to open an account with a cash reward and free trades while existing accounts receive nothing of value for being loyal customers. Called TD Ameritrade and complained and they gave me 30 free trades. Told them I wanted a S&P stock guide as I had received from Waterhouse and was told they discontinued this practice. It does not seem like much but as significant customer they were only authorized to givee free trades. To me it was important and am concerned if I transfer my account now I will be stiffed on RYPQX.

• AlfonsoDecember 10, 2009 at 6:26 pm

  I was "advised" by my local TD Ameritrade Rep to park both my wife's as well as my funds into the Reserve Yield Plus Fund (RYPQX) for safekeeping. Since both of us are close to retirement, we thought it wise to park substantial amounts there so as to get a better yield and not lose principle. Needless to say, we were lied to. Now TD Ameritrade is playing Pontius Pilate. They indicate that they[Show More]I was "advised" by my local TD Ameritrade Rep to park both my wife's as well as my funds into the Reserve Yield Plus Fund (RYPQX) for safekeeping. Since both of us are close to retirement, we thought it wise to park substantial amounts there so as to get a better yield and not lose principle. Needless to say, we were lied to. Now TD Ameritrade is playing Pontius Pilate. They indicate that they have nothing to do with what happened, and they refer us to the Reserve Funds for info (www.ther.com). Well, I decided to speak with one the Reserve's Reps this AM, and was advised to read the the update dated 11/12/09. I was completely floored by what, in essence says that out of the $85.5 million in the RYPQX Fund (on 11/12/09), after all the payouts to Attorneys, Managers, and any other expenses they can conjure up, there would only be $1.3 million left for distribution to shareholders. I haven't told my wife yet, but, I'm truly shocked and angered by this whole mess. Once this settles, we will transfer our IRAs to Vanguard, or any other reputable firm. After all, you'd think that TD Ameritrade would have made good on our losses, instead of playing innocent. What's sad is that we worked hard all out lives to save what we could and now we stand to lose a substantial part of our nest egg, due to TD Ameritrade's deceitful practices.

• SusanDecember 3, 2009 at 10:26 pm

  Like others we are tired of waiting for the final distribution and realize with the 12 Nov 09 posting by the Reserve Fund that the only hope of recovering additional monies is through litigation.

• lauraNovember 20, 2009 at 10:25 pm

  With the most recent disclosure by Reserve Fund board (11/12/2009) that they have no plans to make additional distributions from this fund (now there is approx 10% of original holding still in their position), I wonder how others are feeling about chances of retrieving these funds? My concern is that their stated reasons (hold back further distributions due to legal action and management fees the[Show More]With the most recent disclosure by Reserve Fund board (11/12/2009) that they have no plans to make additional distributions from this fund (now there is approx 10% of original holding still in their position), I wonder how others are feeling about chances of retrieving these funds? My concern is that their stated reasons (hold back further distributions due to legal action and management fees they will use this $ to pay) point to there being no hope it will be repaid directly. This suggests to me only further litigation will force a payment to investors.

• EdNovember 17, 2009 at 2:58 pm

  It seems like Ameritrade puts more priority in naming baseball stadiums and buying baseball teams than it does its own customers.

• DoreOctober 15, 2009 at 5:05 pm

  It sounds like my story is the same as many. I moved my 401k over to TDAmeritrade around May 2008 and they talked me into going the Amerivest route. I told them I did not want anything invested yet because I thought the market would continue to go down for a while. I did not agree to let him invest anything. I finally decided I was ready to buy back into the market in December and when I called[Show More]It sounds like my story is the same as many. I moved my 401k over to TDAmeritrade around May 2008 and they talked me into going the Amerivest route. I told them I did not want anything invested yet because I thought the market would continue to go down for a while. I did not agree to let him invest anything. I finally decided I was ready to buy back into the market in December and when I called my Amerivest person over and over I did not get a response. I called TDAmeritrade help line and they informed me that all of the money was frozen because he had put it into the this fund. I have been able to get some out, but I still have some locked up there and they are telling me there is nothing I can do to take my money out. It is very frustrating. I agree that I don't want lawyers to take advantage, but I do feel TD Ameritrade did some very unethical things in my case. The fact that I told them over and over I did not want to invest the money yet. I missed the a lot of opportunities to buy low.

