Jacques Magliolo is the author of a number of investment books which I have read and enjoyed. As part of his investment advice, he offers a mentorship programme whereby he assist with setting up and guiding investors to establish and maintain their own investment/share portfolio.
I advised Jacques that I would be opening a new account in the name of my trust and would invest R 50 000.00 into this account. This would attract a management fee of R 5000.00 plus VAT. This was paid on 17 March 2011. This is as per his mentorship programme.
Jacques and I met at which point we agreed that I would sell certain shares in the company share portfolio and re-invest the balance as well as the initial amount in a new trading account in the name of my trust. The total additional investment would be R 49 818.00 resulting in a management fee of R 4981.80 plus VAT. I inadvertently paid an amount of R 49 818.00 on 28 Feb 2012 instead of the required R 4981.80 plus VAT.
After numerous requests to have this overpayment refunded and numerous promises from Mr Magliolo that he would do so, this matter has now been handed over to attorneys.
Investors beware!!
0 comments