Skip to main content

Mistake, Fraud or ?

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?

+ Read More

Attorney answers 3

Posted

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 any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.

Asker

Posted

I did contact them, I have not contracts for this account, it was open in and went dormant in 1998. So it is NOT a legal issue if someone is using my account to move money around or removing money from my account without my knowledge. I am really surprised.

Pamela Koslyn

Pamela Koslyn

Posted

If you can't handle it yourself and you need to hire a lawyer then it's a de facto legal issue. A lot of people hire lawyers when they don't have to, because they're not as capable as a lawyer or they just prefer to have a lawyer handle it.

Asker

Posted

Thank your for your response, lawyers are for those who can pay for them, I am not in that position so not only do I not have an answer to my question but I may never see my money.

Pamela Koslyn

Pamela Koslyn

Posted

Your contact apparently hasn't been effective. That tells me you need a lawyer. I'm sorry if you can't afford one, but I don't think it would cost you that much to hire someone to look into this. If enough money's at stake, spend some. Your contract may also have an attorneys' fee clause so you can hold THEM responsible for them.

Posted

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.

The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Howard Roitman, Esq. and the user or browser. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Posted

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 relationship.

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer