ComplaintsforOppenheimer
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Complaint Details
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Initial Complaint
01/12/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Unanswered
My beloved husband of 58 years passed away suddenly and unexpectedly on May 31, 2022. We owned a Venture Variable annuity from **** *******. Three weeks later I contacted **** ******* to let them know and they insisted that I fill out an online form so they could transfer the funds to me, approximately $200,000. I have no experience with any of this as my late husband handled everything. In addition, I was grief stricken and unable to think clearly. I asked them for help in filling out the form and no one helped me. I am 82 years old and the form to me is complicated. No one helped me, not even my registered representative, no one. I filled it out best as I could, but evidently, I checked the wrong box. It was in early 2023 when I tried to take funds out of the annuity, that I discovered what happened. They had turned my entire annuity, my life savings into a death benefit. I wound up with what is basically a life insurance policy that I do not need and want. I complained twice to **** *******, and they would not help, they said I made my choice and that was that! My registered representative, who is supposed to look out for my interest said they could do nothing. My entire life savings is done and I am left with a small amount of cash and social security as my only income. In addition, I received a form that had information that I supposedly gave them, and it was a lie. The form said my timeline for using the funds is 3 to 5 years and my need for liquidity is moderate. Wrong, I need the money now to pay my property tax, not 3 to 5 years and my liquidity need is very high, not moderate. They lied on the form and just made it up. I feel that I have been taken advantage of as a senior and a recent widow. A friend told me about BBB, that you are tasked with preventing financial abuse in seniors, abuse such as I have been the victim of. Please help me restore the funds in my **** ******* annuity. It is the only money I have and need it desperately.Initial Complaint
07/28/2022
- Complaint Type:
- Billing Issues
- Status:
- Unanswered
Oppenheimer Account *********** ************************** as trustee of the ************************** Trust This is a managed investment account containing cash, equities, mutual funds and bonds.Used false information to prepare initial profile Shows a person as POA who has NEVER been POA Made trades of tax free municipal bonds after being told to maintain those bonds Communicates account information with 3rd parties even after receiving written notice NOT to do so.Fails and Refuses to transfer account to new brokerage firm claiming there is a restriction on the account and has been since it was opened.REFUSES to tell account holder what the alleged restriction is.REFUSED to remove the restriction Now claims the account and resolution are in The ******** office and REFUSES to provide the name and number of a person or the number for the ******** Office.*********************** is 94 years old, competent but hard of hearing.This account contains $1.5Million of which more than $200,000 is cash which is uninvested.Neither Fidelity nor TDAmeritrade have been unable to transfer the account from Oppenheimer and have been refused any information on the alleged restriction.Offending parties include, but are not limited to:*******************************, *********************, *************************, *********************, **** ***************, *******************, ******* (no last name known)Customer response
08/22/2022
Better Business Bureau:
At this time, I have not been contacted by Oppenheimer & Co, Inc. regarding complaint ID ********.
Sincerely,
***********************
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Customer Complaints Summary
2 total complaints in the last 3 years.
1 complaints closed in the last 12 months.