It is already 5 months, how I could not receive my money from ICS Associates Inc.

[Simonas]

On 2012-03-19 I invested in Apple Inc. company's shares through company's ICS Associates Inc. employee James Tyler.

On 2012-04-04 (date approximate) to verify the work of ICS Associates Inc, I asked James Tyler to sell my shares and return to me the money.

On 2012-04-16 I received the money for the sale of Apple Inc. shares from ICS Associates Inc.

On 2012-05-17 bought Blackhawk Mines Corp.. And Norton Scientific Inc.. shares through the ICS Associates Inc. employee James Tyler, who promised to sell these shares profitably within 7-8 weeks.

On 2012 June and July I received a few calls from James Tyler urging me to acquire additional Blackhawk Mines Corp.. And Norton Scientific Inc. shares, but I refused the offer.

On 2012-08-14 because James Tyler every time when he called me, he postponed the share sales date, it raised me doubts. So I wrote an e-mail to James Tyler, for an interview about my investment. He called me back with in a few hours and during the interview I asked him to sell my shares in the near future. He promised me to sell the shares during the month.

After 2012-08-14 till now I asked to sell my shares immediately for more than ten times, but so far, my requests are not met. Application form were e-mails and telephone calls.


Maybe you have a similar experience or advice what to do?

[disneysteve]

What country are you in?

ICS associates is an investment firm based in Shanghai. I have no idea what the rules and laws are governing business there. Certainly, no reputable US firm would behave as you describe. I'd suggest getting your money out ASAP. If the agent you've been dealing with is unresponsive, contact someone higher up in the company. Call their office or visit their website for contact info. Another option may be to contact the local regulatory agency and report the problem. Good luck.

[smk]

not sure of your offshore rules & regs, but your description seems to indicate you gave a broker discretion to sell or not based upon market conditions. is it possible you did not give clear instructions that the discretion has been revoked? did you give the broker a specific order, be it market or limit order to sell at a specific date, time or price? you might look into the communication process to make sure you are telling the broker what you think you are telling him. there may be issues with how you are doing things in general as well...

[Simonas]

To disneysteve
I am from Lithuania, Europe. There are only four ways how to contact to ICS Associates Inc:
- Tel: (+86) 21 6101 0389 (No one ever raise the phone, James Tyler only call me back few hours later. But now no one call me back for one month already)
- Fax: (+852) 3014 5172 (I never use it)
- E-mail: contact@icsassociatesinc.com (I tried it, but no one replied)
- E-mail: account@icsassociatesinc.com (E-mail for James Tyler. He never replied to my emails, but only call me back. It is already one month, how he do not reply to it in any way)

I would try to look for local Finance regulatory agency and give you a feedback.


To smk
I do not have much experience on investment and only what I asked James Tyler is to sell my shares immediately in any way. He do not provide me any options for specific date, time or price. These things I hear for the first time.

Five months ago I have lost 18% from these shares portfolio and I have the same situation now. I do not see any positive trend, for these shares.

[MoneyTips4U]

What country are you in?

ICS associates is an investment firm based in Shanghai. I have no idea what the rules and laws are governing business there. Certainly, no reputable US firm would behave as you describe. I'd suggest getting your money out ASAP. If the agent you've been dealing with is unresponsive, contact someone higher up in the company. Call their office or visit their website for contact info. Another option may be to contact the local regulatory agency and report the problem. Good luck.

Totally agree with getting your money out ASAP. That's YOUR money they are messing with, and keep bothering them until they respond to your requests. Ask to talk to someone besides James Tyler, and stay on the line until you get someone who says they can and will help you, immediately.

If you still even consider financial investment agencies after this, I would recommend working with notorious ones out of the U.S., England, or where you live. Plus, there is always online stock trading. It is very easy and probably a lot cheaper than what you are paying now. You see everything online, including exactly how much is in your portfolio, what your buy/sell prices are, etc. It's really a great set-up, and best of all, YOU are in control.

[smk]

i can't really advise you on how to handle this sort of situation legally. if you want to get your money out, you may do well to explain that directly to the broker and make sure he knows he is only authorized to do exactly as you say. it is always best to communicate in writing. the local government agency that regulates their business might help you understand your rights.

for the future, you might consider making simple investments from your own country where you know more about how the industry works. in many countries the ability exists to invest in the securities of other countries. but the system is designed for people in your country and your money will be closer to home. if you don't know anything about investing, it is usually a good idea to learn first and act only when you have a better idea what you are doing.

[Simonas]

To disneysteve
The local regulatory agency China Securities Regulatory Commission do not answer.
Fax: 010-66210205 (on 2013.01.08-09 I have send them one fax per day, but they do not answer till now)
Email: consult@csrc.gov.cn (they block my emails)

However, I gave all information to our local police in Lithuania and now I am waiting for they reply.