In mid-2012, I handed a check for upwards of $3,000 drawn from an stock IRA with a brokerage firm to Mr. Joe Martinez, of the Fordham Financial Management firm, requesting that it be rolled over into a stock IRA with Fordham. Mr. Martinez accepted the check, but erroneously opened a regular cash account, into which he deposited the check.
At a later point in time (longer than the 60 days allotted by the IRS for rolling over IRA investment funds), Mr. Martinez realized his mistake, opened an IRA account and moved the funds over into the IRA account. HOWEVER, in the interim, the stock investment had lost value, resulting in a discrepancy between the original amount and the new lower amount.
The IRS then began pursuing me for a tax payment on the discrepancy, citing it as a dispursement (when in fact I never saw a penny of the money). I attempted to contact Mr. Martinez in an effort to get a letter from the company explaining that it was Fordham's error that caused this situation. Mr. Martinez outwardly refused, denying any responsibility for the mistake.
I attempted to contact the IRS using a photocopy of the original check for $3,288 which I handed to Mr. Martinez, and the IRS totally disregarded my request to investigate this matter.
Yesterday, I received a letter from the IRS stating that I owe $1,890 in taxes/penalties based on the amount they are assuming I took as a cash dispersement.
I WHOLE HEARTEDLY RECOMMEND STAYING FAR, FAR, FAR AWAY FROM THIS COMPANY!!
Fordham Financial Management, Inc. Reviews
In mid-2012, I handed a check for upwards of $3,000 drawn from an stock IRA with a brokerage firm to Mr. Joe Martinez, of the Fordham Financial Management firm, requesting that it be rolled over into a stock IRA with Fordham. Mr. Martinez accepted the check, but erroneously opened a regular cash account, into which he deposited the check.
At a later point in time (longer than the 60 days allotted by the IRS for rolling over IRA investment funds), Mr. Martinez realized his mistake, opened an IRA account and moved the funds over into the IRA account. HOWEVER, in the interim, the stock investment had lost value, resulting in a discrepancy between the original amount and the new lower amount.
The IRS then began pursuing me for a tax payment on the discrepancy, citing it as a dispursement (when in fact I never saw a penny of the money). I attempted to contact Mr. Martinez in an effort to get a letter from the company explaining that it was Fordham's error that caused this situation. Mr. Martinez outwardly refused, denying any responsibility for the mistake.
I attempted to contact the IRS using a photocopy of the original check for $3,288 which I handed to Mr. Martinez, and the IRS totally disregarded my request to investigate this matter.
Yesterday, I received a letter from the IRS stating that I owe $1,890 in taxes/penalties based on the amount they are assuming I took as a cash dispersement.
I WHOLE HEARTEDLY RECOMMEND STAYING FAR, FAR, FAR AWAY FROM THIS COMPANY!!