• sandraSeptember 29, 2009 at 8:44 pm

  Has a date been set for this class action lawsuit? What are we looking at as far as a timeline? It's been over a year already!

• TheodoreSeptember 17, 2009 at 2:37 pm

  Like many people have stated, a TDAmeritrade representative made statements to me stating the fund was a safe alternative to Money Market funds with no risk to the $1.00 market value.

• WarrenSeptember 4, 2009 at 11:07 am

  Is there any truth to the rumor that the Reserve folks cashed out large and institutional investors at $1 per share shortly after Lehman tanked? This would explain why the remianiing shares are worth about ten cents on the dollar.

• BradAugust 18, 2009 at 11:11 am

  Has anyone signed up for the class action? What law firm?

• BobbyAugust 14, 2009 at 5:58 pm

  why are no attorneys representing RYPQX investors against The Reserve? The remaining money is tied up and nobody at The Reserve is providing any answers.

• BobbyAugust 13, 2009 at 8:50 pm

  I am one of the unfortunate share holders of RYPQX (the reserve yield plus). Can somebody please let me know if the SEC is looking into this and whether I can be part of the complaint. The broker that sold me The Reserve Yield Plus is no longer there and I am stuck with the fund and unable to cash it out (whatever is remaining). Is there any news from the SEC on this?

• TimAugust 8, 2009 at 5:59 am

  Can someone point me to where I can sign up to be a part of the class action? My concern lies in the posted number of outstanding shares vs. assets on the books. There appears to be a rather sizable spread, greater than the percentage of lehman bonds that were originally held by the fund (about 2% I believe). So for the remaining distribution are we looking at a cents on the dollar? Can anyone[Show More]Can someone point me to where I can sign up to be a part of the class action? My concern lies in the posted number of outstanding shares vs. assets on the books. There appears to be a rather sizable spread, greater than the percentage of lehman bonds that were originally held by the fund (about 2% I believe). So for the remaining distribution are we looking at a cents on the dollar? Can anyone offer any insight? My other concern is that they continue to charge management fees. That seems just plain wrong in light of the mismanagement of the fund.

• JamieAugust 3, 2009 at 5:43 pm

  doe anyone have contact info at the SEC

• BernieJuly 18, 2009 at 7:06 am

  I share the same experiences of most people . All questions and no answers. There must be someone somewhere who can answer as to what the final solution will be and WHEN.

• johnJune 26, 2009 at 3:40 pm

  I recently contacted the Reserve reference their daily holdings report for the Reserve Yield Plus Fund. Each day the scheduled maturity for one of the holdings, Federal Home Loan Bank, changes. It claims it will mature oo one day, but when that day arrives, they change the maturity date to the following day. I finally found a real person at the reserve to explain it to me. He said the reserve [Show More]I recently contacted the Reserve reference their daily holdings report for the Reserve Yield Plus Fund. Each day the scheduled maturity for one of the holdings, Federal Home Loan Bank, changes. It claims it will mature oo one day, but when that day arrives, they change the maturity date to the following day. I finally found a real person at the reserve to explain it to me. He said the reserve keeps reinvesting the money. In fact today, they just pulled money out of cash and invested it in the Federal Home Loan Bank. The account is frozen and they are supposed to be liquidating, not reinvesting our money in something with a .03 coupon rate. This is our money. If the Yield Plus Fund is closing, it must be illegal to reinvest it. Where is the SEC during this?

• LindaMay 26, 2009 at 12:48 am

  Ditto on all of the preceding comments. When will this nightmare end? Does anyone have any idea on the timeline for any further distributions.

