Scam Alert: Warning: 401(K) Predators Are Hunting Down Vulnerable Retirees (scams)
Warning: 401(K) Predators Are Hunting Down Vulnerable Retirees
June 24, 2014
By Floyd Brown, Wall Street Daily
Brokers have been able to successfully transfer money – from their clients, the government and many top companies – directly into their own pockets.
But their latest scheme could be the worst.
Now they’re targeting retirement accounts!
Is Your Retirement Safe?
Essentially, brokers are approaching retiring workers at major firms and convincing these unsuspecting people to roll their corporate 401(K) plans into speculative deals – with high fees and little chance of success.
According to an investigation by Bloomberg, unscrupulous brokers have targeted as much as $300 billion in retirement funds.
One of the firms leading the charge is Royal Alliance Associates, which is owned by AIG insurance. It targeted AT&T (T) employees who were on their way out, and the results were awful.
Maria Lew, a former AT&T employee, was convinced to roll over her 401(K) account to products suggested by Royal. And her account balance plummeted from nearly $400,000 to just over $100,000.
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- Scam Alert: Warning: 401(K) Predators Are Hunting Down Vulnerable Retirees - bibleprobe, 06.24.2014 (scams)