Complaints

This profile includes complaints for Forge Trust's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Forge Trust

  3050 S Delaware St Ste 202 San Mateo, CA 94403-2394

  
• 

  Forge Trust

  PO Box 6850 San Mateo, CA 94403-6850

  

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:09/13/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My complaint is against the aggregious business practices of Forge Trust, an *** approved custodian of assets. Specifically, Forge ignored my repeated written attempts to pay all balances due and end our business relationship. Instead, without informing me of the amount due and while in possession of my request to pay, Forge initiated a collections action against me.Forge Trust cannot deny:I sent, and Forge received, multiple requests from me to end our business relationship.Forge notified me that, if I failed to pay their fees, they would end our business relationship effective May 15, 2024. That was my stated objective, and so I notified Forge I welcomed their resignation as custodian and requested they send me send me one final invoice after which they could make no additional claims for payment/funds.Forge mailed to me a formal resignation letter on July 1, 2024.Both during that period from May to July, and subsequently after July 1, I made multiple requests for a final payoff amount. I specifically requested a pay-in-full amount and a final invoice. Instead of stating an amount, Forge locked me out of both the portal that is used to make payments and the website where my account information ****************************** knowingly possessed my requests to pay all amounts due. I did not know if there were charges assessed by their resignation, and I did not know the amount to pay to finalize the end of our business relationship.Forge's failure to respond to my requests and to instead place my account with a third party collections agency is unreasonable and wrongful.Why would a business not respond to a client seeking to pay? Why would a business not send an invoice in response to a request from a client? Why would a business lock a client out of its payment portal when that client is requesting to make payment?

  

  Business Response

  Date: 09/25/2024

  We are currently communicating with Mr. ****** on resolving this matter. 

• Initial Complaint

  Date:03/23/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I liquidated my assets in 2022 and Forge Trust submitted the documents that I needed to file with IRS showing the liquidation of my assets. I have paid the taxes on the liquidation based on the paperwork submitted by Forge Trust to the IRS.Forge Trust is claiming the assets have not been liquidated and I owe them money for managing assets that no longer exist based on the paper work they filed. However, they claim they were not liquidated on their side. Someone screwed up at Forge Trust and they are fraudulently trying to charge me.They are a very dysfunctional operation and should be shut down.They claim I owe $490. I expect them to close my account and reverse the charges

  

  Business Response

  Date: 03/28/2024

  Please see attached. 

• Initial Complaint

  Date:03/14/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had an Ira ******* ******************** that held money and later a vacant land. In 2020 at the age I could get distribution of my asset. I requested closure of my ******* in and distribution of my asset in 2020. They told me what documents are needed to provide. I prepared the documents and emailed them to their email *******. They kept telling me they havent received it. Everyone else receives my emails just fine. They said send it through a Gmail *******. I made a Gmail ******* and sent them that way. Still they claimed theyre not receiving them. So I sent in paper documents. But follow up calls were not being answered. Felt like going in circles. The times that someone would answer. They were clueless as to whats going on. Very frustrated I sent some emails requesting a call back . But no call back came. At one point a man picked up and I explained my situation and he said,its done. So I assumed it is done ;******* closed. Until months later I started getting fee invoices again. I paid one round thinking until I figure out whats going on I didnt want issues with the fees. But I was never able to get someone on the phone. And when I did they acted clueless. I was stuck in this loop with no help or clarification. Until 4 years later in 2024 they send me a 1099 for $16,000. Mind you the vacant land was sold for $10000. Shocked I contacted them and they are not helping correct this mistake.

  

  Business Response

  Date: 03/25/2024

  Please see attached. 

• Initial Complaint

  Date:02/21/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In 2010, I was working for the ************, ** when I was laid off from my Job at the **** **************** I had some deferred compensation with Mass Mutual. I had no job prospects, so I decided to a purchase a Franchise business. I used the deferred compensation from my Mass Mutual account and rolled it into a self-directed *** managed by a company named IRA Services Trust *** (this company later became a subsidiary of Forge Global). According to IRA Services guidelines I could use my money to cover the startup costs of my new business. The amount of money in the IRA services account was $64,338, the same amount that is listed on a 1099 from Forge Trust *** that is listed on my 2021 Tax returns. I eventually was recalled back to the ************. I continued to work my franchise business, Hoodz of Nothern ******, a kitchen Hood cleaning business. For three years I worked both jobs, during the day worked for the fire department and at night I cleaned kitchen hoods at local restaurants. I never made much money, and I eventually closed the hood cleaning business. My business name was A & I of Northern ****** **** I closed the business in 2013. There was no money left in the *** account. I sold everything to clear my business debts, I closed the *** account. In fact, the fees were paid through 2014. My business license, business phone, and email all expired when I closed the account. I had no further contact with IRA services. I did not know who Forge Trust was when I saw my tax letter from the **** I have since contacted Forge Trust ** about my 1099 for 2021. They said I could pay them $1154 dollars for previous fees and a new a 1099 for 2021. I feel this is wrong and unethical. I have forwarded my communications from them to you in separate emails. I have many documents from business. Let me know which ones are needed?

