Getting the Word Out

I'm compiling a list of finance related blogs that might be interested in adding a post about the lawsuit against EverBank and the millions of dollars that have been lost by purchasers of their WorldCurrency CDs. Perhaps by getting the word out we can prevent others from losing money by investing with this bank. Please consider emailing any finance related blog that you read with links to the Everbank Lawsuit Info as well as this blog.

To that end, I have edited EverBank's Wikipedia entry (which apparently was composed by their public relations department) with information about the lawsuit. Everbank on Wikipedia

Investors Suffer Massive Losses in EverBank WorldCurrency CDs

According to the Executive Vice President of Everbank, Frank Trotter, investors in all WorldCurrency CDs (including Icelandic Krona CDs)incurred a net loss of alomst $50,000,000 over the past four years. On average, those who invested in WorldCurrency CDs and subsequently converted their investment back into US dollars during this period were almost twice as likely to lose money as realize a gain. That's a pretty poor performance for an FDIC insured "certificate of deposit", don't you think?

Meanwhile, by charging 1% commission to convert dollars into a foreign currency, and an additional 1% commission to convert the foreign currency back into US dollars, EverBank made millions from these WorldCurrency investors.

That said, since its unclear whether EverBank ever actually converted the money invested with them, at least in the case of Icelandic Krona CDs, into a foreign currency, its equally unclear what the commission they charged was meant for.

Everbank Lawsuit case notes