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

Jun. 21, 2018

Jun 21, 2018

Securities and Exchange Commission

To the and Exchange Commission,

In the 1980s, about a month before Black Monday, a Dean Witter broker
lied to me and snookered me into two bad investments. He promised a 9%
return on a mutual fund and even better on a real estate partnership --
and being new to the stock market, I didn't know then the promise of
high returns was a red flag. Nor did he mention that the real estate
partnership was not liquid and could not be sold. I found out within
days that he made a huge commission on each investment. Both tanked
almost immediately. The mutual fund never earned better than 3% while I
held it and the real estate partnership, being illiquid, I couldn't
even get out of. Many years later I finally got out much less than I
put in.

My life savings as of that date wiped out. The Dean Witter guy laughed
all the way to the bank.

There was nothing I could ever do to call this man to account for his
self-serving advice. I cringe that my country lets this kind of
behavior continue, even as it threatens to move retirement funding from
pensions and Social Security to a stock market investment model. Our
society must protect those who cannot protect themselves, not rip them
off to buy a beach house on Maui.

I'm counting on you to make a stronger rule that closes the loophole.
Americans like me who worked hard to save for retirement deserve peace
of mind about their financial security.


Ms. CJ Marienthal