  

  Business Response

  Date: 02/27/2024

  Please see attached, thank you. 

  Customer Answer

  Date: 02/28/2024

   
  Complaint: 21327485
  
  I am rejecting this response because:

  I never received the documentation required to close the account.  They state they sent me the required documents to close the account and state the value of the IRA  at the time of closing. I never received that documentation.  When I contacted them about closing the account I made them aware the account had no money in it.  I had used the money to fund a business for three years.  They only want me to keep paying fees on a account with nothing in it.  Their version of events differs from mine. Why did they wait until 2021 to issue a 1099?  Why do they continue to ask for fees for a dead account?  Why would I pay them with no assurance they will issue a corrected 1099.  I have no faith in any business dealings with them.  My next course, of action depends on them. I may require legal assistance.
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:02/19/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Accts.#IRA499067&IRA499080 ,total $982+ fees.Trying to collect on fees where there was no $ in accounts. See SEC case#2:19-cv-17213-MCA-LDW re: Broadreach-*********************** "Ponzi" scheme.We were told accts.were closed,but the invoices keep on coming. Forge even gave collection to an agency recently.Letter with ****** explanation will be mailed to BBB.

  

  Business Response

  Date: 02/26/2024

  Please see attached 

  Customer Answer

  Date: 03/04/2024

   
  Complaint: 21313567
  
  I am rejecting this response because: Our timeline presented is in real time.Forge is two months behind.SEC indicted Broadreach in June.Forge reacted in August.Looks like an impasse!
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 03/08/2024

  Please see attached. 

• Initial Complaint

  Date:01/16/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Complaint regarding Forge Trust, P O Box ****, *********, ** *****. Phone ************; fax ************ I had an *** with IRA Services ********************** and subsequently transferred it to Madison *********************** After that a company called Forge Trust started sending me correspondence. I never heard of this company before and never did any business with the. Now they are trying to *** me for monthly services with them and to make matters worse, they are going to send me a false 1099R for *******. They are pretending that I still have an *** with them and are calling it account ******. Found out later that Forge bought out IRA Services. This will get me in trouble with the *** over income which I did not receive. As mentioned above, my *** *** is with Madison ********************** and distributions from them is what I properly report as income. What can be done to stop this crooked company from doing business in IA as well as all other states? Can you stop them from sending me and the *** a false 1099R? I have fought with them on multiple times via phone about this and each time gets worse. Maybe I should be hiring an attorney to *** them!

  

  Business Response

  Date: 01/19/2024

  Please see attached. 

  Customer Answer

  Date: 01/23/2024

   
  Complaint: 21154478
  
  I am rejecting this response because:
  their answer is a pile of garbage. I had an *** with IRA Services Trust and left IRA Services switching to ******* Trust.  ******* accepted my *** and I am processing my RMD annually with them.  The transfer to ******* took place BEFORE Forge started sending me correspondence.  I never had any business dealings with Forge Trust and certainly do not wish to do do.  I certainly would not want to open an account with them as their notes seem to indicate.  They are a crooked company trying to bleed customers with outrageous fees, no service and along with that submit fraudulent forms to the *** against me.  Also they are trying to *** me for fees for nothing but I can assure them they will not get one ***** from me.  I am trying to prevent them from doing business, especially in **** but hopefully more Midwestern ****** will ban them.

  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 01/30/2024

  Please see attached. 