• KathyMay 22, 2009 at 3:49 am

  I was told the fund was being liquidated. I still am wainting for the remainder of my money. I invested part of my kids college fund in this fund after being told by TD Ametritrade representative it was "safe". I am for some sort of action if it willhelp us get the remainder of our money.

• ROBERTMay 20, 2009 at 1:45 pm

  WELL, I WASN'T A CLIENT OF AMERITRADE WHO ASKED TO HAVE MY CASH ACT. TRANSFERED TO ANOTHER HIGHER PAYING ACCOUNT NOR DID I ASKED AMERITRADE ANYTHING ABOUT MY INTEREST ON MY MONEY MARKET ACCOUNT. I NEVER CALLED AMERITRADE, THEY CALLED ME AND SOLICITED ME TO PUT MY MONEY IN THE RYPQX. AMERITRADE SAID IT WAS SAFE AND PAYS A MUCH HIGHER RATE. I SHOULD OF KNOWN AMERITRADE HAD AN UNDERLYING MOTIVE AND[Show More]WELL, I WASN'T A CLIENT OF AMERITRADE WHO ASKED TO HAVE MY CASH ACT. TRANSFERED TO ANOTHER HIGHER PAYING ACCOUNT NOR DID I ASKED AMERITRADE ANYTHING ABOUT MY INTEREST ON MY MONEY MARKET ACCOUNT. I NEVER CALLED AMERITRADE, THEY CALLED ME AND SOLICITED ME TO PUT MY MONEY IN THE RYPQX. AMERITRADE SAID IT WAS SAFE AND PAYS A MUCH HIGHER RATE. I SHOULD OF KNOWN AMERITRADE HAD AN UNDERLYING MOTIVE AND WAS NOT LOOKING AFTER MY WELL BEING. THE CUSTORMER WHO PAYS THEM FOR THEIR SERVICES.

• brettMay 9, 2009 at 12:40 am

  I had 100% of my portfolio in a money market and wascold called by a TD Waterhouse sales rep. Hemust have left me seven messages beforefinally gettng ahold of me. I am a Certified Public Accountant and Certified Internal Auditor and do not fall for investment pitches lightly. He convinvced me that the one percent I was earning should be changed to a 2% fund that was just as safe and is desig[Show More]I had 100% of my portfolio in a money market and wascold called by a TD Waterhouse sales rep. Hemust have left me seven messages beforefinally gettng ahold of me. I am a Certified Public Accountant and Certified Internal Auditor and do not fall for investment pitches lightly. He convinvced me that the one percent I was earning should be changed to a 2% fund that was just as safe and is designed to hold steady at $1 dollar. This was not a case of my not understanding risk; this was TD Ameritrade marketing this as a risk free investment as safe as any mutual fund incudng the one I was in. I would like to join an action against TD Ameritrade to recover a portion of my losses. I live in in New Jersey.

• WilliamMay 6, 2009 at 3:30 pm

  The SEC filed a civil action against The Reserve and others regarding the Primary Fund on May 5. There was no mention of the Yield Plus Fund. I have asked the SEC about this, but have received no response.

• TimApril 28, 2009 at 7:06 pm

  Ditto for my story. Same as everyone else. What now? That is the real question. I also agree that the class action route will only benefit the lawyers and will drag this nightmare out for possibly years. One thing is for certain, I will be pulling every cent of my money out of TD Ameritrade the day this is settled, perhaps sooner.

• mortApril 22, 2009 at 1:25 pm

  I also was misrepresented by TD Ameritrade into buying the "yield plus" as a higher yield money market and was advised that the Reserve will make the final payment by E.O.January '09. I'm stil waiting. I was also told recently that they are "sueing the Reserve," by a local Rep/mgr. I don't know if this is true? I wonder if anyone has been able to the rest of their funds from the Reserve or T.D[Show More]I also was misrepresented by TD Ameritrade into buying the "yield plus" as a higher yield money market and was advised that the Reserve will make the final payment by E.O.January '09. I'm stil waiting. I was also told recently that they are "sueing the Reserve," by a local Rep/mgr. I don't know if this is true? I wonder if anyone has been able to the rest of their funds from the Reserve or T.D. Ameritrade via an attorney?

