@Urban Spaceman said:
This seems wrong, am I right?
In my opinion you are totally correct. OC may have a right to invest in any prescribed investment BUT not without informing ALL owners about what they are doing and be given approval by a vote of ALL owners.
You seem to be using a BC manager and generally they handle the BC funds and invest it in safe investments (term dep). Over the last 5 years the best term dep have outperformed the average investment.
Does this treasurer even have a license to manage your funds (don’t know if required or not).
DEMAND to see a breakdown of the investments their net worth, their original value and total funds used for this purpose on an official document (not something he’s thrown together which might or might not be true).
If this guys wants to gamble on the stock market he should use his own money NOT yours. If this guy makes bad investments YOU will be picking up the bill (if he is using CFD or margin calls you can rapidly incur huge losses (or profits) which the BC MAY be liable for depending on the agreement he has with the BC).
I’d personally stop all payments to the BC until I’d received a satisfactory explanation to prevent me loosing even more money.