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re: Stanford Financial Houston office's raided

Posted on 2/23/09 at 9:50 pm to
Posted by LSUDad
Still on the move
Member since May 2004
62511 posts
Posted on 2/23/09 at 9:50 pm to
quote:

She is concerned about Pershing paying out her monthly IRA distribution.


Was her acct. in Stanford(CD's) then moved into Pershing(MM)?

Posted by Alltheway Tigers!
Baton Rouge
Member since Jan 2004
8017 posts
Posted on 2/23/09 at 10:32 pm to
quote:

Stanford Financial Houston office's raided
Guys,

A client came into my office today concerned about her Stanford account, rightly so.

She was dealing with an FA in Baton Rouge. She has about $300,000 in a Pershing IRA custodian account, no suspect Antigua CDs in the account, only normal retirement type mutual funds, GNMA funds, etc.

I'm thinking she should be ok. She is concerned about Pershing paying out her monthly IRA distribution. She can't get anyone on the phone. She's trying to transfer the account to another brokerage firm without any success.



Don't call Stanford. Call Pershing directly. They are holding the account.

I talk to Pershing reps couple of times each week.
Posted by tigeryat
God's Country
Member since Oct 2005
2984 posts
Posted on 2/24/09 at 7:26 am to
quote:

Was her acct. in Stanford(CD's) then moved into Pershing(MM)?


No Stanford CDs were ever in the account, as far as I know. And Pershing is only the custodian.

Do you guys think they are freezing normal (monthly) distributions from Pershing custodial accounts also? Alltheway Tiger, could you ask one of the Pershing reps that question for me?

Thanks
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