A wave of blowups in do-it-yourself individual retirement accounts has prompted some investors to go after firms that handle the paperwork.

Two custodians of self-directed IRAs were sued in U.S. District Court in Los Angeles on Monday by three investors who allege that the companies knew the investors’ money had been stolen by scam artists yet sent them reports showing their nest eggs to be intact.

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Written by: Kelly Greene

Published by: The Wall Street Journal Online