No. of Recommendations: 0
Going Foolish and moving my retirement ( 403-b ) accounts into a self direct brokerage account. I rolled two annunities into an IRA. I got the run around for a couple of weeks. On Wednesday May 16th I faxed a requested letter, stating that I had left my previous employment, which they required before allowing the withdrawel to proceed. I called back the representative after close of the market that day, and he said that he received the fax, and that they would proceed to surrender the funds. He noted to me as well that the market had done real great that day. (depending on the index 2 to 5 percent.)

OK Today I got the confirmation statements for the two accounts The fixed account confirmation showed the transaction date of (wed) 05/16/01 Trans# R397313. The variable account confirmation showed the transaction date of (tue) 05/15/01 Trans# R397312. It is obvious to me , especially by the sequence of the transaction number, that they back dated the variable account one day and thus I lost out on the apprecation for the market that day.

NAV is alway based on the value at the end of the day that a buy/sell is processed. They wouldn't release my funds the day before, and I certainly don't see them only requiring paper work on only the lower valued fixed fund. Otherwise I should be able to get the better price for the day before, month before, year before, etc. To me this is fraud and I estimate that this cost me at least $1500.

Who does one go to to rectify a swindle. I want my money back, but I also believe that the companies involved should be punished for their actions so that other investors do not get taken. I am sure that when they processed the paperwork, someone didn't realize that there were two back to back transactions, leaving an audit trail to follow.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.