Aggrieved customers of First Fund are lamenting over the Securities and Exchange Commission’s (SEC) inability to retrieve their locked-up cash months after appointing a second fund management company, OctaneDC, to oversee distribution of the money.
SEC took over management of the fund from First Banc and gave it out first to TTL; but TTL was unable to make the funds available for the aggrieved customers.
The regulator then turned to OctaneDC to help in distributing funds to the aggrieved customers but to no avail.
In a short notice, the Spokesperson of the Coalition of Aggrieved customers of First Fund, Kwame Mawuko, said customers are very aggrieved and agitated over the delay in receiving their funds.
“First Fund is unable to pay customers. SEC takes management of the funds from First Banc and gives it to TTL. TTL is not able to honour redemption fully. The company was not straight-forward with customers. SEC takes management of funds from TTL and gives it to OctaneDC, and we have not been paid since the financial sector crisis. We want our money,” he said.
Mr. Mawuko said the entire process is frustrating since the customers have been chasing their money without success.
However, a statement released by OctaneDC on Monday, January 17, 2022 said the company had some administrative lags during the transition period. “As your new Fund Manager, we can only act on your behalf when we are fully and formally introduced to all the external stakeholders of your Fund,” it said.
According to OctaneDC, the process delayed some of its communications with the customers – a situation that is crucial and must be addressed to confirm the assets and liabilities of the Fund before the money can be transferred.
“Once our formal introductions are done to all these parties, we will begin to work on the recalls of Assets of your Fund. As and when received by the Fund, we will move such credits to all individual shareholders’ accounts and immediately share updates with you.”