Larry Williams spent two decades building a three million dollar nest egg with Edward Jones, but when the 86 year old former IBM salesman tried to access his own money, he found himself locked out of his account. What began as a simple request for withdrawal spiraled into a bizarre confrontation at the firm’s Dallas office on Belt Line Road, where employees allegedly questioned Williams’ mental competence and suggested he might be falling victim to a scam.
According to Williams, the situation took an absurd turn when staff members implied that his requested funds could potentially be used to finance terrorist organizations. Despite offering to undergo cognitive testing to prove he was not suffering from dementia, Williams says he was met with resistance. When he explained that he intended to use the money for emergency savings, monthly bills and aiding distressed family members, he claims an employee told him she was locking him down because she suspected his family was taking advantage of him.
The struggle for control over his assets became a bureaucratic nightmare involving a demand for seven different identification documents. Even after producing six of them, Williams was told it wasn’t enough. As a deacon at Prestonwood Baptist Church who manages ushers and teaches Sunday school, Williams argues that his active community role contradicts any notion that he is mentally unfit to manage his finances. While federal and state laws do allow firms to freeze accounts to prevent elder abuse or fraud, Williams describes the experience as entirely insane.
After months of frustration and failed attempts to move his portfolio to Merrill Lynch, progress only arrived once investigative journalists stepped in. Following inquiries from The Watchdog at The Dallas Morning News, Edward Jones finally approved a transfer of the funds. However, victory remains partial; Williams recently reported that while some movement has occurred, only about half of his total account balance has actually been transferred to his new firm.