• Report: #901644

Complaint Review: Diversified Investment Advisors, LLC

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  • Submitted: Fri, June 22, 2012
  • Updated: Fri, June 22, 2012

  • Reported By: Dumb Union Member — Newark New Jersey United States of America
Diversified Investment Advisors, LLC
4333 Edgewood Rd. NE Cedar Rapids, Iowa United States of America

Diversified Investment Advisors, LLC Diversified Investment Advisors, Inc. Diversified Investment Advisors conspires with International Brotherhood of Teamsters to deplete pensioners retirement funds Cedar Rapids, Iowa

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Diversified Investment Advisors  managed my pension, and charged  absurd   fees over the past decade, consuming 38% of my  retirement fund.  The money has only been in  in Diverisifed's short term low risk money market fund.  Instead of earning interest, it only pays fees to Diversified. 

 Now Diverisifed has conspired with the International Brotherhood of Teamsters and the Painters Union, and has doubled their "investment advisor" and "investment management" charges without my consent, and are absconding with 10% of my funds for  fees, every year. Taking 11% per year for keeping my funds in a money market fund is a violation of Diversified's   fiduciary responsibitlity. [continued below]....

.....  This level of fees is a criminal conversion of my pension fund into the owners' of Diversified's pockets.  Whose pension fund is it, anyway, mine or Diversifed's?


 They take advantage of me because the union pension fund allowed excessive fees, in exchange for  kickbacks to the  the Painters union, part of the International Brotherhood of Teamsters. This abuse of union pension funds should be investigated by the Justice Department, Dept. of Labor, for fraud violation of ERISA.


This report was posted on Ripoff Report on 06/22/2012 11:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Diversified-Investment-Advisors-LLC/Cedar-Rapids-Iowa-/Diversified-Investment-Advisors-LLC-Diversified-Investment-Advisors-Inc-Diversified-In-901644. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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