I have been a client of this company for more than 20 years and have watched them diminish my retirement account substantially over the past 10.in 2010 I met with my "advisor" and was advised that to increase my investment and dividends I should transfer my funds to a different type of investment plan. I did this and two years later, despite the market going up, my investment is worth even less than in 2010. I have been planning to discontinue my business with them for sometime.
Today, I received a notice from the IRS that we owed them nearly $28,000 for the "sale" of stocks. I was shocked to say the least since we were told that this was a transfer, the word sale never came up and I was certainly never advised that this action would have tax implications. Noteably, this "income" was reported to the IRS on 1099's that were never provided to us. I will post again once I meet with them, but please stay away from this company, they will cause you all kinds of grief. Clearly, someone in this company reported income to the IRS that was not income and then didn't provide me with the documents. Criminal or incompetent, either way they are bad news.
0 comments