apparently Nationwide sold (rather than fowarding) the info to a company who contacted me and wants 33% to release the rest of the funds.. It's about 9,000 so they get 3,000 (about) I get 6,000. Can I report this or go around them and get the full amount of my deseased husband's stock holdings.
2007-05-25 02:23:56 · 12 answers · asked by 1sweetie 2 in Business & Finance ➔ Investing
I think you need to talk to a lawyer. It does sound very unfair and I hope that you can acquire all of the money, but I do think it is unlikely. Good luck with it.
2007-05-25 02:29:13 · answer #1 · answered by nonnie 2 · 1⤊ 0⤋
I am sorry for your loss.
The first thing you need to find out is if it is tax. If the moneys went into probate, the tax can be as high as 45%!!! If the shares did not go into the estate or probate, they can only charge 5% commission. This is the NASD / SEC legal limit on stocks. They would also be able to charge a “transfer” fee, if they had to use a transfer agent. This is generally a few pennies per share. I would find out what the fee is for, and then contact the SEC before a lawyer. The SEC or NASD would be able to call there compliance department and handle this matter in the matter of a few hours if they are doing something that is not correct.
The lawyer will charge you money, and by the time you are finished, you will have ended up paying more then the 3,000 to the lawyer.
Phone numbers
NASD- 1-301-590-6500
SEC – 202-551-6551
2007-05-25 03:59:20 · answer #2 · answered by eshie 3 · 0⤊ 0⤋
The basic problem we all have is we don't really know exactly what you're talking about, so we are only guessing what you need to do. You need to tell us if these stocks are in a brokerage account, IRA, 401k, or other account. What do you mean that "Nationwide sold the info rather than forwarding the info?" Do you mean that Nationwide transferred the assets to another company, or sold the assets to another company? Are they charging 33%, or withholding 33% for taxes? Without a clear explanation we can't figure out what you're talking about. Explain to us or go see a lawyer.
2007-05-25 06:35:57 · answer #3 · answered by BIll Q 6 · 0⤊ 0⤋
As restated several times before it may be a good idea to get a lawyer. It is very possible for that percentage to be taken, but find out why it is being taken out, perhaps it is going towards taxes? It is similiar to the lottery in that it looks good on paper; but guess what? Uncle Sam always wants his cut. Also, check and see whether your husband has any documents related to this. It could be a scam, don't give out any info and check first to see whether your husband even has any investments, and call the companies that he had the investment with. Don't let yourself get taken advantage of, scammers rely on situations such as these when people are there weakest. For the record, death certificates are usually made public, so anyone could have learned of his death, maybe found your address and sent you something. If you find this to not be the case then get a lawyer and get your money. Good luck to you!
2007-05-25 04:08:00 · answer #4 · answered by Ron 1 · 0⤊ 0⤋
I'd definitely check with a business attorney. However, if the stocks are tax sheltered, on disbursement, you will have to pay income tax, and possibly a fee to the company. This would be the same with an IRA stock also. Seems pretty expensive though.
Don't sign anything until you have consulted with an attorney though. Good luck and I am sorry for your loss.
2007-05-25 02:48:51 · answer #5 · answered by Ret. Sgt. 7 · 0⤊ 0⤋
Sorry for your loss.
First, you need an explanation of why they think they are taking a third of it! Are you certain that's not taxes?
It depends how the stock is registered; if it is registered with both your names on it, then sue them. If it is registered in your husband's name only, and your husband left a will leaving his assets to you when he passed, then sue them. If he left no will, get a lawyer and SUE them!
You may have a legal action against both Nationwide (who transferred assets without authorization) and this company!
Talk to an estate lawyer.
2007-05-25 03:31:04 · answer #6 · answered by Anonymous · 2⤊ 0⤋
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2016-11-05 08:28:00 · answer #7 · answered by alyson 4 · 0⤊ 0⤋
OK, I don't have all the facts, but if you're talking about "stock holdings" like share certificates etc, then they are trying to scam you.
2007-05-25 02:27:19 · answer #8 · answered by ? 7 · 0⤊ 0⤋
This isn't right , I would check into this company, I would look into all my options before making any agreement with this company
2007-05-25 02:29:35 · answer #9 · answered by Hey Moe 4 · 0⤊ 0⤋
Sounds like you need an attorney . . . at least to inform you of your legal 'options' - most will give you the first appt (consult) for no fee. . .
2007-05-25 02:27:13 · answer #10 · answered by Anonymous · 1⤊ 0⤋