- Report: #60978
Report - Rebuttal - Arbitrate
Complaint Review: Vanguard
Vanguard100 Vanguard Boulevard Malvern And Valley Forge, Pennsylvania U.S.A.
The Vanguard Group Inc Pennsylvania USA
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If you think your investments with Vanguard are safe, think again. I am a widow who has suffered severe financial harm by Vanguard, the Trustee of my late husband's and my statutorily protected IRA.
Vanguard failed to protect our IRA from fraud; enabled the fraud by participating with a stranger in fraudulent activities concerning our IRA; unlawfully refused to pay us our IRA assets; held our IRA hostage for years and even refused to pay my husband his IRA funds when he became disabled with terminal cancer and needed his savings for survival.
By September 2000 Vanguard defrauded us of $92,000.00 by self-dealing in our IRA, paid the balance to the stranger, and caused the loss of our IRA valued at over $125,000.00.
I have been fighting this battle for years with no end in sight. It is a nightmare scenario of how the nation's largest no-load mutual fund company and a trusted fund manager could ignore its own most elemental principles, breach its written agreements, violate Pennsylvania and federal laws, and fraudulently drain every dollar from a dying husband's securities retirement account.
Vanguard has refused to make restitution of the funds fraudulently gained. It must be noted that the same stranger tried to defraud me of my T. Rowe Price IRA, but unlike Vanguard, T. Rowe Price protected my savings. My claims are all supported by documentary evidence.
Vanguard's own correspondence proves that Vanguard unlawfully administered our IRA in violation of its fiduciary obligations, and that Vanguard's top executives knew their actions were prohibited by federal and Pennsylvania laws, and Vanguard's IRA Agreement. The documentary evidence also proves Vanguard's deceit in an effort to cover-up its illegal conduct, to avoid negative publicity, and to evade federal and Pennsylvania laws.
Cases involving some of Vanguard's other clients show my complaint is not unique. For example, See Donald R. Buse v. The Vanguard Group Inc., et. al, Action 91-3560 (E.D. Pa.) In Buse's case, the Honorable Judge Ditter stated: This suit involves a breach of trust resulting from Vanguard's . . . violation of its fiduciary duties as trustee of Plaintiff's pension trust. . .The verdict rendered by the jury in the amount of $832,696.22 (consisting of $341,893.65 lost by the trust account because of Vanguard's breach and the appreciation that amount would have earned had there been no breach of $490,802.57) . . . Plaintiff was awarded interest on $1,013,448.00 . . . from the date of the jury's verdict until the date Vanguard makes restitution.
In a July 2, 1996 Order, Judge Ditter declared: Simply stated, a trustee does not act in good faith when it follows a fraudulent instruction that requires it to violate both its own trust agreement and the law.
In his March 31, 1994 Order, Judge Ditter also disclosed Vanguard's bad faith attempts to prevent Buse's case from being determined on the merits in any court. For over six years, Buse was forced to spend over $200,000.00 in legal fees, and bring suits in two states in order to recover his retirement funds from Vanguard.
Vanguard have engaged in the same unethical legal tactics with me. It is outrageous that Vanguard is engaging in this type of manipulative and unlawful conduct. I have recently discovered several other case regarding Vanguard's unlawful conduct. This gargantuan company can do the same to you. I urge you to do your part to spread the word, boycott Vanguard and protect your assets. They are not who they pretend to be.
This report was posted on Ripoff Report on 06/17/2003 06:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Vanguard/Malvern-And-Valley-Forge-Pennsylvania-19482/The-Vanguard-Group-Inc-Pennsylvania-USA-60978. 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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