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I was sucked in by a financial advisor to transfer my 401k from another bank to Chase, in a matter of 2 weeks my $137K turn into $131K and going down the word he used %3.5 DISCOUNT instead %3.5 FRONT LOAD Please HELP.

Is there any legal avenue to take my money back, I spent three hours to clean a neighbor's garage and she gave me $50.00 and I appreciate her help. It took me 30 years to save that money and now my blood pressure gone up from 150 to over 200+, I am out of work and no health insurance, and can't sleep due to such misrepresentation.

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Anonymous
#194641

At the beginning of Jan 2010 I was told that for me to take monthly money out of a 401k I would have to transfer it to an IRA, so I did.After 9 months and two or three calls to my rep, which were never returned (ignored), I decided to move my money to a different account.

The new account sent a letter to Chase asking for the money to be transfered,but after four weeks nothing happened. So I called my account rep again, and as usual, no answer or no return call. After talking to four other people at Chase, my Congressman, and the local Securities and Exchange commission I got a return call from a "Senior" account vice president from Chase, he told me that the account had to be liquidated and it was not. My new company had not sent the proper request.

I told him verbally to liquidate the account, and my new company will send a new request.We'll see what happens, wish me luck.

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