AA Investigations

[TWU Reporter]

AA is currently doing a far reaching investigation into a scam some have pulled with their 401K accounts. 5 stock clerks were fired a year ago and round 2 has now started. This investigation will see alot of individuals taken out of service that people might not figure to be involved. It may very well stretch all the way to the TWU offices in Hurst. It has already hit the office in Bedford. Stay tuned and hang on, it may be a bumpy ride!

 

[1AA]

AA is currently doing a far reaching investigation into a scam some have pulled with their 401K accounts. 5 stock clerks were fired a year ago and round 2 has now started. This investigation will see alot of individuals taken out of service that people might not figure to be involved. It may very well stretch all the way to the TWU offices in Hurst. It has already hit the office in Bedford. Stay tuned and hang on, it may be a bumpy ride!

Care to elaborate a bit?
Details or else it's just another rumor floating around contract time and layoff time.
Just like the guys caught sleeping at LGA.

 

[TWU Reporter]

Care to elaborate a bit?
Details or else it's just another rumor floating around contract time and layoff time.
Just like the guys caught sleeping at LGA.

Elaborate on what? The investigation is going on. One person from the Bedford office is already out of service with more to come.

 

[captianamerica]

Heres is what was happening as I was told...Guys were taking money out of there 401K for the purpose of a personal home purchase, which is fine as long as its for your OWN home.. Groups of guys were pooling there monies together to buy homes and flip them and make a profit.. which is fraud and a felony....

Care to elaborate a bit?
Details or else it's just another rumor floating around contract time and layoff time.
Just like the guys caught sleeping at LGA.

 

[TWU informer]

Heres is what was happening as I was told...Guys were taking money out of there 401K for the purpose of a personal home purchase, which is fine as long as its for your OWN home.. Groups of guys were pooling there monies together to buy homes and flip them and make a profit.. which is fraud and a felony....

Seems to me that in Legal terms the individual would be the owner, even if more than one owner.

I personally think the lawyer will get these guys off if that is indeed the only details.

This appears to some witch hunt by those that have, because those that have not were getting some.
The last thing we would want is for the middle class that is currently being hammered closer to the poor to actually come up with a way to get some of that cash from the rich bastards of the world.

 

[captianamerica]

Well, the term personal homes means one you will live in, not investment.. Also it would be tax evasion on top of the fraud charge..

Seems to me that in Legal terms the individual would be the owner, even if more than one owner.

I personally think the lawyer will get these guys off if that is indeed the only details.

This appears to some witch hunt by those that have, because those that have not were getting some.
The last thing we would want is for the middle class that is currently being hammered closer to the poor to actually come up with a way to get some of that cash from the rich bastards of the world.

 

[TWU informer]

Well, the term personal homes means one you will live in, not investment.. Also it would be tax evasion on top of the fraud charge..

Might actually be the legal term "primary" residence, not personal home as you say.

I studied the 401k Residence Loan information and can see where problem is now.

An investment in a second home would not be legally a "Primary" residence under any legal definition.

 

[BigMac]

Lower income working families evading taxes and commiting so-called fraud..
What a shame.. (Bein sarcastic of course)

Now if it was a big time CEO it'd be silenced and someone paid off to keep it that way.
Double standard BS..ya gotta love it

 

[The Goose]

AA is currently doing a far reaching investigation into a scam some have pulled with their 401K accounts. 5 stock clerks were fired a year ago and round 2 has now started. This investigation will see alot of individuals taken out of service that people might not figure to be involved. It may very well stretch all the way to the TWU offices in Hurst. It has already hit the office in Bedford. Stay tuned and hang on, it may be a bumpy ride!

If this actually is going on, it will be rather interesting to see what might be shaken out of the TWU offices. It'd be a crying shame if the entire ATD was wiped out by this, wouldn't it?

The Informer's right, though - the terminology is "Primary Residence" , which is defined as one's main place of residence.

 

[TWU Reporter]

Another scenario is to get a contract on a house then get the money from your 401K (all legal to this point) then walk away from the deal and pocket the money. That is fraud.

 

[Bob Owens]

nevermind

 

[TWU Reporter]

QUOTE DELETED BY MODERATOR BY REQUEST OF OP
Yes

 

[title1 for life]

Rumor is there are people at AFW under investigation also. Seems as there was a Realtor involved. Boy I hate to see anyone go down.But over something like this. Hell it was their money anyway. Tax evasion is a common practice in this country in some form or another. Good luck to all of them.

If you happen to be a cooperate VP many times the company pays certain fees and taxes for you.Part of your benefit package.As well as buying your country club membership and home during a move and so on .

 

[limit]

AA is currently doing a far reaching investigation into a scam some have pulled with their 401K accounts. 5 stock clerks were fired a year ago and round 2 has now started. This investigation will see alot of individuals taken out of service that people might not figure to be involved. It may very well stretch all the way to the TWU offices in Hurst. It has already hit the office in Bedford. Stay tuned and hang on, it may be a bumpy ride!

Ok.
Why would AA investigate anyone as far as 401k is concerned or remove someone that has not yet been convicted of a crime ?
Under what authority?
I was not aware that the company has access to my 401k account anyway.
It seems this is a law enforcement and IRS issue.
Can someone explain?

 

[TWU Reporter]

Check AA's rules of conduct. You commit fraud against the company and the IRS when you remove money from your 401K in this manner.