Mistake, Fraud or ?

Asked about 2 years ago - Henderson, NV

DO NOT DEAL WITH MORGAN STANLEY. It took me OVER 7 months to cash out an old 401k, they refused to change my name or address or tell me how much was in the account until I involved the Department of Labor. Here is my problem, when I finally got the statements the disbursement was minus $3,000, because of a fictitious loan I took out in April of 2009, now here is where it gets more interesting, the funds were added to my account under “Other” Contributions in March of 2009. I just received both statement, Morgan Stanley claims only the account administrator can do that and the administrator says he never did that. So I guess my question is, how do I find out why/hhow that happened, who is responsible, will I have to pay taxes on that money? Is this some kind of fraud?

Attorney answers (3)

  1. Howard Robert Roitman

    Pro

    Contributor Level 17

    Answered . It sounds like they may have violated some FINRA rules. If they have and it cost you some money you may be able to get it back.

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  2. Pamela Koslyn

    Contributor Level 20

    1

    Lawyer agrees

    Answered . I don't think this is a legal question, it's more of a customer relations issue. If you had a broker at Morgan Stanley, contact them. If not, contact their customer service department and get your questions answered.

    Before contacting them, review the agreements you signed when you opened your account. Those are your contracts and they spell out the parties rights and remedies. Once you're familiar with your rights, contact them. When dealing with them, take good notes, or tape the calls, like they do, and make sure to keep track of the full name, title and direct phone number of everyone you speak with. Ask for copies of all documents that relate to your questions so you can see for yourself who did what and when.

    Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to... more
  3. Robert V Cornish Jr.

    Contributor Level 16

    Answered . if money was going in and out of your account, it sounds like your administrator may have screwed something up (loan, address, etc) and told MS to wait while the matter was rectified. I don't think the delay is on the shoulders of MS either, as the administrator would necessarily have to honor instructions coming from your brokerage firm. You need to make a demand on the administrator for your losses, which for something like this may be covered under a bond. The wire instrcutions for the $3,000 should tell you want you need to know.

    The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client... more

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