New Direction IRA, Inc.

Hi ***,
In every case in which a New Direction IRA account holder
has invested their IRA in a rental property in Florida, the account holder has
been responsible for the revenue strategy for the IRA, including relevant state
and local laws and requirements. In service of that, when presented by
the account holder with documentation needing to be signed on behalf of the
IRA, we have done so. And in this case, we have been willing to do so
With regard to the Quit Claim Deed, it is signed and executed.
Octwas the stated day of distribution of the account.
If there was an expectation that this document was going to be delivered before
the distribution date, we were not aware of it. That being said, the
document is signed and the account distributed by the date stated in the resignation letter
New Direction IRA is not a fiduciary for any of our
IRAs. Our stated non-fiduciary service is to sign documents (associated
with a non-prohibited transaction) under the direction of the account
holder.Regards,*** ***

Dear *** ***,It appears that the core cause of this sequence of events is that New Direction IRA was not informed of your change of address and phone number. We made numerous attempts over many months to contact you at the address and phone number that you supplied for your account.
This lack of up-to-date information resulted in our not receiving fees for an extended period of time and, subsequently, our action of distributing your account (per your agreement with New Direction IRA).The stock certificates can be easily acquired by calling the company that offered the investment. If you would like us to assist once you have contacted that company, we will be happy to do so if you will call us at *** *** *** ***.Regards,*** ***
*** *** *** ***

Complaint: *** I am rejecting this response because:New Direction have claimed numerous times they have done IRA Rental property purchases in Florida. That being the case, they must be familiar with Florida Statute requiring said registration.Below, please find a link outlining the details of said statute:***In response to this complaint, New Direction have refuted multiple times they refused to sign. New Direction are playing on words in their response. I will agree they were not presented with a document they refused to sign, however the document was never presented as the representative advised up front they would not register the IRA account holding the rental property and appraised it was illegal for me to do so. Please review response directly below from New Direction representative:"According to our Bylaws we are authorized to transact in all states as a corporation. I have highlighted this portion on page and also included our registration documents showing how we went from Entrust of Colorado, Incto New Direction, Inc. As such we will not register with the Secretary of State in Florida, nor can the client register the IRA. The client is not an authorized agent for the IRA; he is the beneficiary but does not have any signing authority for New Direction. If he were to register New Direction it would be a falsification and would not be legal."We are now faced with a new challenge with New Direction IRA. I would like to know if this should be filed as a separate complaint or remain with the originalHaving resigned as Custodian, New Direction IRA, Inchave provided the stated days’ notice. We have issued the necessary paperwork to transfer the property and monies to an qualified account outside of New Direction IRA. New Direction IRA have indicated I need to furnish a Quit Claim. As the Custodian of the account, New Direction having signature authority need to furnish the Quit Claim. I have advised New Direction IRA as such via email, to which they have refused to further respond. It would appear New Direction are again failing Fiduciary responsibility as Custodian and are attempting to force an IRS violation / taxable distribution without proper transfer of holdings. I have been advised by an Attorney, an IRA / 401k specialist as well as investigated Florida statute indicating New Direction must issue the Quit Claim.As per the paragraph below New Direction IRA FBO (Account Holder IRA) must sign the Quit Claim as the Custodian to the account. “The Grantor, or his or her authorized agent, must affix his or her signature to the deedIf the Grantor is married, but the property is titled only in the Grantor’s name, then the Grantor’s spouse may be required to join in the execution of the deed under Florida’s homestead lawsThe Grantor’s name should be legibly printed, stamped or typed below his or her signature and his or her address should also be legibly printed, stamped or typed in the deedIn addition, the Grantor’s name should match his or her name as it appeared in the deed which vested title in the GrantorIn other words, if the vesting deed indicates that title was conveyed to “*** ***", then the Grantor’s name in the deed conveying the title out of the Grantor and into the Grantee should read “*** ***"The Grantor’s marital status should also be stated in the deed.” As per Page of the New Direction IRA Real Estate Transaction Guide:“bYou cannot sign on behalf of your IRAIf something needs a signature, write “Read & Approved” and sign in the margins; then, upload/email/fax it to us to sign as the buyer or investor.”
Sincerely,
***