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State Farm / Lost over $38000 out of my 401k

1 CA, United States

In July 2008 my wife and I decided to roll over our 401k plans to a self directed IRA. They use a company called Asensus to administer their 401K.

Asensus did not know what forms we needed to fillout. We did everything they asked in a very timely fashion.

After several months of going back and forth they finally accepted the initial paperwork we submitted the first time back in July.

On a 3 way call (that was recorded) Asensus, my wife and our State Farm agent, they stated everything is fine and a check will be cut and sent tomorrow. Great.

A few weeks went by and we contacted the Self Directed IRA. They said they never received any funds. From the date of the phone call to the date we found out they never sent the funds, the stock market dropped 3000 points. As a result of this we lost approx $38000.00, we are not sure exactly how much we lost, State Farm will not give us the reports they promised and we have requested many times.

After months of arguing with State Farm, they will not give us our money. They said "Assensus rep made a mistake"

We have current reports that show assensus terminated our plan and they took 30 days to mail the check. While our plan was terminated, our 401K was subject to market conditions, we lost $38000.00. Does this make any sense?

Has anything like this ever happened to anyone else?

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