• lennyApril 10, 2009 at 11:28 am

  I to was mislead by TD Ameritrade....I was told this was an extreamly safe place to put my money short term.....whe I contact the reserve, they refuse to give me any info on when I can get my money....i then call the SEC and they dont return my calls....I am so frustrated and feel something illegal is going on.....why should i not be able to get my money, even at a loss???

• PamelaMarch 30, 2009 at 4:20 pm

  In August I called TD Ameritrade and asked what SAFE money market fund was available and would they recommend. By their recommendation II moved my IRA account to the Reserve Yield Plus fund with the assurance that the value always remained at $1 per share and that it was and "enhanced money market fund". There was no mention of mutual fund in the discussion, as I was moving my money from a mutua[Show More]In August I called TD Ameritrade and asked what SAFE money market fund was available and would they recommend. By their recommendation II moved my IRA account to the Reserve Yield Plus fund with the assurance that the value always remained at $1 per share and that it was and "enhanced money market fund". There was no mention of mutual fund in the discussion, as I was moving my money from a mutual fund. I was misrepresented and I still can't access some of my money. No interest,no $1 per share. I have written a letter to TD Ameritrade, called several times, and even listened to the recorded conversation which proves they told me exactly what I have stated above. Obviously TD Ameritrade does not intend to hold true to its promise to to ensure the value of the fund. I have been a customer for many years and my husband has traded extensively with TD Ameritrade. No Loyalty to their customers.

• B.B.March 15, 2009 at 11:00 pm

  I was also lied to. I called TD Ameritrade to inquire if there was another money market that paid a little higher than the one I had with them. Online banks were paying about 3% at the time. The rep told me there was another money market that was paying 2.2% This was money I wanted to keep safe as I had inherited it from my Dad who worked all his life in a factory. I told the rep this. He ne[Show More]I was also lied to. I called TD Ameritrade to inquire if there was another money market that paid a little higher than the one I had with them. Online banks were paying about 3% at the time. The rep told me there was another money market that was paying 2.2% This was money I wanted to keep safe as I had inherited it from my Dad who worked all his life in a factory. I told the rep this. He never once told me that this was a money market fund. I also put my kids inheritance in this fund. I just can't believe that TD Ameritrade can get away with this. I am waiting to see if they stand behind their clients. I think it would be less costly than facing a class action lawsuit. I will also withdraw all my other accounts if they do not and I will spread the word that this is not a reputable company. Doesn't doing the right thing matter anymore? Don't they realize what goes around, comes around?

• claireFebruary 24, 2009 at 9:18 pm

  when a CD I had with TD america matured, a broker suggested that I put these funds into Reserve Yield Plus rather than turn it over upon maturity - I had a series of CD's and as each matured, I put the proceeds into Reserve Yield Plus since I was assured that this was a safe money fund that paid a high yield and was a secure investment- so, several brokers lied to me - with each investment anoth[Show More]when a CD I had with TD america matured, a broker suggested that I put these funds into Reserve Yield Plus rather than turn it over upon maturity - I had a series of CD's and as each matured, I put the proceeds into Reserve Yield Plus since I was assured that this was a safe money fund that paid a high yield and was a secure investment- so, several brokers lied to me - with each investment another broker assured me of the safety of my investment -

