Custodian’s Responsibility
Was invested with Madoff with IRA’s. There is a custodian company who oversaw custody of these IRA’s. What was their responsibility for my protection, to ensure that the securities were indeed in my account. Are there laws governing a custodian’s responsibilities covering the safety of IRA holder’s accounts.
Permalink Submitted by Jose Morales on Thu, 2009-01-08 22:50
As an IRA Custodian their duty was to accurately report all activity within the IRA plan. Being an IRA Custodian does not automatically come with any fiduciary responsibility, although it also does not prohibit one from having fiduciary responsibility.