Students po kami from a known College. And we had this subj last 2 semester about Financial Market. The professor assigned is a well-known individual in stock market. He has outstanding credentials in education and in stock market as well. He then taught us the basics of stocks, and we feel interested. He manage to get us a form from a known brokerage firm for us to open an account. Afterwhich, he then offered us a share of stock that can be transferred in our trading accounts. Fast forward to events, never did we know that he was NOT a licensed stock broker. That the forms given to us to make a trading account was just a "drawing". We dont have trading accounts which he always say that we have because that's where the money goes after we deposit it in his account. The PSE and the mentioned brokerage firm did released a notice that he is NOT anymore affliated with them and they have nothing to do with any transactions with him. Again, he said that we have trading accounts, turns out we dont. We have already invested 15m worth and still chasing him. We're still in contact with him. He always make us wait and ditch us, ALWAYS. He always promise that he will give a partial amount next day/ this week/ next week but nothing happened. Reasons were emergencies, he said. That he need to go to hosipital, have a meeting with congress, out of town (business matters). Up until now we're still chasing for our money that he promises to give last January 20, 2016. The last withdrawal we received was November 2015 which was only 200k out of 15m.
We just want to know what actions can be done with this case? We're still students, and our families and other investors condemned us for this fault that we're not fully liable of.
We keep the deposit slips, the written agreements stating the he owes this much money, and some of his issued checks which were btw, closed account.