Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Steve Brown

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

Wells Fargo turned one of their Investment Advisors loose on me, a
crook by the name of Charles Heard. He persuaded me to close out my CD
and turn over my life savings to him to invest for me, He said he was
very good about calling his clients when they needed to sell or make
changes. He never called even once. I called him a few times to ask
some questions, but after he got all my money, he became angry and
irritable, and he never looked at my account or gave me any correct
info about it. I became fearful of talking to him.

My original $250,000.00 fell to $70,000. I could not tell how much
Heard was charging me, if anything. This year I finally found out he
had been charging me $4000 a year, but I have no idea whether he was
also taking money out of my account for himself. He vanished several
years ago, but I don't know when, because Wells Fargo never told me
anything. I tried to get information from Wells Fargo about my original
investment for IRS purposes (I think I gave their Investment Advisors
all my money in in 1998, possibly 1999), but they have no record of it.
I had already paid all taxes on my original $250,000, but since I can't
get records from Wells Fargo, I can't take out my remaining $70,000
without having to pay taxes on it all over again (that's my
understanding). Charles Heard robbed me and Wells Fargo permitted it
and, unbelievably, have no records of my original investment. I retired
7 years ago at the age of 66, but most of my life savings has vanished.
I blame the idiot George W. Bush Jr. and the thief Charles Heard, along
with Wells Fargo for robbing me blind, and now Don the Con, president
of Republicans, has made it once again easy to rob people like me.

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.


Mr. Steve Brown