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. Sincerely, Ms. CJ Marienthal