Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, I was given bad advice on investing in oil shares 4 years ago and, at that time, I questioned the benefit of this with my financial adviser. His response was that the price of oil can only go up. Recently he called me to advise I should sell, since there had been a slight gain (on my losses over the 4 year period). I was infuriated and told him so. When I reminded him that I didn't want to invest in oil in the first place, there was silence at the other end of the phone. He had no answer for me! Incidentally, this is a brokerage account. My initial investment in oil currently stands at a 60 percent loss (even taking into account recent gains)! I worked 49 years of my life in the UK, Europe, and USA and was raised in a working class family that believed in the power of saving money. With the losses I've incurred through bad financial advice, I might as well have taken a match and burnt the 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, Ms. Diane Nance