Sovereign Bank / unathorized third party savings transfer
This is about my 77 year old fathers account and his experience with sovereign bank as a warning to others. Sovereign bank had much of my fathers saving that he had put in cd's. A sovereign money manager keep calling my father to requesting him to come in saying his money is better in another type of account. This money manager, katie r., told my father that his money would be better in an insurance annuity. He signed nothing but wanted to think it over, after he left the office they started the process, transferred almost all to lpl financial, and into jackson national like insurance. He called several times every day for a week to contact katie and not have the money moved but instead leave the money in a cd. I looked at the form he had brought home and sure enough where my fathers signature should have been it was completely blank. They cleaned his account, moved his money to a fdic uninsured account all without his consent or signature. The electronic transfer to lpl financial was done without signature (they are also uninsured by fdic) and all in cooperation of another sovereign employee, peter b.. I'm am trying to get my fathers phone records to show contact effort, although not definitive. Jackson national life insurance has no affiliation with sovereign that I can see and has a customer disapproval rating of 53% according to other web sites.
Anybody know if a bank has the ability to transfer fund to a third party entity without signature?
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