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Instead she recommended an imprudent investment strategy that earned fees and commissions for her company but wrecked his inheritance, Wilkinson, a former Wells Fargo client, claimed in a FINRA arbitration proceeding against the bank. Margin loan Ostendarp also placed him in a margin loan account, which gave him the ability to write checks.

What Wilkinson didn't understand—and wasn't told—was that each time he wrote a check he was, in fact, borrowing money against the value of the securities held in his brokerage account, according to the arbitration filing.

He had also paid for his sons' tuition, back child support and other expenses, again not realizing that he was borrowing money to pay for these things. Neither Ostendarp nor her attorney, Demian Betz, an in-house attorney at Wells Fargo, had any comment. Because the value of the portfolio could not cover what Wilkinson had wells fargo advisors brokerage account fees borrowed, Ostendarp had to sell off securities to pay off the heavily margined account.

Despite the decline, Ostendarp continued to assure Wilkinson that everything was fine and that he should "stay the course" and "trust her," Place said in the wells fargo advisors brokerage account fees filing.

In fact, in SeptemberOstendarp sent Wilkinson a letter wishing him a happy 55th birthday and recommending that he "go out and buy himself the little speedster he'd always dreamt about," Place said.

In MayOstendarp dropped Wilkinson as a client. Triple dipping Place rebuked Wells Fargo and Ostendarp for "triple dipping" on Wilkinson's inheritance, noting that Ostendarp earned over 3.

In short, Wells fargo advisors brokerage account fees Fargo was "motivated by earning fee and commission revenue rather than ensuring Drew met his objectives," Place argued. Place noted that Wilkinson could have bought his farm in cash had Ostendarp not tied up all his money in mutual funds and put him in a situation where he unknowingly was borrowing funds on margin.

As a result, he wound up paying Place summed up the saddest aspect of Wilkinson's story: Now he's on food stamps," Place said.

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At that time, you may have to pay more tax on the money - on top of the withholding tax. Learn more about the rules and consequences of taking money out of your RRSP. This article describes how the amounts are calculated. It also describes the tax implications if you take more than the minimum amount.