My Master Elite IRA Adviser transferred the contents of a simple IRA by mistake into a non-qualified individual account. I have a large tax bill ($16K including penalties and lost deductions because of increased income). The paperwork clearly directs deposit in a new IRA account.
Family Law Attorney
Obviously, for you to already have a tax bill, this occurred some time ago. When did this occur? Basically, if the bank failed to properly perform its duties, they are 100% liable for the mistake, including any losses you've incurred as a result. Contact the bank immediately and get them on this. Also, FYI, I have no idea what a "master elite IRA advisor" is - that's a made-up title from some people selling training courses as near as I can tell.
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The entity that has handled your financial affairs appears to have failed to follow your written instructions.
You should make written demand on this entity, to correct the problem, and to return your funds to a proper tax qualified IRA, as you requested, and to restore any financial loss to you.
It is likely there is errors and omissions insurance, or similar insurance coverage for you, if there is a mistake such as this by a registered dealer.
It is important to place this firm on notice of the problem.
You should confer with an experienced financial transaction attorney, or litigation attorney to further review the facts.
When I have had clients in this situation, it has been resolved without litigation, provided the problem is promptly brought before a decision maker in their firm.
General legal advice is offered for educational purposes only. A consultation with a qualified attorney is required to determine specific legal advice as to your situation and applicable law. We are a debt relief agency and we help people file for relief under the bankruptcy laws.