  Customer Answer

  Date: 01/30/2024

   
  Complaint: 21154478
  
  I am rejecting this response because:I have already previously answered this same email.  Please check previous response
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:10/27/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was in the process of closing my Forget Trust account and transferring my funds to ************* Trust. This was known and I had some running around on getting this to be accomplished. Forge Trust finally approved and closed my account on 6 October, charging me $175 termination fee, $50 Transaction fee and even a $15 Disbursement fee. They had charged me the 4th quarter (Oct-Dec) account fee of $85 and QAF PD Q4 fee of $25. I requested a refund of the Q4 fees as they were not servicing my account for the 4th quarter and I had started the process of changing accounts in September. I've been a long standing loyal customer since 2010 and would appreciate them doing the right thing and they already collected $240 in fees just to close this account which is also ridiculous but trying to keep $350 just to close out my account and for ******************** I am not receiving in Q4 is wrong. I'm requesting reimbursement for the $110 in Q4 fees.

  

  Business Response

  Date: 11/07/2023

  Please see attached.

  Customer Answer

  Date: 11/08/2023

   
  Complaint: 20791640
  
  I am rejecting this response because they are stating a falsehood.  In the past, billing has never occurred on the 1st.  The last 3 ******** for this year alone were made on the following dates.  They were on 7/12/23, 4/27/23, and 1/27/23.  It is convenient on their part to say otherwise for this quarter knowing that I was transferring my account and just wanting to include an additional $110 for no services rendered as it is for my 4th quarter.  No statements nor any other services were provided other than the account transfer in which they charged the rest of the fees for.

  
  Sincerely,
  
  Leigh Limousin

  

  Business Response

  Date: 11/09/2023

  Please see attached. 

  Customer Answer

  Date: 11/14/2023

   
  Complaint: 20791640
  
  I am rejecting this response because I have been a loyal customer with them for over 10 years.  Forge Trust has always charged expensive fees and I have been diligent about paying them.  In this case, I had actually talked to them in advance of 6 October with my intent to transfer in order to try to get my account moved so it was known that I wanted to do so. I was charged the $175 termination fee, $50 Transaction fee and $15 Disbursement fee to a tune of $240.00 just to leave their company which is abhorrent in cost to do so.  To then charge me the 4th quarter (Oct-Dec) account fee of $85 and QAF PD Q4 fee of $25, totaling another $110 for services that they did not provide nor did nothing to deserve is ridiculous. I think consumers need to know how much Forge Trust charges and how many fees they tack on for just one situation in closing an account.  To then penalize you for an additional $110 purely based on paperwork getting turned in 6 days into the month. They penalize you for closing your account and to say that is ultimately at a total cost of $350 is abhorrent.  I'm requesting reimbursement for the $110 in Q4 fees for services that were not rendered.  They should be looked at for the unreasonable nature of this transaction.

  
  Sincerely,
  
  Leigh Limousin

• Initial Complaint

  Date:08/02/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a account with **********************. They take out $100 per quarter a year. They haven't helped me much this past 6 weeks. I had a check from Woodbridge liquidation trust for over $ **** dollars but it hasn't been deposited into my account yet. I call ********************** and they say to call Woodbridge and I call Woodbridge liquidation and they say to call forge trust that the check was mailed. The check was issued by Woodbridge liquidation on June 12 2023 and for instance my sister got hers on June 17 2023. But i haven't gotten any check yet. I would like answers please

  

  Business Response

  Date: 08/10/2023

  Please see attached. 

  Customer Answer

  Date: 08/14/2023

   
  Complaint: 20414484
  
  I am rejecting this response because:
  
  Sincerely,
  
  ***************************

  Customer Answer

  Date: 08/15/2023

  My sister and I each invested money through ****************. The money was invested into Woodbridge.  It turned out to be a ponzi scheme.  Woodbridge issued a statement at the end of May of 2023 that they were sending out checks in June of 2023. They were issued on June 12 2023 and on June 17 2023 my sister received her check.  As of August 15 2023 I have not received my check yet. Every time I call to find out something everyone points the finger towards someone else.  *** hasn't been much help  and Forge Trust plus Woodbridge liquidation trust are pointing fingers.  I have never had a problem before but it is going on 2 months. The check is over $1900 dollars.  

  

  Business Response

  Date: 08/18/2023

  Attached is Forge Trust's response to the follow-up regarding Complaint ID ********. As noted the check as been reissued and mailed by the ************************** & Trust (the managing entity of the Woodbridge Liquidation Trust) and will be posted to ******************** account ********************** as soon it is received. 

