ED Magedson – Founder
Diversified Investment Advisors, LLC4333 Edgewood Rd. NE Cedar Rapids, Iowa United States of America
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]....
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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