Las Vegas, NV asked in Federal Crimes, Identity Theft, Securities Law and Stockbroker Fraud for Nevada

Q: Rollover IRA checks mailed to the wrong PO BOX by OneAmerica and were electronically deposited by someone else.

Back in October, I started a rollover IRA with my previous employer’s retirement services company, OneAmerica. Unfortunately, OneAmerica sent the checks (payable to Fidelity FBO w my name on them) to an incorrect PO BOX (1 number off). These checks were electronically deposited by the owner of the PO Box into their Wells Fargo bank account. All OneAmerica has done so far was sent out a letter to the owner of that PO Box asking for them to return the fund to Wells Fargo so the money can be reissued back to OneAmerica. OneAmerica said they have not heard back from the owner of that PO Box. The endorsement stated “ There were two checks issued- one pre tax and one post tax totaling to around $43k. The endorsement stated

“credit to the acct of the named payee w/o prejudice Wells Fargo Bank N.A. Denver, CO 80203 Electronically Deposited (date)”

1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Stockbroker & Investment Fraud Lawyer
  • Tallahassee, FL

A: You may have more trouble getting your rollover IRA money back than you had hoped. Why?

Because it was deposited electronically (without prejudice) and credited to some unknown person's account at Wells Fargo Bank, N.A., which is notorious for holding onto money not supposed to be deposited with them.

You might want to consider hiring a very experienced business and banking lawyer to send Wells Fargo's general counsel a strong demand letter informing them that further legal action might be forthcoming immediately unless they return the money and quit playing the shell game with it.

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