"If you have your supplemental retirement savings with TIAA, this new SEC whistleblower case will be of interest to you." - Ted Siedle
Read Gretchen Morgenson's report: https://www.nbcnews.com/investigations/tiaa-pushes-costly-retirement-products-cover-losses-whistleblower-rcna161198
Ted Fitzpatrick is a former TIAA wealth management adviser who was among a small group of TIAA employees who filed an SEC whistleblower complaint against the company in 2016. That filing detailed a previous TIAA campaign to shift client assets into actively managed accounts that generated greater profits to the firm and that incentivized sales representatives to do so. Fitzpatrick, a resident of Milwaukee, received a monetary award earlier this year after the SEC used his information to secure a $97 million settlement from TIAA in 2021.
"The 97 million is supposed to go back into investors pockets and so there will be a fund set up for investers who were harmed by the practices to try to get some of that restitution, which is a very important thing. That's going to be hard to do, it is a time consuming process, but it's important." - Gretchen Morgenson
Ted Siedle is a former SEC enforcement attorney who represents the former TIAA employee filing the recent complaint. He also represented Fitzpatrick and his colleagues whose information led to the 2021 SEC case.
“TIAA changed its practices after the SEC brought the 2021 enforcement action, but the new whistleblower’s information indicates the firm is again putting its interests ahead of clients,” Siedle told NBC News. “Unfortunately, recidivism exists on Wall Street.
Edward (Ted) Siedle, who conducted the forensic investigation of STRS Ohio in 2021, and represents the former TIAA employee filing the recent complaint, is available to talk to anyone who is impacted by this case. Contact Ted at esiedle@aol.com
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