Pensco Trust Company is a RIP-OFF COMPANY. I made an investment ($20,000) with another company through Pensco Trust five years ago. The investment is still outstanding and has not made a profit yet; however, Pensco Trust has been charging me (without my knowledge) fees for having the investment through their company. I originally had at least $100,000 in Pensco and the money over to my company 401k, except for the investment I made through Pensco. Pensco is now stating that if I do not pay the back fees (of which I did not even know that I owed) that they report it to the IRS via a Form 1099 and I would be penalized having to pay back taxes and fees due on the value of the distribution.! I believe they did this because I took my money out. I am right now in the process of looking for the right lawyer to handle this offensive and abusive treatment of my money. Do not use pensco for anything! They will probably soon be out of business because they also have terrible customer service.
0 comments