Complaint Review: FIDELITY INVESTMENTS - BOSTON Massachusetts
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- Author Confirmed
- FIDELITY INVESTMENTS BOSTON, Massachusetts U.S.A.
- Phone: 800-544-4442
- Web:
- Category: Brokerage Companies
FIDELITY INVESTMENTS Ripoff MOVING YOUR MONEY TO FIDELITY MAY NOT BE A SMART MOVE !! BOSTON Massachusetts
*Consumer Comment: Nature of the Beast
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I have a brokerage account at Fidelity Investments and they advertise that it is a "Smart Move" to move your money to Fidelity", however, they sold me various securities out of their fixed income inventory that went into bankruptcy. For instance, I bought a $15,000.00 Conseco Financing Trust II bond from them and a year later it went into bankruptcy and after the court proceedings I received around $13.00. That's quite a loss !! $ 14,986.00.
So it does not appear to be a smart move !!. I complained to them and their reply was "do you need help
from one of our licensed Financial Planners ?". I guess they have a license in acting stupid !!.
So,I guess one needs to read between the lines and when Fidelity says "Smart Move" they really mean "Bad Move"
"Junk Bond Dealer R Us".
Gary m.
SAN PEDRO, California
U.S.A.
This report was posted on Ripoff Report on 05/09/2007 07:55 PM and is a permanent record located here: https://www.ripoffreport.com/reports/fidelity-investments/boston-massachusetts/fidelity-investments-ripoff-moving-your-money-to-fidelity-may-not-be-a-smart-move-bosto-247983. 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
Nature of the Beast
AUTHOR: Braydo5 - (U.S.A.)
SUBMITTED: Wednesday, August 01, 2007
Sir,
While it is regrettable for your losses, it is not the brokerage firms fault that you have lost money. Fidelity is not a full service brokerage firm like a Smith Barney or Charles Schwab. Fidelity does offer guidance to you, however at the end of the day it your duty and obligation to do your own research on the securities you purchase. I have been a long time Fidelity investor and reading your garbage insults not only myself but all of those who are reading it. Even if you went to a Smith Barney and allowed one of their advisors control your account you would still have no legal grounds for a lawsuit in losing money, you are investing in the stock market, and losing money is the nature of the beast sir.
-Long Time Fidelity Investor
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