Report: #578962

Complaint Review: AIG Valic

  • Submitted: Sat, March 06, 2010
  • Updated: Mon, January 17, 2011
  • Reported By: Thelma — Columbiana Alabama USA
  • AIG Valic
    29035 SW 144th Avenue
    Homestead, Florida
    United States of America

Show customers why they should trust your business over your competitors...

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.
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This report was posted on Ripoff Report on 03/06/2010 01:47 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment


AUTHOR: Karl - (USA)

is available at this site!

*Just type in 683114 and it appears as 'Consumer Comment #2' at Ripoff Report #683114.

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#2 Consumer Comment


AUTHOR: Karl - (USA)

is available at this site!

*Just type in 502469 and it appears as 'Consumer Comment #26' at Ripoff Report #502469.

Thank You


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#3 Consumer Comment

It's to easy to make a report

AUTHOR: Ray - (U.S.A.)

I read your complaint and I feel it is just to easy for anyone to make a bare faced lieseem like the truth. Your assertion that this company stole money from you is simply ridiculious. You are talking about a multi-billion dollar company in one of the highest regulated industries in the world.

This company has thousands of employees, so which one exactly stole your money? and who exactly falsified IRS documents. By the way, how much of your money did the crooked employees get to keep?

And if they did steal your money, why not file a complaint with the insurance commission, the IRS, FINRA, Securities & exchange commission--or any one of a number of regulating agencies--instead of making a ripoff report on this website?

So let me get this straight, you had $10,000 in your retirement account. You borrowed $7,000,and your friend paid your $7,000loan off for you. Thenbeing on further financial hadrship, you went back and borrowed $3,000 at a later date--and when you asked about the $7,000 remaining balance, the company told you your balance was zero?

You also believe they falsefied IRS documents because you did not get a 1099 for the amount of your loan.

Here's the problem I have with your story;

a) I have borrowed against my retirement account and so has my wife. When you make a loan you are actually borrowing from the company holding your money (in this particular case AIG/VALIC)and using that portion of your account balance as colleteral. In otherwords, the money never leaves your retirement account. The only was any money leaves your account is if you default on the loan, and they generally give you up to 5 years to pay it back.

b) A 1099 is issued for INCOME that you earnednot a loan, since a LOAN is not actually income. In fact, if they had issued you a 1099 in this case, it would mean that you defaulted on your loan, and if you were under 59 1/2 in addition to state and federal tax on the amount you would also have a 10% penalty from the IRS as well.

I don't have a dog in this fight. I specialize in tax law and financial planning and it bugs he crap our of me when liars like you tell half truths and try to lead others to believe everyones crooked and out to rip them off. This site has a good purpose and intent, because there are bad companies and people out there--and sites like thie can be helpful in identifying and exposing them. So, fools like you should have their typing fingers broken and not allowed to speak!

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#4 Consumer Comment

*Anyone can 'Google' this- FIVE FORMER INSURANCE EXECUTIVES FOUND GUILTY OF FRAUD, and read the related articles on the web. I believe that AIG was named in....

AUTHOR: Karl - (USA)

one of the articles, right?

AIG received about $180 BILLION in TAXPAYER'S money from the TARP, correct?


P.S. Anyone can read "PONZI POEM" by simply 'Googling' this- BROCK O'BOMB-A POEM, and that should take you to where it is posted.

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