Woman drains ex’s retirement account

Submitted by Mastodon on Sun, 2012-12-16 18:27

Story here. Excerpt:

'Divorce is a tough experience, but such hardship doesn't cut you any slack if you don't stay on top of your retirement paperwork, as one poor fellow discovered.

Imagine this scenario: After 11 years of marriage, you and your spouse call it quits and you move out of the house. After you leave, a letter from your former employer is delivered to the house that your ex now resides in. The envelope is clearly marked: "To be opened by addressee only." Your ex opens it and discovers there's a new procedure in place to access your retirement funds online. After following the procedures, your ex drains the account in four months.

This happened to Michael Foster of Tulsa, Okla. He lost $42,126.38 altogether -- and didn't even find out about it until January of the following year, when he received a tax form from the plan provider reporting a distribution of that amount. Foster sent a letter to his former employer's plan administrator, "claiming potential fraud, as I did not request withdrawal from my plan and I did not authorize any disbursement from this plan," according to court documents.'

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Comments

... but will the law go after the ex for wire fraud and grand larceny, I wonder?

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Submitted by Matt on Sun, 2012-12-16 19:35

but will the ex go to prison for her crimes?

this is where a southern women might say something like, 'well, aren't you just sooo adorable?'

me lmao. sorry, but that's just good humor. i don't care who you are. a woman pay some $$ back in a divorce. that's rich. yeah, its all just so fair and all.
sorry, don't mean to make fun of you matt, but that is funny.

what's not funny - my guess is that he will be presented a bill from the i.r.s. for the taxes and the 10% penalty for early withdrawal. he will probably do like the rest of us marriage/divorce suckers and just be glad it wasn't $420k, instead of $42k.

and another MRA is born.

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Submitted by daveinga on Mon, 2012-12-17 01:03

He needs to go after his ex wife. She is the one who commited theft. This is like any other theft by a family member, friend, roommate or business partner who has access to mail containing account information and/or user names and passwords.

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Submitted by Kris on Mon, 2012-12-17 04:44

Was it set up as a "joint account" type of arrangement, where both had access? If he signed off to that, he's probably screwed legally.

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Submitted by MR on Mon, 2012-12-17 20:12