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Outperformed 95% of peers over the last six years with less risk....Long-tenured advisors of three PhDs and one MD in internal medicine
daniel34606 said:So, looks like TBO Capital is a scam. I invested some money 2 months ago and now the site vanished along with all the LinkedIn info. Unfortunately I only found this platform after.
So, looks like TBO Capital is a scam. I invested some money 2 months ago and now the site vanished along with all the LinkedIn info. Unfortunately I only found this platform after.
Fundoholic said:Anybody heard of or done business with? It's a private Healthcare fund. I can't seem to find anything on them...except from them..ha! Claims good returns but? Any experiences? Thanks
Anybody heard of or done business with? It's a private Healthcare fund. I can't seem to find anything on them...except from them..ha! Claims good returns but? Any experiences? Thanks
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No wonder the "prospectus" doesn't say anything about how the fee is handled in a down month (do they multiply their percentage by a negative return?)
That "prospectus" is missing a lot of information aside from how fees are handled (and what the fee is if you invest more than $1.5M). No bios on the fund managers (they claim experience but w/o history), no SAI or other doc with information about how the fund is structured, no tax information, etc.
Did I mention that the numbers are inconsistent? For example, Jan-June 2021 monthly returns given on the performance page total to a cumulative return of 33.27%. But the prospectus gives the 2021 YTD performance as of June 2021 as 29.48%. And the three year return isn't annualized.
There's no 2021 annual report, only one for 2020, and none earlier.
But all this is minor stuff. The kind of information one would look at if a fund were real. It's the more blatant stuff where the fun is.
The domain name/website used to be operated by completely different people selling land development services.
The site went black in 2015 (when the "new" TBO Capital says it started), and the WayBack Machine Archive doesn't show any real text pages until May of this year, e.g.
(The complete list of pages crawled, real or not is:
ICANN reports that the website registration is private (no surprise there). Though it gives a mailing address in Iceland.
Kalkofnsvegur 2, Reykjavik, Capital Region, 101, IS
Neither the "managers" of the fund nor TBO Capital show up on either the SEC's or FINRA's site for brokers, firms, etc.
"The SEC typically regulates investment advisers that have assets under management in excess of $100,000,000." The prospectus states the fund has $164M AUM.
And for the regulation wonks: Performance fees are generally prohibited. They are allowed if an offering is restricted to accredited investors (but this fund is open to anyone), or if the performance fee operates on a fulcrum (this doesn't).
With a fulcrum, performance adjustments are symmetric; fees go down if the fund underperforms just as they go up with outperformance.
https://etfdb.com/etf-education/learn-about-fulcrum-fees/ (See Regulatory Considerations)
Like making all sorts of claims but then turning silent in court. Purely hypothetical of course.
I did see the linked in profiles. Nothing I could readily verify.
Not looking for someone to cook the books with my money.
It seems that the 10% performance fee used to be 11%:
The application form lets you send in money and lets you make daily withdrawals. That's an open end fund. But the Terms and Conditions page says that this is a "closed ended [sic] mutual fund".
How many decades of industry experience does it take to differentiate between an open end fund and a closed "ended" fund?
The page goes on to say that "It offers monthly dividends to investors instead of growth option i.e. increase in NAV (share) price."
This begs the question: is it selling shares of its underlying holdings every month and distributing proceeds to keep its NAV from growing?
I think I'll stop now. This is like shooting fish in a barrel. I'll leave with a couple of questions based on this excerpt: What are the 5% of health care fund peers who have made more than 50% annualized over the last six years? Or is this "outperforming 95% of peers" just a made up figure to make it seems that the 50% returns reported are not equally fictitious?
M* premium screener returns no funds of any type with 50% returns over the past five years.
Stringing together the best performing health care fund in each of the last six calendar years, e.g. FSMEX (8.68% in 2016), ETIHX (45.83% in 2017) and so on, one achieves only a 36% annualized return. All actual health care funds returned less than my cherry-picked combo.
Who are the PhDs and MD? TBO Capital names only four principals, and none of them hold any sort of doctorate degree according to their Linked In profiles.
I think generally (but not always) there’s some rough correlation between risk and potential reward in any investment. Even a stock or fund that’s been racking up a “mere” 30% in consecutive annual returns sets off caution flags in my mind. That type of reward isn’t achieved with only “modest” risk of capital.
Anybody remember what ENRON was churning out yearly before the roof caved in?
Or, for that matter … ARKK
Bravo Louise for finding out who the fraudster is behind HMC Trading;
Dale, thanks so much for informing us that SEC got back to u in 2 weeks. Please keep us informed on this site. HOPE EVERYONE GETS THEIR MONEY BACK. Next time I see anyone offering more than 10 to 20%, do my homework and check them out on finra.com and sec.gov and brokercheck.com
The SEC got back to give me 1 day after the complaint. I did a phone interview with an SEC attorney on Oct-6. Maybe there was some priority on the case. He said there were other compliants also.
Another agency you should all think about filing with is the NY Attorney General's office. They have teeth. They're a more "law enforcement" arm than it seems to us the SEC may be. Maybe if they're all on notice they can coordinate this mess...
"The bad news he is Lithuanian and may be aligned with Russian mob. Suggest you call FBI back with this info and let them know this could be a violation of anti-money laundering as well as financial embargo placed on Russian assets."
Also wanted to express empathy and sympathy for all of you that have been scammed....I know that my wife and I are feeling really low and sad and depressed. But knowing that we are not alone does help. But I am really sad and sorry for all of you!
Maybe if we raise enough stink to the SEC or the State of NY or the NYPD or the FTC or the FBI maybe something will happen.
Here are the steps and results I have taken so far:
Contacted several attorneys and recovery agencies....I am still vetting them, but I have gotten good information from one attorney. He is a former USMC and spent 14 years with NYPD in Brooklyn. 10 years with a unit: Street Crime Suppression. He suggested I call NYPD since it looks like these criminals operated in NYC. He said
"call NYPD Midtown North Precinct 212 767 8400. Tell them what has happened, the FBI has been notified and ask if they can check and see if there is anyone from that company still at that address. It is an apartment building per picture on Google."
I called NYPD but they were not very helpful. The detective I spoke with just kept saying to call my local police (I am local to Dallas TX).
But I finally pressured him for a name and he gave me the name of Detective Criollo. Corillo is in charge of cyber crime and fraud for that division. So I will call him on Monday.
I have filled out the form at IC3 and also with the FTC. No response from either yet. I need to contact the SEC on Monday.
I have contacted the 2 banks that I used to wire and send the checks out (so pissed) and they have started their steps. They are trying to recall the wires (obviously the money is gone but that is their process) and they are also filing complaints with the receiving banks for the wires and the checks. I also asked my banks for all original documentation for the wires and checks. Just so I have all the paperwork.
It looks like my wires went to 2 different banks. Fifth Third Bank and Wells Fargo Bank. I will try to contact both of them and raise a stink.
If I think of more I will post. Sorry again to all who have been victimized. We could all come together and hire a lawyer or a Private Investigator? Just thinking outloud......
they are CNC Intelligence based in Orem, Utah; Their website is CNCIntel.com
their # is 202-519-9380; What they told me is they have intelligence and contacts everywhere and they can find the scammer and inform us scammer's name, address, contact. CAN SOMEONE PLEASE VET THEM OUT BEFOREHAND; I DON'T KNOW HOW TO VET;
Beware some recovery websites are also online scams.
Good luck, Derf