In 1989, Morningstar, Inc., an advisory service, issued a strongly worded and unusual recommendation to its clients who had placed money with a firm then called the Steadman Funds (later known as the Ameritor Funds). “We urge you to cut your losses and get out,” Morningstar counseled. Doubtless, some investors heeded this advice. Many couldn’t, though, because they were dead.
Read the full article here. Talk about a victim-less crime! :)
https://longreads.com/2017/11/09/ameritor-dead-mans-fund-charles-steadman/
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