Couple sues after CU’s advisors allegedly steal their retirement savings

Recent court filings show the credit union moved to dismiss the lawsuit.

A Georgia couple has filed suit against Delray Beach, Florida-based IBM Southeast Employees’ Credit Union and a former CUNA Brokerage Services, Inc. (CBSI) representative, alleging that they were bilked out of their retirement savings and that the credit union should have known the advisor and her alleged business partner were shady, according to documents filed in Georgia State Court.

Edward and Yvonne Ray claimed that in November 2016, IBMSECU invited them to meet with CBSI advisors to discuss consolidating their retirement assets so they could be better managed. During a meeting with two advisors at one of the credit union’s branches, the couple agreed to transfer about $330,000 to CBSI. But instead of putting the money into CBSI brokerage accounts, the advisors allegedly diverted it to three other companies, two of which they controlled. The plaintiffs also claimed their signatures were forged on some of the paperwork.

One of the advisors had also been suspended from the securities industry at the time of the meeting, they claimed.


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