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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12063
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My IRA custodian is Equity Trust but they put my money in

Customer Question

My IRA custodian is Equity Trust but they put my money in gold coin and this depository declared bankruptcy. Does the custodian have any responsibility for my loss?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi, My name's Lane. I can help here.

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They can certainly be named in a legal action.

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One defense for them will be that you directed them to make this investment.

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I have two questions for you:

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(1) Did you choose your repository?, and

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(2) A repository's filing bankruptcuy wouldn't NECESSARILY mean that the gold itself is gone. A firm typically files bankruptcy becasue it can no longer pay it's bills, pay it's employees, isn't being profitable, etc. The physical gold not being there could indicate that this is a theft issue, a crime ... DO you know that the gold itself is simply missing?

Expert:  Lane replied 11 months ago.

OK, I still don't see you coming back into the chat here.

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Bot***** *****ne, if the custodian CHOSE the depository, you may have a good cause of action.

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And again, be sure that the gold is physically missing, bankruptcy alone, doesn't necessarily imply that.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

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Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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