UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: kaffehead One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74798  
Subject: Bad IRA Date: 11/4/1999 11:49 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Several years ago I followed a broker friend's advice and invested though him into a self directed IRA. The first couple of stocks did fairly well and I rolled over my CD's into the account.

My problem is this. Two of the stocks have tanked, Fine Holst (FINE)is in reorganization and is not trading. FirstPlus Financial (FP) is trading at around $0.13. These are the only stocks in this account and it has a yearly maintenance fee. The account has a negative balance since I have not payed this years fee.

My question is what can or should I do with this IRA? At the time I did not have the investing knowlege that I have now nor was I able to access the resorces that I how have available to me. Is this IRA dead? Should I just let it set to see if the stocks come back. Fine Host is still a viable company and servicing their contracts as far as I know. If I just let this sit then the fees will mount up. Can the broker come after me for the fees or can they close my account taking the stocks.

I have posted similar post on the Foolish Question and Investing Beginners Boards with out much of a response. Any help or ideas will be greatly appriciated.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Feste Award Winner Announced!
Congrats to the Winner of the 2013 Feste Award!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement