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Report: #180759

Complaint Review: Wells Fargo Investments - Beverly Hills California

  • Submitted:
  • Updated:
  • Reported By: Santa Monica California
  • Author Confirmed What's this?
  • Why?
  • Wells Fargo Investments 433 No. Camden Drive, 12th Floor Beverly Hills, California U.S.A.
  • Phone: 800-869-3557
  • Web:
  • Category: Banks

Wells Fargo Investments - David Borenstein - Dean Alisio ripoff Beverly Hills California

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I thought Wells Fargo investments were connected to Wells Fargo Bank, but they are not. David Borenstein took my entire IRA out of my bank account and bought a fund nobody ever heard of 14 days later. Apparently he never heard of divesifying.

He never contacted me about this sale, never gave me any kind of written data on this fund (Lifepath 20/20)and the fund was losing $1000 a month. Frantic, I called him and said to get me out of this loser fund. He said it would cost me over $1700 to do that.

I called his superiors but to no avail. I worked for weeks filling out forms to the NASD reporting this injustice. The NASD has offices in Los Angeles and New York. When asked where I wanted my case to be heard, I said L.A. because I live there. At the last minute, my case was transferred to New York.

Wells Fargo Investments hired a law firm to represent them. I could not find legal representation because attorneys I spoke to said there wasn't enough money in it for them. In hindsight, I should have taken the case to small claims court but felt I had such a strong case, and would be awarded the monies they lost plus a few thousand for the paralegal who helped me with all the paperwork.

An arbitrator in New York decided I should receive nothing, not one red cent and David Borenstein (the dishonest "salesman"),and Wells Fargo Invesments got off scott free.

Several years later, I was able to pull my money out of this fund and when a secretary at Wells Fargo Investments asked where I wanted the money deposited, I was so unsure of investments that I told her to deposit it in a savings account in the bank downstairs.

A few months later I received a letter from the IRS who wanted a payment of $10,000 because I did not roll over my IRA within 60 days. No one told me I had to do this, and when I went to see Dean Alisio at Wells Fargo Investments to find out why I wasn't informed of this 60 day rollover law, he silently sat there. I told him a secretary named Lydia had called me and never said a word about rolling it over. He said she was qualified to make a deposit for me, well if she is a qualified employee why didn't she warn me before the IRS got involved?

People, don't go near Wells Fargo Investments. They are the worst kind of crooks as far as I'm concerned because they take advantage of senior citizens .Lifepath 20/20) was a long term investment fund and I was 68 years of age with only my social security to live on and what was left of my IRA. I'm still waiting to hear from the IRS.

Santa Monica, California

This report was posted on Ripoff Report on 03/12/2006 05:27 PM 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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