First let me say that, Lawrence Mancini, was my account executive at Dade County Public Schools on behalf of Valic. Mancini was a wonderful manager.
It was AIG Valic who stole more than seven thousand dollars of my retirment money. This is how the scam took place. In the year 2006 the ten thousand dollars I borrowed to cover housing expenses from my retirement account was repaid to the company on my behalf by a friend who remains anonymous.
Valic never sent a notice to me advising me that my loan with them had been paid in full. In stead they said nonthing.
I received a statement from the company after updating my address and I read that I had no balance. I called them and made another loan for three thousand dollars as I was in financial need. When i inquired about the remaining seven thousand dollars, suddenly it was not there.
Valic is required by law to submit a 1099R to IRS. They submitted a false document to the IRS. Not once but twice. One in 2007 another in 2008.
They said that they made a seven thousand dollar loan to me. They owe me seven thousand dollars. They never made a seven thousand dollar loan to me. To cover up what they did, they denied making a three thousand dollar loan to me by sending the IRS a falsified 1099R.
I still have copies of the Loan Payment receipts from the three thousand dollar loan they made to me and the deposit information for the 3,000 dollar check they sent to me
. I also have copies of the ten thousand dollars and seventy-three cent check they sent to me in 2007.
What is the purpose of this deceit? Quite simply, they want a charge off and money back from iRS by runnining a scam and yes, not giving me back the money they stole from me.
This is the caliber of Valic. Do not do business with them. They seek ways to steal the money you invest with them. Even though I made a ten thousand dollar loan from Valic in 2006 they reported to the IRS there was no withdrawal or event in 2006.
It is my ambition to have the brass put behind very strong bars. They embezle money from people who trust them. They should be put in a place that will insure they do not get to hurt people in this very feindish way again.