Post by Catdaddy on Mar 23, 2007 14:53:42 GMT -5
This is a bit of a long read but outlines some of the problems folks are dealing with concerning their brokers. This is an e-mail from my brother detailing his dealings with his broker. The last section is the best...at least it shows that the SEC is responding to some of our complaints. Later,
Catdaddy
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I need help with this rat trap I've found myself in.
I started an IRA years ago with XXX XXXX representing a company called IDS. They were bought out by American Express in the early '90s. In August 1999 I retired from the DOD and pulled out my Thrift Savings Plan money and invested it with John Hanthingy (which clearly irritated XXXX XXXXXX). I'm not sure of the exact dates but, shortly thereafter I was ignored any time I needed assistance until calling the "main office" who actually bought some stock for me and assigned another "financial advisor". I never could reach this person and was eventually assigned another. By the time I could locate her, she had "moved on" to Richmond, Va, and I'm on hold again. This was during the summer of 2004 and was a critical time because I had been losing money for several years and couldn't reach anyone. Finally, I drove from my home in NC (100mi) to Norfolk Va and confronted XXX XXXXX. That day I was assigned XXXX XXXXX as an advisor, I found that my records were in a plan different than I remembered, and I had been paying for services involving buying, selling, and transfer of stock that I wasn't aware. I was just happy to have someone cut those unnecessary charges. To add to the confusion, American Express was bought out by Ameriprise.
Now, before you jump to conclusions, that's just the background.
While talking to the main office (2004) I bought shares of CMKM DIAMONDS. I'm not sure exactly how it came about but, in their growth process, I ended up with additional stock in (1) U.S. Canadian Minerals, Inc., (2) (CMKX #C) CASAVANT INTERNATIONAL MINING PRIVATE COMPANY, and (3) (GEMM #C) CONTRA GEMM JUNA MINING CORP RESTRICTED. There were rumors of naked short selling and I was advised to get the certificates for each of these. In the Fall of 2005 I informed XXXXXXXX of that. After getting no response, I sent an e-mail on Dec 2 that I must have the paper certificates for CMKM by 31 Dec '05 in order to qualify for some settlement. It was 10 Mar '06 before I received them. After prodding more I received the U.S. Canadian Minerals, Inc. paper certificates, well over a year after the request. I called the main office last month complaining again. It has been two weeks and all I have is a case reference # XXXX XXXX. I called them today and they assure me they are still investigating.
Another problem, I'm almost too embarrassed to mention, when I met with XXXX XXXX in October 2006, I mentioned that I'd like to convert my IRA to a ROTH IRA in 2006 (that would increase my taxes but it is not enough to increase my tax rate.) I signed the papers (like a dummy) and left. Toward the end of December '06, I realized I haven't heard from him yet and left messages for him to call me. No response. March 3 2007, received a letter that AMERIPRISE has processed a full ROTH IRA. I called the main office again and asked if it could be made to be effective in 2006 (I've decided to go back to work shortly but can't afford to go up to the next tax bracket.) I called back again yesterday and they are still checking. Case reference # XXXX XXXX.
Can you get me out of this trap? Are they obligated to give me the other 2 paper certificates? If the IRA to ROTH can't be dated in 2006, will I be penilazed by converting the ROTH back to a standard IRA?
Any help you can offer would be greatly appreciated.
Respectfully,
XXXXXX XXXXXXXX
XXXXX Rd.
XXXXX, NC XXXXX
XXXXXXX@earthlink.net
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Catdaddy,
I sent this last Fri or Sat to SEC. Found this in my inbox today after receiving a call from Ameriprise at +/- Noon. They are much more friendly than when my finicial advisor called last year.
What are your thoughts as to which direction I should go?
XXXX
-----Forwarded Message-----
From: "U.S. Securities and Exchange Commission" XXXXX@sec.gov>
Sent: Mar 22, 2007 8:15 AM
To: "XXXXXXXX XXXXXX" <XXXXXXXX@earthlink.net>
Subject: SEC Response - File XXXXXXXX
Dear Mr. XXXXXXX:
I am confirming that we received your complaint concerning CMKM Diamonds and Ameriprise. We take investor complaints very seriously and try, whenever possible, to provide some form of assistance.
Please note that CMKM Diamonds was the subject of SEC enforcement action, which includes but is not limted to a trading suspension. You may want to review the releases posted on our website about the company. Click on the Search link in the upper right corner on our homepage and type in "CMKM" in the Search SEC Documents box.
With respect to other issues you raised, we have sent your complaint to the firm’s compliance department and asked them to respond directly to you. We also asked the firm to send us a copy of their letter to you. Please understand that this process may take four to eight weeks.
Our efforts to facilitate informal resolutions of complaints often succeed. But, in some cases, it remains unclear whether any wrongdoing occurred, or the dispute boils down to one person’s word against another’s. If that happens, we cannot act as your personal representative or attorney, and you will then have to decide whether you want to pursue legal action on your own. The following portion of this email outlines the steps you may wish to take if you choose that option, and includes information on arbitration, mediation, and sources of potential legal assistance. Please read this information carefully. It describes your rights and important deadlines.
