August 31, 2010
Reference File Number 4-606 - Comments submitted are regarding Key Bank and Key Investment Services -
For the past TWO years I have requested assistance from the Security Exchange Commission (SEC)to NO AVAIL. I have followed instructions for submission of complaints to generate an investigation as to the actions and conduct of Key Bank/and a Key Investment Services Broker, Dealer, Investment Advisor and his supervisor. I was referred to the SEC by the Insurance Commissioners Offices as a result of my complaint. I have visited the SEC's local offices. I have waited and anticipated responses only to learn that I must re-submit again, because the SEC's office personnel "conveniently" cannot find the original paperwork that was submitted although a date of submission is in their records.
Ultimately, with a new submission of paperwork to the SEC, the process begins all over again. It is important to keep in mind there is a two year "statute of limitation" for reporting complaints.
Now, for more than twenty-four months, I have requested assistance from the SEC to NO AVAIL. Although this Agency says its missions is to "protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation." they verbally state they provide assistance to the "Public" and also investigate the "wrong-doings, errors and mistakes made by Investment Bankers AND Brokers. It has been my experience dealing wih both FINRA and the SEC, that this action IS NOT TAKEN and they (the SEC) are no more than advisors that offer NO HELP TO THE UNITED STATES CITIZEN.
Even though attorneys have stated I have 'VALID" allegations proving COSTLY and substantial errors were made by the Investment Broker, and his Firm, and the fact that I have documented and factual proof of these errors creating my complaint, NOTHING was or has been done by the SEC
The purpose of this office is mis-leading. The SEC emphasizes they can HELP regarding the "obligations of a broker, dealer and/or investment advisor" especially when errors and mistakes have been made. However, that fact is essentially, the SEC does nothing perhaps provide ADVICE as to whom to call i.e., FINRA, and they DO NOT ASSIST as one is led to believe.
I had the choice of allowing the attorneys to recover funds lost by invalid erros made by an inept, apparently beginning "broker" at a high cost of attorney fees equaling that of my substantial loss. Or suffer the SUBSTANTIAL loss of my funds by accepting the fact that banks and investment firms hire inept employees/brokers that create errors and make mistakes with NO reprimand or recourse and no investigation by the SEC.
Additionally, the mistakes the broker AND his supervisor made will cost "ME" IRS penalties for five years and STILL, the SEC provided NO INVESTIGATION AND NO ASSISTANCE. Yet the broker and his management were able to receive financial gain.
Although an investigation by the SEC was not started, the SEC has claimed they had made a decision. Or they will claim the statue for a claim has run out. Either way, their comments are "Excuses to NOT DO THE JOB, THEY ARE IN EXISTENCE TO DO. How is an INVESTGATIVE DECISION made by the SEC on an investigation that was NEVER initiated by the SEC?
How timely is this survey. I have recently sent a letter to Congresswoman Diana DiGette to report such behavior of Government Agencies existing to perform services for "THE PEOPLE" yet, these services are NOT being performed for "THE PEOPLE". Instead, I feel these Agencies such as the Securities Exchange Commission (SEC) appear to be in place to "PROTECT" and serve the Banks and Investment Firms.
I would urge others to write Congressional Offices and ask,
"Why do these agencies exist, Particularly the Security Exchange Commission (SEC) and FINRA?"