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Report: #1497051

Complaint Review: JD Melberg & Matt Golab - Elk Grove CA

  • Submitted:
  • Updated:
  • Reported By: Robert — YREKA CA United States
  • JD Melberg & Matt Golab 9381 E STOCKTON BLVD SUITE #218 Elk Grove, CA United States

JD Melberg & Matt Golab JD Melberg Financial Matt Golab Retirement Wealth Advisors Golab Wealth Advisors Misrepresented Annuity Life Income and guaranteed Income Elk Grove CA

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Matt Golab represented himself as an advisor connected to JD Melberg as I was searching for a financial planner prior to retirement from AT&T.  He was listed on AT&T bulletin boards in the building I worked at as a retirment/financial planner. 

I met with him several times at the AT&T building I worked at.  I chose him because he promised me no risk guaranteed income for the rest of my life and my spouse's life!  These deferred annuities I was put into were presented along with video's from JD Melberg.   

I put $512,000.00 into 2 annuites one with Security Life Benefit and another with National Western Life.  The plan was to defer any income for 6 years at which time he I would start collecting risk free and guaranteed an income of $33,000 per year.  I was also guaranteed if the market performed well this would increase yearly, and once it increased it could not go back down in value. 

So 6 years later, with the market having performed well, I contacted Matt and now he told me my value was $3550 per month or $42,600 a year guaranteed for the rest of my life and my spouse. 

When my payments first started I did not question the money coming in as it was ($3500) paid quarterly as expected.  Then in several calls I was told he was changing things around to maximize my long term monthly income!  This meaning bucket or annuity 1, and bucket or annuity 2,  could be changed to increase my monthly income.

As soon as this happened things started to go wrong, I didn't receive money on time, and when I did it was fromboth annuities.  I called and he assured me it would all be explained.  I then asked for him to provide me documents showing my guarantees.  He stopped replying to my emails, text messages, and phone calls.  When I finally did hear from him, he explained his home life was a problem and he was quitting the business, but, he would call me back and give me what I requested. 

Now over a month and nothing.  I called JD Melberg and they promised a call back from someone, also nothing!  I contacted both Security Benefit and National Western Life and reported to them what was going on.  I requested Matt and JD Melberg be removed form my account and I have submitted paperwork to do so. 

I then questioned status (several phone calls to each) on what was going on with both Security Life Benefit and National Western Life.  Matt had started making systematic withdrawals from Security Benefit which compromised a 7% annual step up in my base benefit amount in the future.  He never told me any of this.  Then he stopped making the large initial systematic withdrawals and reduced that to a lower amount in order to get me the $3550 I was promised/guaranteed. 

Next he annuitized the NWL annuity and turned on that income which was supposed to provide me with the $3550 a month.  I have discovered that this NWL only pays me $8803 a quarter which is far less than the $10,650 per quarter I expected.  The difference was made up by taking systematic withdrawals from the Security Life Benefit annuity! 

Only my own calls and investigation has made me understand what he was doing!  As I said, when I first started collecting income he explained things in a way that was confusing but I didn't have any idea what was really going on.  HELP!  This was supposed to be a no risk guaranteed income.  In talking to Security Benefit it is clear I will receive far less from them when this Annuity is turned on, and the systematic withdrawals and consequences were never explained to me.  I consider this fraud as I did not authorize anything which would have compromised future annual increases or income in the future. 

There is more, and I could write a short story about everthing that has happened since I first signed on with Matt.  I had no reason for suspicion until last year when I followed his plan for me and turned on my income?  Thanks

This report was posted on Ripoff Report on 07/01/2020 08:24 AM and is a permanent record located here: https://www.ripoffreport.com/report/jd-melberg-matt-golab/elk-grove-ca-financial-wealth-1497051. 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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