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Review: For six months, I've been attempting to withdraw my IRA funds in Nicholas Fund II. This dispute arises from Nicholas Fund II insistence that my signature be guaranteed by a Gold Medallion Seal. These seals are issued only by U.S. banks to their customers. I have not had a U.S. bank since I retired to the Philippines in 2009. I had my brother in the U.S. contact Nicholas Fund, and he was advised to have me grant him a power of attorney. I obtained the form from Nicholas Funds. I was required to sign the form and to have my signature verified in one of two ways: either with a Gold Medallion Seal, or by submitting a letter from my local bank on bank letterhead signed by a bank officer. My bank provided such a letter, attaching to it photocopies of my U.S. passport, my California driver's license, and the i.d. card for my retirement visa issued by the Philippine Retirement Agency. This was sent to my brother, who completed his section of the form and who submitted the package to Nicholas Fund in early January. Having heard nothing, my brother contacted them. He was informed that on Jan. 16, the application was rejected because my signature had no Gold Medallion Seal. He asked to speak to a manager and was informed the manager was on the phone but would return his phone call "in a few minutes." That was two business days ago, and he's received no such phone call.Desired Settlement: Ideally, I would like Nicholas Fund II to liquidate the IRA account I have with them and to return the monies to the exact same checking account with which I made my investments with them. [Note: The institution has since changed its name from Courts & Records Credit Union to L.A. Financial Credit Union, but my account number and everything else remains the same.]

At bare minimum: I would like the manager of Nicholas Fund II to make the promised return phone call to my brother and to explain to him why I am not permitted to use the alternative methods of verifying my signature set out in the Power of Attorney form supplied by Nicholas Fund II.

Business

Response:

In response to the receipt of your letter dated 3/3/2014. Nicholas Company has again contacted, via email, our shareholder Mr. [redacted] and sent a copy of all correspondence to the address we have in the Philippines and his address of record in Los Angeles. Please note the details of our instructions as Mr. [redacted] has very unique circumstances which have complicated this transaction. Also, note that the first letter from Mr. [redacted] is dated 2010. Complete and detailed instructions were given at that time for updating information on his IRA. Mr. [redacted] did not follow up on those instructions. Confusion complicated things with a new address in a foreign country and no telephone contact.

I have also attached a letter from our transfer agent [redacted] that services our shareholder transactions and call center and ultimately are responsible for our transactions. Mr. [redacted] repeatedly attempted to have his brother act on his behalf, but did not send complete paperwork to have a Power of Attorney attached to the account. Taking all of these things into consideration, we did not hesitate to flag his account for possible identity theft. [redacted] is also obligated as we are to follow the guidelines of the USA PATRIOT Act with respect to foreign accounts.

Sincerely,

Vice President

Mutual Fund investing involves risk. Principal loss is possible.

Quasar Distributors, LLC Distributor

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Description: Investment Advisory Service

Address: 700 N. Water St., Suite 1010, Milwaukee, Wisconsin, United States, 53202

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