What can I do about a divorce settlement concerning an investment rollover?
gabeymac? asked:
I got divorced 8 mo's ago and part of the settlement was a portion of my ex's stocks & investments.He is with a company that has him in an aggressive growth account. My ex gave me a paper to sign from this company saying that I accept the money. He told me I can then use whatever co. I wanted.I went to my bank, they worked up the papers. then I received a statement that I lost 3,000 the first day from x's co.When I called them and told them I did not want to use them they said I had to pay a penalty to change so I had them to put the money in a safe money market.I'm 51 and do not want to gamble what I have away. By the time this was done I had lost a total of 8,000.Did I have a choice to change without penalty for a divorce settlement? Is there anything I can do about it now?
Bratz Dolls
I got divorced 8 mo's ago and part of the settlement was a portion of my ex's stocks & investments.He is with a company that has him in an aggressive growth account. My ex gave me a paper to sign from this company saying that I accept the money. He told me I can then use whatever co. I wanted.I went to my bank, they worked up the papers. then I received a statement that I lost 3,000 the first day from x's co.When I called them and told them I did not want to use them they said I had to pay a penalty to change so I had them to put the money in a safe money market.I'm 51 and do not want to gamble what I have away. By the time this was done I had lost a total of 8,000.Did I have a choice to change without penalty for a divorce settlement? Is there anything I can do about it now?
Bratz Dolls
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I would report the investment company to the Federal Securities and Exchange commission.
Next time, use a no fee company such as “Scottrade”. send me a message with more details if you want to discuss this more.
UPDATE:
I received your message but got a delivery failure when I tried to respond.
“Hi,
They Securities and Exchange Commission regulates investment companies.
How did you lose $3,000 the first day? Did you purchase a mutual fund with a load? Banks are notarious for that. What bank was it?
Basic rules:
1. Never buy a fund that has a load (sales fee).
2. Never buy a load that has a transaction fee
3. Never put your investments in an institution that charges you to keep you rmoney.