Complaint Review: Pensco Trust - San Francisco California
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- Author Confirmed
- Pensco Trust 560 Mission Street San Francisco, California United States of America
- Phone: 800-818-4472
- Web: www.pensco.com
- Category: Financial Services
Pensco Trust Pensco Trust Company scam re fees and client assets and distribution San Francisco, California
*UPDATE Employee: Formal Response - Claims and Statements Incorrect
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Pensco Trust Company is a RIP-OFF COMPANY. I made an investment ($20,000) with another company through Pensco Trust five years ago. The investment is still outstanding and has not made a profit yet; however, Pensco Trust has been charging me (without my knowledge) fees for having the investment through their company. I originally had at least $100,000 in Pensco and the money over to my company 401k, except for the investment I made through Pensco. Pensco is now stating that if I do not pay the back fees (of which I did not even know that I owed) that they report it to the IRS via a Form 1099 and I would be penalized having to pay back taxes and fees due on the value of the distribution. ! I believe they did this because I took my money out. I am right now in the process of looking for the right lawyer to handle this offensive and abusive treatment of my money. DO NOT USE PENSCO FOR ANYTHING!! THEY WILL PROBABLY SOON BE OUT OF BUSINESS BECAUSE THEY ALSO HAVE TERRIBLE CUSTOMER SERVICE.
This report was posted on Ripoff Report on 03/07/2012 06:52 PM and is a permanent record located here: https://www.ripoffreport.com/reports/pensco-trust/san-francisco-california-94105/pensco-trust-pensco-trust-company-scam-re-fees-and-client-assets-and-distribution-san-fra-850315. 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 UPDATE Employee
Formal Response - Claims and Statements Incorrect
AUTHOR: PENSCO Trust Co. - (USA)
SUBMITTED: Tuesday, March 13, 2012
PENSCO is a custodian of alternative assets, and as such holds the investments that clients present to us, but does not offer investment advise or make claims of return on investment. Fees are clearly stated on the website, provided at time of account opening, and listed for every client on quarterly and year end summary statements. Additional alerts are sent to clients at time of assessment, so there is clear transparency on all investments and fees when doing business with PENSCO. Relative to the filing of form 1099's at time of distribution, this is an IRS requirement as outlined in Publication 590. PENSCO has been the leader in self-directed IRA investing for 20+ years, and continues to have the highest possible client satisfaction rating with the Better Business Bureau (A+ rating). Investing in alternative assets is a proven strategy, but can be somewhat complex when compared to traditional investing, and as such should only be done by sophisticated investors or those with professional advisor assistance.
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