The SEC or Securities and Exchange Commission may have unclaimed money for you.
The SEC goes after companies that have done investors wrong and sometimes orders those companies to pay fines and fees. If the SEC decides some or all of that money should go back to investors, you could be eligible. The SEC created a page on its website that lists cases where so-called “Fair Funds” are available. “Fair Funds” is SEC lingo for money for consumers.
When I checked there were probably a couple hundred cases on the list. Some of the money is coming from big names like Ameriprise Financial, Bank of America, Bankrate, Citigroup, Credit Suisse, UBS and Wells Fargo.
I will tell you that the SEC website is not nearly as user-friendly as some other unclaimed money sites. So here’s what to look for once you click on a case. You’ll see a list of actions the SEC has taken. Look for the one that says something like “Order Directing Disbursement of Fair Fund.”
Hey, it’s a little more work than some, but it could be a lot more money! Your claim will be based on how much money you had invested. Every case is different and the amounts of money available will vary too.
And on future shows I will tell you how to search for unclaimed investment refunds created by private class actions and how to locate money lost when an investment broker-dealer goes out of business.