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

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

When I inherited some money back in the late 1990s, I wanted to make
sure I was smart about investing for my retirement. I didn't trust any
one of the investment companies, but saw a class being offered at the
local community college that was supposed to be teaching how to invest
confidently, correctly and knowledgeably. I figured since it was
through the community college, it would be the real deal--like a Suze
Orman episode on PBS. And all the way up to end, I thought it was. But
for all my caution, I didn't realize until too late that I (and a
couple of others in the class) had been duped. I lost $75K. After I was
told by a former SEC member that I had been taken, I couldn't find the
guy to sue him, because the office that I had met him in was
"rented" from another company and no one knew anything about
the guy. I am 63 now and have no retirement, save for my pending social
security. Without that, I will literally and figuratively be on the
streets. I have a college degree and owned my own business for 20
years, but I am no better off than so many with even less.

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.

Thank you for your attention to this very important legislation.


Ms. Valrey VanGundy