- Report: #1714
Complaint Review: The New Englandc/o Stephen Chiumenti Esq - Boston Massachusetts
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Author Not Confirmed
Why?
The New Englandc/o Stephen Chiumenti Esq
501 Boylston St. Boston, 02116-3700 Massachusetts, U.S.A.
Phone:
716-578-2740
Web:
N/A
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Insurance Company's Muscle, Depleteing Small Businss Retirement Funds
My father and I own a small business. We've operated together for 27 years. We began a small profit sharing plan and have religously deposited. In 1995 we transfered approx. 1million to the New England. The program, as we later discovered, was sold to us by an UnLicensed Agent. To make matters worse, they failed to invest our money as requested for approx. 8 months. Todate they have refused to 1) return our money without penalty 2) refused to credit the substantiated shortfall, approx. 500K as of 12/31/98 and have chosen to ignore litigation. They have offered $90K to settle. For 5 year we have lost our flexibility to invest this money by their refusal, which is what attracted us to the plan. In these past 5 years we could have been rewarded hansomely. This is all I have. They have basically taken all revenues over the past 5 years. It has cost me in excess of 60k in legal and accounting fees. The PA insurance commission has ignored the case as "too complicated". I have no more money to fight them. If you look at the long term impact of our retirement it is staggering. I am sure I am not alone when it comes to these types of losses. ERISA basically allows the Companies to do what they want. Litigation is very very difficult.
