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Last spring (2011) I contacted my broker (Alan Rank) at Morgan Stanley Smith Barney (MSSB) about withdrawing money from my IRA to make my mortgage payments on my house I was trying to sell and pay for education expenses. I lost my job during the financial crisis and chose to go back to school.

My broker advised me that my withdrawals would not be subject to the 10% early withdrawal penalty based upon my reasons for withdrawing. Mr. Rank's assistant prepared the forms (incorrectly) and mailed them to me for signature. I ignorantly trusted that the forms were prepared correctly and signed and returned them. I didn't learn that the forms were prepared incorrectly until I prepared my taxes. I attempted to contact my broker and he didn't even have the balls to return my call. I finally spoke to his assistant after several days, she informed me that there was nothing they could do about my situation.

Then I filed a complaint with the local MSSB office manager, my complaint was forwarded to some rubber stamp committee at MSSB. I was not contacted by this committee until 30 days later when I received a letter stating that they had reviewed MR. Rank's notes and there was no record of any discussion about avoiding the 10% early withdrawal penalty. I'm sure there wasn't because Mr. Rank deleted the discussion. I went to FINRA.org and learned that Mr. Rank has been accused of wrongdoing by several customers. He has even been accused of forgery. I am in the process of filing a complaint.

Morgan Stanley Smith Barney just lost my business, I'm sure they don't even care.

Location: Tuscaloosa, Alabama

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they all suck

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