• StacieFebruary 19, 2009 at 7:02 pm

  I agree with Tyler in that lawyers are the ones who gain in the end on a class action lawsuit. However in brief here is what I experienced. I sold out of the market at the peak of 2007 and paid huge taxes on my gains. At that point I opened 6 accounts at Ameritrade and was told I could get a higher yield in the RYPQX money market. We looked up the fund together and that is where I put my money[Show More]I agree with Tyler in that lawyers are the ones who gain in the end on a class action lawsuit. However in brief here is what I experienced. I sold out of the market at the peak of 2007 and paid huge taxes on my gains. At that point I opened 6 accounts at Ameritrade and was told I could get a higher yield in the RYPQX money market. We looked up the fund together and that is where I put my money. Here is the kicker - I received a letter from The Reserve welcoming me to their money markets and a prospectus of their money market funds which did not include the yield plus reserve. I thought I held institutional shares of THE Reserve Fund. I brought in my literature along with "my story" to the local Ameritrade office. The branch manager had me write TD Ameritrade compliance. My point to Ameritrade was just make us whole like they were doing for The Reserve Fund. Their response was I need to understand the risks of investing and should know that nothing is guaranteed as safe. Interestingly enough I got the same response from the SEC in 2 different complaints. I have also written my congressmen. I am frustrated and don't see in the end where there will be another action other than legal.

• tylerFebruary 9, 2009 at 1:58 am

  The tort lawyers will make milliions and the best thing people can do is keep emailing TD Ameritrade and the SEC to keep on top of this. I understand the anger and frustration and we all have been sold this by TD Ameritrade but giving millions to the lawyers will not help a bit. And in fact will slow the whole process down to a crawl as they post their time sheets and earn their 500 dollars and h[Show More]The tort lawyers will make milliions and the best thing people can do is keep emailing TD Ameritrade and the SEC to keep on top of this. I understand the anger and frustration and we all have been sold this by TD Ameritrade but giving millions to the lawyers will not help a bit. And in fact will slow the whole process down to a crawl as they post their time sheets and earn their 500 dollars and hour doing discovery. Should get about half of what's left by the end of February which will equal about 84%. Which to tell you the truth is a lot better than a lot of people are doing right now. Not that anyone wants to lose anything. Right. So don't give it to the lawyers. Hound the SEC. Hound TD Ameritrade. Write your congressman. or woman. INteresting that they sold a whole lot of this paper before it was do. But no one tells me if the last stimulus bill had anything to do with that? anyone know?

• ronnieFebruary 1, 2009 at 12:42 am

  everyone should know that a class action law suite will only benefit the lawyers. you will get pennies on the dollar and the lawyers will get millions.

• terryJanuary 7, 2009 at 7:35 pm

  my wife & i have a substantial position in yield plus (ryptx) on 12/31/08 we recd 68.569% distribution.It is my understanding that expenses of a class action will be paid out of yield fund assets. why not wait for final distribution of cash & then determine if a class action is warranted. take a look at the reserve web site notice posted today for the Primary fund and review the expenses [Show More]my wife & i have a substantial position in yield plus (ryptx) on 12/31/08 we recd 68.569% distribution.It is my understanding that expenses of a class action will be paid out of yield fund assets. why not wait for final distribution of cash & then determine if a class action is warranted. take a look at the reserve web site notice posted today for the Primary fund and review the expenses of the law suite charge against that fund assets. will the same happen to Yield Plus if there is a class action?

• SCHEDecember 26, 2008 at 9:21 pm

  Can someone out there who has money in this yield plus fund tell me what is the best thing to do now? I don't know if I just keep waiting for a to-be-distribution or should I join a class action to get my money back? I like to hear one knows this and is an investor of this fund's.

• MikeDecember 24, 2008 at 10:36 pm

  When I threatened to move my cash from a mediocre TD MM account to a higher yielding Vanguard MM fund a TD Branch Manager sold me RYPQX saying it was just as safe and had a slightly better yield. The VG Prime MM fund is fine - I'm using margin for a down payment on a house at around 9%. TD better make up for any losses or I'm moving my $ to VG.