  If **************** wishes to have the funds distributed, here are the links:

  PDF link: **************************************************************

  DocuSign Link: **************************************************************?sign=1

  Sincerely,

  *******************

  Director of Compliance

  Customer Answer

  Date: 08/23/2023

   
  Complaint:  I keep getting the same line from everyone and company that is involved.  They keep saying that it was mailed out the previous week but still no check. Now they say that the check was mailed out on August 16th 2023. Now here it is August 23rd 2023 and no sign of a check. 
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 08/23/2023

  Hello,

  As explained in the two previous responses, the check you are waiting on was issued by your managing entity to the incorrect (prior) name and to an incorrect address. We worked with the managing entity to update the information for your account so that the stock could be re-issued and the check be re-issued. According to your managing entity the re-registration was completed on August 15, 2023, and was mailed the following day. The check has not been received and processed yet but I ********* will be processed and posted as soon as the documentation is received in the mail. 

• Initial Complaint

  Date:03/06/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Forge Trust sent me numerous emails saying I owed them money. I have no record of ever doing business with this company. The emails said I needed to log into my *******. I could not because I didnt have an ******* number. I finally called them and was told they changed names an I had an IRA ******* with them. I asked about the ******* and was told it had no funds but they had billed me for maintenance on the ******* for two years. I said I wanted the ******* closed immediately. They began asking me personal financial questions. I declined to answer. They said I would have yo fill out forms they mailed yo me. I received the forms: Distribution Form and Direct Deposit Authorization. Again they request Bank information, a cancelled check, Social Security number, etc. There is nothing about closing an *******. They have told me there are no funds so these forms just seem like a continued attempt to seize my information. I do not feel that billing for an empty ******* for two years is nothing but a scam.

  

  Business Response

  Date: 03/13/2023

  Please see attached letter. 

• Initial Complaint

  Date:01/12/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Forge Trust, (formerly IRA Services), was engaged by my then Financial Advisor to administer my self Directed **** in 2013. Their duties are to administer and safeguard the assets entrusted to them, approximately $250,000, including computing and paying to me a yearly Required Minimum Distribution. As of today, I have heard nothing from them regarding my 2022 Required Minimum Distribution (RMD). This is despite my analysis and numerous communications with them in which I informed them that it appears to me, that there are not sufficient liquid assets in the *** account for the **** I recommended that they apply to *** for a waiver of the 2022 RMD so that I would not be assessed penalties. I asked them to have their CPA contact me regarding the *** waiver. I have heard nothing from them regarding this important issue. JC

  

  Business Response

  Date: 01/23/2023

  Please see attached 

  Customer Answer

  Date: 01/24/2023

   
  Complaint: 18730351
  
  I am rejecting this response because:  The statement "...****************** was previously informed we could not sign the document he was requesting..." is untrue.  I never received any notice whatsoever about the waiver request I was suggesting from anyone other than a **************** representative.

  
  

  Nor did I receive ANY cogent, relevant communication about the problem til I received a phone call from Mr. ************************* Jan 20, 2023 re RMD penalties.  I researched the document he suggested, and it was regarding PAYING penalties, not obtaining a WAIVER.   

  
  

  Forge Trust has yet to provide me any communications from their CPA.   

  
  

  I would expect a more comprehensive investigation of the problem and a suggested solution, by Forge Trust, as they are the administrator, and are RESPONSIBLE for the payment of the RMD.  
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 01/30/2023

  Please see attached response. 

  Customer Answer

  Date: 01/31/2023

   
  Complaint: 18730351
  
  I am rejecting this response because:  I do not recall any detailed, useful previous communications from Forge Trust in the "Autumn" regarding this matter.  Forge Trust's Statement is below:

  "...in previous communications this Autumn Forge Trust has communicated, but not endorsed, the various means by which a Required Minimum Distribution may be satisfied when assets are illiquid..."

  
  

  Forge Trust, please resend the "...various means by which a Required Minimum Distribution may be satisfied when assets are illiquid..." and I will review your previous responses.   I recall nothing cogent.

  
  

  In addition, Forge Trust's statement that "...Forge Trust is a self-directed custodian of *** accounts..." is incomplete.  Any custodian of *** accounts has a responsibility to notify the client when it cannot meet it's requirement to distribute a Required Minimum Distribution (RMD) to the client.  

  
  

  Forge Trust did not disclose to me that it could not meet its requirement.  I had to bring the matter to their attention!

  
  

  I am happy to communicate directly with Forge Trust regarding this matter to work out a solution, but the responsibility to make an RMD, or inform the client if it cannot be made, belongs to Forge Trust.   

  
  Sincerely,
  
  *************************