What Evidence Is Necessary to Prove Misconduct Related to Self-Directed IRAs? - Transcript
If there’s a broker advisor involved and they said oh send it to your bank account and then send it to the self-directed IRA account it is an attempt at the broker or the advisor to escape the supervisory review of their firm.
If there becomes a pattern of that person doing it like if it’s an affinity fraud and you know that five of your friends did it that’s great evidence to say hey brokerage firm didn’t you notice that 5 or 10 or 20 of these this broker’s customers are all sending IRA money to their bank account because that would be a red flag and that’s something that should show up on an exception report or some supervisory report.
So you’re going to look for um you know did emails come from the brokerage firm or the investment advisory firm that we’re directing you to do some of these things or talking about this outside alternative investment.
So you’re going to look for any tie you can find to a brokerage firm or a an investment advisory for or the custodian if the custodian seems like they were in on it which is you know you’d have to find evidence of that to go against just the scammer very very difficult.
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