• RicardoDecember 20, 2008 at 6:43 pm

  Two weeks ago, the Reserve website had a press release informing of a planned distribution from Yield Plus (RYPQX) scheduled for 12/22/08. They said they intended to distribute then-present cash holdings which were about half the total portfolio. That would at least "unfreeze" some of the money that people put into the fund, so at least it was a step in the right direction. They said they had to [Show More]Two weeks ago, the Reserve website had a press release informing of a planned distribution from Yield Plus (RYPQX) scheduled for 12/22/08. They said they intended to distribute then-present cash holdings which were about half the total portfolio. That would at least "unfreeze" some of the money that people put into the fund, so at least it was a step in the right direction. They said they had to figure out how to divvy that money up among all the shareholders out there, but one would think that we should all get a bit less than half of our holdings liquidated by that means. As for the remainder, we know that it won't add up to 100%. That much has been clear for weeks. The website gave no specifics, but the language hinted that they might just wait a year or more until all the bond holdings matured, because it would be impossible or unlikely to sell any of them at face value. Assuming no other bond issuers fail in the meantime, holding all the remaining bonds to maturity would be the most effective way to maximize the preservation of shareholder capital, which is part of their mandate by charter, and possibly by regulation. We already know that we'll be out at least 3% due to the now-worthless Lehman holdings still listed in the portfolio. If we push for full liquidation faster, the loss might be more than 3%. So I was resigning myself to getting some cash now, and waiting for the rest. Well guess what? That press release is no longer on the website. The current one about RYPQX explains that, Gee Whiz, we screwed up the math when we honored last-minute redemptions back in September. There was another (non-Lehman) worthless holding that showed on the books as having value, which was a mistake they failed to catch. So people who cashed out that day got a full $1.00 per share when they should have only gotten 99 cents. What does the Reserve plan to do -- sue all those people for a penny per share of repayment? I don't know, but from the disapperance of the press release, it appears that the planned liquidation on December 22 is now on hold or abandoned, because now they've discovered they have yet another accounting mess to clear up first. What kind of imcompetent nitwits are these people? TDAmeritrade is partly at fault for suggesting the Reserve, and if they made money from commissions or other (legal) kickbacks in that arrangement, one might suggest that TDAmeritrade take a write-down and an earnings hit, to use some cash and make good on the losses people are taking from this mess. Alternatively, they might consider providing people interest-free cash for investment that would be collateralized by some percentage (like 50% at least) of the customer's RYPQX holdings. All in all, TDAmeritrade could be a lot more proactive, I think.

• JudyDecember 16, 2008 at 1:31 am

  I was also told that my money was insured and it was very safe and I would make about 2% interest on my money each month. This was my life savings. I had no idea what was going on until one day I received a letter from TDAmeritrade saying my money was frozen. I also feel that we all were misled and defrauded by representatives of TD Ameritrade who lied to about The Reserve Yield Plus Fund. I[Show More]I was also told that my money was insured and it was very safe and I would make about 2% interest on my money each month. This was my life savings. I had no idea what was going on until one day I received a letter from TDAmeritrade saying my money was frozen. I also feel that we all were misled and defrauded by representatives of TD Ameritrade who lied to about The Reserve Yield Plus Fund. I'm happy we are getting 50% of our money back, but when and how much will we get the rest of it????

• C AndersDecember 15, 2008 at 11:41 pm

  Same with others RYPQX touted as safe MM fund; I was never notified of anything but found out it was frozen - now what do we do?

• LauraDecember 13, 2008 at 10:02 pm

  We also were told this was a money market account that was very safe with higher yields. I told the representative I was looking for a vehicle that would provide a little higher interest rate. He highly recommended this account and gave me their web site. After some research, it all looked positive with zero risk, so I invested.