Please do not hesitate to contact me if you have any questions.
Sincerely,
XXXXXXX X XXXXXX
U.S. Securities and Exchange Commission
(202) 551-XXX3
Catdaddy
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I need help with this rat trap I've found myself in.
I started an IRA years ago with XXX XXXX representing a company called IDS. They were bought out by American Express in the early '90s. In August 1999 I retired from the DOD and pulled out my Thrift Savings Plan money and invested it with John Hanthingy (which clearly irritated XXXX XXXXXX). I'm not sure of the exact dates but, shortly thereafter I was ignored any time I needed assistance until calling the "main office" who actually bought some stock for me and assigned another "financial advisor". I never could reach this person and was eventually assigned another. By the time I could locate her, she had "moved on" to Richmond, Va, and I'm on hold again. This was during the summer of 2004 and was a critical time because I had been losing money for several years and couldn't reach anyone. Finally, I drove from my home in NC (100mi) to Norfolk Va and confronted XXX XXXXX. That day I was assigned XXXX XXXXX as an advisor, I found that my records were in a plan different than I remembered, and I had been paying for services involving buying, selling, and transfer of stock that I wasn't aware. I was just happy to have someone cut those unnecessary charges. To add to the confusion, American Express was bought out by Ameriprise.
Now, before you jump to conclusions, that's just the background.
While talking to the main office (2004) I bought shares of CMKM DIAMONDS. I'm not sure exactly how it came about but, in their growth process, I ended up with additional stock in (1) U.S. Canadian Minerals, Inc., (2) (CMKX #C) CASAVANT INTERNATIONAL MINING PRIVATE COMPANY, and (3) (GEMM #C) CONTRA GEMM JUNA MINING CORP RESTRICTED. There were rumors of naked short selling and I was advised to get the certificates for each of these. In the Fall of 2005 I informed XXXXXXXX of that. After getting no response, I sent an e-mail on Dec 2 that I must have the paper certificates for CMKM by 31 Dec '05 in order to qualify for some settlement. It was 10 Mar '06 before I received them. After prodding more I received the U.S. Canadian Minerals, Inc. paper certificates, well over a year after the request. I called the main office last month complaining again. It has been two weeks and all I have is a case reference # XXXX XXXX. I called them today and they assure me they are still investigating.
Another problem, I'm almost too embarrassed to mention, when I met with XXXX XXXX in October 2006, I mentioned that I'd like to convert my IRA to a ROTH IRA in 2006 (that would increase my taxes but it is not enough to increase my tax rate.) I signed the papers (like a dummy) and left. Toward the end of December '06, I realized I haven't heard from him yet and left messages for him to call me. No response. March 3 2007, received a letter that AMERIPRISE has processed a full ROTH IRA. I called the main office again and asked if it could be made to be effective in 2006 (I've decided to go back to work shortly but can't afford to go up to the next tax bracket.) I called back again yesterday and they are still checking. Case reference # XXXX XXXX.
Can you get me out of this trap? Are they obligated to give me the other 2 paper certificates? If the IRA to ROTH can't be dated in 2006, will I be penilazed by converting the ROTH back to a standard IRA?
Any help you can offer would be greatly appreciated.
Respectfully,
XXXXXX XXXXXXXX
XXXXX Rd.
XXXXX, NC XXXXX
XXXXXXX@earthlink.net
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Catdaddy,
I sent this last Fri or Sat to SEC. Found this in my inbox today after receiving a call from Ameriprise at +/- Noon. They are much more friendly than when my finicial advisor called last year.
What are your thoughts as to which direction I should go?
XXXX
-----Forwarded Message-----
From: "U.S. Securities and Exchange Commission" XXXXX@sec.gov>
Sent: Mar 22, 2007 8:15 AM
To: "XXXXXXXX XXXXXX" <XXXXXXXX@earthlink.net>
Subject: SEC Response - File XXXXXXXX
Dear Mr. XXXXXXX:
I am confirming that we received your complaint concerning CMKM Diamonds and Ameriprise. We take investor complaints very seriously and try, whenever possible, to provide some form of assistance.
Please note that CMKM Diamonds was the subject of SEC enforcement action, which includes but is not limted to a trading suspension. You may want to review the releases posted on our website about the company. Click on the Search link in the upper right corner on our homepage and type in "CMKM" in the Search SEC Documents box.
With respect to other issues you raised, we have sent your complaint to the firm’s compliance department and asked them to respond directly to you. We also asked the firm to send us a copy of their letter to you. Please understand that this process may take four to eight weeks.
Our efforts to facilitate informal resolutions of complaints often succeed. But, in some cases, it remains unclear whether any wrongdoing occurred, or the dispute boils down to one person’s word against another’s. If that happens, we cannot act as your personal representative or attorney, and you will then have to decide whether you want to pursue legal action on your own. The following portion of this email outlines the steps you may wish to take if you choose that option, and includes information on arbitration, mediation, and sources of potential legal assistance. Please read this information carefully. It describes your rights and important deadlines.
Please do not hesitate to contact me if you have any questions.
Sincerely,
XXXXXXX X XXXXXX
U.S. Securities and Exchange Commission
(202) 551-XXX3
