Diversified Investment Advisors, Cedar Rapids, IA- Excessive fees on Retirement Funds, Union scam
Diversified Investment Advisors have managed my pension initially vested with $2k before I left for another employer. They have pillaged the fund through charging unconscionably high fees over the past 10 years, consuming 40% of my investment retirement funds. I have always directed the money to remain from the beginning in Diverisifed's short term low risk money market fund. Now Diverisifed has doubled their "investment advisor" and "investment management" charges without my consent, and are taking more than 10% of my funds for investment advisor fees, annually! Taking $200. per year for keeping my funds in a money market fund is a violation of this investment advisor's fiduciary responsibitlity to the owners of funds under their management. They take advantage of me because the union pension fund allowed excessive fees, in exchange for illegal kickbacks to the union Local 8a-28a of the Painters union, part of the International Brotherhood of Teamsters. This abuse of union pensioners should be investigated by the Justice Department, Dept. of Labor, for fraud violation of ERISA.
Brooklyn, New York
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