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Do I have a lawsuit concerning lack of advice from my financial advisor for a withdrawl and admitted forgery from my IRA account

Charlotte, NC |

I took early retirement in 2007 to assist sick husband in his business. Was advised by my financial advisor & his in-training assistant to invest my 401K into a Lincoln IRA; did so w/ being told I could withdraw funds if necessary. Approx 14 months later, I requested to withdraw $15000 for medical/financial hardship. Was never advised by FA, nor FA asst that I was withdrawing more than plan allowed. Had a meeting w/ FA asst, told me she had forged FA's signature, was at fault for not knowing Lincoln's policies, not informing myself of my monietary loss. Also told me my loss was $60833.29, not including taxes to IRS which I was fully aware.
Do I have a lawsuit against the company I retired from, invested my 401K, lost money w/ no heads up & an admitted forgery?

Attorney Answers 1


  1. You may possibly have a claim against your FA and his or her company. Particularly interesting is the fact of an admitted forgery and their failure to properly inform you what you could and could not relating to withdrawals. I am not sure what claim you'd have against the company you retired from. In general these types of claims are in arbitration. I am a FL lawyer only and I am not licenses to practice in NC courts.