Did You Lose Your Pension Life Savings to Fraud?

By Robert Weiss

The economic crisis has hit our country hard - our banks have fallen, our manufacturing industries have requested billions in bailout money, and more and more Americans are out of work each day. How did this happen and who is to blame? The obvious answer is to blame the sub-prime lending practices but the answers are more complex as many different sectors across the country have suffered. As a practicing attorney for over 20 years, I have been through the ups and downs of the market and have helped consumers and investors, alike, through these difficult times. The weakened economy has taken a toll on every sector across the nation from the bank and mortgage departments to the auto industry. One area which exists in nearly every industry is employee retirement plans or employee pension funds. The average American may not put away $100 every week into his savings account, but he agrees to an automatic withdrawal from his paycheck into his retirement fund. This money is meant to be available for him when he retires. A pension fund may seem like a simple idea; however, many people do not understand how dependant many pension funds are on the stock market. As such, millions of Americans are waking up to bleeding pension funds - and they have no person to turn to. I am that person. It is a pension fund manager's responsibility and duty to protect the fund against market turmoil. [more...]