August 31, 2010
Dear Sec:
I noticed the item regarding broker/investment adviser in NEWSDAY, AUGUST 29, 2010, but unfortunately not until 8-31-10. We were unfortunately advised by our investment adviser to invest $25,000 of my IRA in Provident Royalties, LLC, et al which has turned out to be a Ponzi scheme. We have been told that we get anything back it would only be 10 to 12 cents on a dollar. My question is this, How responsible is the adviser and the company that does all his research for him who advises him that this is a good investment? Since there are so many people involved in this scheme and so many investors who will be out a lot of money is there a liability on the part of the advisers? Thank you for any assistence you are able to give. Joan Vogt