Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, I watched my Dad lose thousands of dollars of retirement money to a shady investment guy who churned him whenever he wanted to buy something new, resulting in a LOT of stress. Unfortunately for Dad, this guy was his nephew, so he overlooked the facts that he wasn't licensed to sell in Dad's state, and that he lived really well off people like my father and others. He also put my mother in a 10-year annuity product that would have finished paying at at 90! The result: after Dad's death, Mom ran out of money in two years, but lived another three after that. This shouldn't happen to anyone as a result of brokers who are not held to fiduciary standards in managing money. I'm counting on you to make a stronger rule that closes the loophole. Americans who've worked hard to save for retirement deserve peace of mind about their financial security. Sincerely, Mr. Michael Steffens