George sent a message to Abigail Johnson – President and Chief Executive Officer of Fidelity Investments and Chairman of Fidelity Worldwide Investment email address that said:
Dear Abigail Johnson,
My wife and I have several accounts with Fidelity. We often like to give my cousin, Suzanne, some shares as a present, and so we got her to get an account in her name, . A week ago, I filled out a "Transfer Between Fidelity Accounts" form and took it into the Fidelity office in Berkeley, asking to transfer 38 shares of VTSMX, worth about $2000 from our account to hers. I was shocked to discover that Fidelity mistakenly transferred over $100,000 of (I think) VGTSX shares. I got that straightened out and was assured things would be taken care of, but then found that instead of transferring VTSMX, VGTSX was transferred. This is two mistakes, one extremely serious, on one transfer. I hope you will agree that this is quite unacceptable. If I had been transferring shares into the account of someone I don't know who was not trustworthy, I could have lost over $100,000. I believe it is important to look into this. Clearly your procedures for transferring between Fidelity accounts are lax. Thank you, George
