Pinnacle Series 11

Hi Mr Tan,

Thank you for helping the uncles and aunties in the above matter.

I was so foolish to be attracted by Citibank's fixed deposit offer and went to their branch at Ang Mo Kio. The relationship manager X told me people who invested in Pinnacle made much more in interests and that's why it can run series after series. (He knew I had $70,000 for the FD.)

So he introduced me to Pinnacle Series 11. He showed me the colourful one sheet flyer. I did see the "Important Information" that you must read the prospectus. So I asked for it. The RM went out of his room to look for it and came back saying it has run out of stock. He promised to post to me. He kept repeating "Don't worry." I asked him how can I be sure that I will get back my money. He pointed to the Name of Note "4Y SGD Pinnacle Series 11 Principal Protected Equity Linked Notes" given on the subscription form. He said, here, it says so clearly "Principal Protected." I felt stupid. It was like a redundant question I asked.

Now X is not at Ang Mo Kio Branch anymore. The Branch won't even tell me whether he is still at Citibank. The value of the Note I paid for with $70,000 of family savings has dropped to $50K+ (last month). Another relationship manager at the Branch told me recently if I hold to maturity I will get back $70,000. But I could not understand how they come to the present value of $50K+. If I understand this second relationship manager's explanation correctly, it has to do with the share market.

Now the share market has gone even lower, I don't know whether there is still $50K+ now. What shall I do? This is all the family's saving. And my aged husband and I have to look after a severely ill adult son with this money. I know I was greedy for more interest when I agreed to take X's product. But for the last nine months, I didn't even get a single cent of interest.

I have resigned to accept the punishment for my greed. But I was encouraged when I was introduced to you blog. So I learn how to get to read it and have been updating myself with the info on your blog. I am grateful that your care.

Should I hold the Note to the maturity and hope to get back $70,000 or take out whatever amount of money that's left now. Should I accept that they can use my savings without interest to me for more than nine months and even lose some of it?

Thank you. Wishing you much blessings!

Aunty Esther

REPLY
I am not familiar with Pinnacle Series 11. If I can find some information, I shall tell you later. So sorry, I cannot advise you at this time.