Back in 2007, I requested with my IRA funds be taken out of higher risk funds and be allocated into a basic, interest gaining, CD account (this decision was made due to my own analysis of the markets). Interestingly, the advisor resisted, giving arguments a long the lines of "you won't keep up with inflation, etc." I had to insist that this was my money and requested that my orders be carried out. It turns out that this advisor did not do as I told him/her and kept a bulk of the money in the riskier funds. This was not a misunderstanding of any kind, as I made it very clear what I wanted after he/she resisted. Aside from going the legal route what other measures can be taken to make sure that this criminal loses his/her job and stops destroying people's lives? What organization can one file a complaint with? SEC? Fraud agency? Please help.
Did you not look at your statements? You sound like one of those cockroaches that come out every bear market.
I think there is nothing to do after the facts (no proof probably). Before the facts you eitheir get the money out and invest it yourself or you threaten him to get your money out if he dosen't obey your orders. I've been in such a situation and he did "convince" me. Your going to miss the ride and shit bla bla bla. Got the money straight out a couple months after. Dont remember at a gain or a loss.
Any arbitrator is going to say that you bear a significant responsibility. You should have checked to make sure your instructions were followed. And you got statements over the last year, so you knew that it wasn't done and could have taken action to limit losses. I doubt you have a leg to stand on.
My thoughts as well... how could you not keep tabs on your investments, assuming this is a sum of money that is important to you?
Get over it, you took the risk and lost. If the DOW was 20k right now you would be gleaming. We all have to take responsibility for our actions and you could have demanded a withdrawal that day. Face it, you f^$*ed up.
Check here to see if your specific broker has any violations. You can find your broker background check here: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm ... make sure you go through the entire PDF file. If your broker has violations, you may have a stronger case. Might want to try management at AIG and seek a new broker and a settlement. If that doesn't work, you can file a complaint with FINRA. After resolution, i would then switch to Vanguard - they are a non-profit investor owned operation. They can transfer your assets from AIG for you. And provide full service. my 2 cents.