• AlanDecember 12, 2008 at 10:50 pm

  The end of August I was contacted by TD Ameritrade saying they noticed all my assets in the account were sitting in cash and asked if I would like to buy a mutual fund. I said no, I moved it out of mutual funds in January as the market was going down and didn't want to buy any stocks or funds until I felt the bottom had been reached, and that I was planning to withdraw most of the money for a maj[Show More]The end of August I was contacted by TD Ameritrade saying they noticed all my assets in the account were sitting in cash and asked if I would like to buy a mutual fund. I said no, I moved it out of mutual funds in January as the market was going down and didn't want to buy any stocks or funds until I felt the bottom had been reached, and that I was planning to withdraw most of the money for a major expense soon anyway. TD Ameritrade then said the default money market account my money was in only gives a fraction of a percent interest and I can get a greater rate from a higher yielding money market. I asked many questions such as "Was it just as safe?" and "Was it insured like the default money market account?" They said yes and after a fairly long conversation convinced me to move all my money into that fund. I know the exact date and the time of the call and requested by certified mail for a copy of the recording. TD Ameritrade acknowled that they record all phone conversations but refused to give me a copy of the recording. I then sent by registered mail a request for them to then review the recording and reverse that purchase since I never agreed to buy a mutual fund, which is what happened, when all I agreed to was for my money to be moved into a money market account that was just as insured and just as safe . They didn't respond to that request so I am about to search for a good attorney. This wasnt chump change involved. I never have and never would agree to leverage all my assets into a single stock or mutual fund!

• phyllisDecember 3, 2008 at 1:48 am

  we are also clients that were misled and defrauded by representatives of TD Ameritrade who lied to us when we put money into this fund. They told us itwas a money market, was safe and secure and that there would be no problem getting our money as it was insured. They also told us on September 19th, - three days after the account was frozen - that everything was OK. There are many other events that[Show More]we are also clients that were misled and defrauded by representatives of TD Ameritrade who lied to us when we put money into this fund. They told us itwas a money market, was safe and secure and that there would be no problem getting our money as it was insured. They also told us on September 19th, - three days after the account was frozen - that everything was OK. There are many other events that have occurred.

• LouDecember 2, 2008 at 5:06 am

  I am a former employee of TD Ameritrade as an Investment Consultant. I have been trained to recommend this investment to clients who were looking to transfer their accounts out of TD Ameritrade due to very low money market rates. I was told to tell clients this is a money market fund which is very safe and will never go down in value. I also have a signifcant portion of my own retirement assets in[Show More]I am a former employee of TD Ameritrade as an Investment Consultant. I have been trained to recommend this investment to clients who were looking to transfer their accounts out of TD Ameritrade due to very low money market rates. I was told to tell clients this is a money market fund which is very safe and will never go down in value. I also have a signifcant portion of my own retirement assets in this fund since I was told it was safe.

• EUGENEDecember 2, 2008 at 4:16 am

  i WAS ADVISED HOW GREAT IT WOULD BE TO INVEST 50% OF MY CASH POSITION INTO THE MONEY MARKET RESERVE FUND THAT HAS A GREAT YIELD. HEAR I AM OVER TWO MONTHS LATER NOT BEING ABLE TO SELL FOR THE $1.00 PER SHARE PURCHASED AT. NOW IF I BUY STOCK ON MARGIN MUST PAY INTEREST WHILE I HAVE CASH I CAN NOT USE. TDAMERITRADE SAID WHEN I JOINED THEM THAT I AM PROTECTED FOR OVER 1 MILLION DOLLARS IN THEIR INSU[Show More]i WAS ADVISED HOW GREAT IT WOULD BE TO INVEST 50% OF MY CASH POSITION INTO THE MONEY MARKET RESERVE FUND THAT HAS A GREAT YIELD. HEAR I AM OVER TWO MONTHS LATER NOT BEING ABLE TO SELL FOR THE $1.00 PER SHARE PURCHASED AT. NOW IF I BUY STOCK ON MARGIN MUST PAY INTEREST WHILE I HAVE CASH I CAN NOT USE. TDAMERITRADE SAID WHEN I JOINED THEM THAT I AM PROTECTED FOR OVER 1 MILLION DOLLARS IN THEIR INSURANCE PROGRAM YET THEY STILL WILL NOT RELEASE THE FUNDS TO ME. i HAVE BEEN TRADING ON LINE WITH THEM FOR OVER FIVE YEARS.