A blog in the Wall Street Journal puts some light on the not-so-positive world of IRA custodians who have apparently been looking the other way while scam artists hoover their retirement savings.
The SEC has issued a warning to investors regarding the risk of fraud related to self-directed IRAs, going so far to suggest that if it's necessary to move savings to a specific IRA to invest in a specific offering, it's a red flag and should be avoided entirely.
Lawsuits filed this week in California allege that custodians of self-directed IRAs knew full well that their retirement holdings had been wiped out, but continued to send reports saying everything was fine.
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