MADOFF ROTH IRA SIPC AND TRUTEE DUTIES
IN 1998 I ROLLED A SEP IRA INTO A ROTH IRA. THE SAME TRUSTEE PERFORMED THE DISTRIBUTION, ESTABLISHED THE ROTH IRA, AND ROLLED THE SECURITIES INTO THE NEW ACCOUNT. THESE WERE SELF- DIRECTED ACCOUNTS INVESTED BY MADOFF”S BROKERAGE. ALL SECURITIES WERE TO BE REREGISTERED IN THE NAME OF THE NEW ROTH IRA AND DEPOSITED THERE IN. WHOSE DUTY WAS IT TO VALUE THOSE SECURITIES AND SUPERVISE THE DISTRIBUTION,REREGISTRATION, AND FUNDING INTO THE NEW ACCOUNT AT BMIS? DO THE SIPC OR THE SIPC DESIGNATED TRUSTEE HAVE THE RIGHT TO RELIEVE THE IRA TRUSTEE OF ANY ADMINISTRATIVE RESPONSIBILITY TO ME, SUCH AS FILING AN SIPC CLAIM FOR THE ACCOUNT? THE TRUSTEE HAS REFUSED TO FILE THE CLAIM. THEY HAVE THE RECORDS. WHAT IF ANY IS MY RECOURSE? THE SIPC AND TRUSTEES ALL SAY I AM THE PROPER PERSON TO FILE THE CLAIM. I HAVE PERSONALLY, ADDRESS INCLUDE, BEEN IDENTIFIED TO THE COURT IN A PUBLIC DOCUMENT AS MADOFF CUSTOMER AND THUS POTENTIAL CREDITOR IN THIS CASE. ALL I DID WAS OPEN AN IRA. ANY SUGGESTIONS? ANY INFORMATION ABOUT RETIREMENT ACCOUNTS INC. OR FISERV?
Permalink Submitted by Anonymous (not verified) on Tue, 2009-02-24 00:10
I am trying to understand what the actual route of the money/stocks whatever was as you invested in BM…
Did you have an IRA, pre-existing, and arrange for a rollover to Bernie?
As you know, the entity that “holds” the IRA (in whatever form) is the entity that fills out the rollover paper….was that entity FISERV or First Trust to begin with? I may be able to help…but I need more info.
Can you spell it out more clearly?
Permalink Submitted by PETER MOSKOWITZ on Tue, 2009-02-24 12:00
IT WAS A ROLLOVER OF AN IRA INVESTED WITH MADOFF INTO A ROTH IRA INVESTED WITH MADOFF. RETIREMENT ACCOUNT INC WAS THE ORIGINAL TRUSTEE FOR BOTH ACCOUNTS. THERE WAS A TAXABLE DISTRIBUTION OF SECURITIES TAKEN FROM THE FIRST ACCOUNT AND PLACED INTO THE SECOND. A 1099 R WAS ISSUED. THE STOCKS WERE TO HAVE BEEN REREGISTERED AND TRANSFERRED TO THE NEW ACCOUNT. FISERV TOOK OVER RETIREMENT ACCOUNTS INC. LATER.