Mr. Houston:

Your company has been cognizant of my website since it’s inception three years ago.  Soon after publishing my first blog post, I received a call from a Principal Life Insurance Company attorney, advising if my website contained any information that was not truthful, he was instructed to pursue litigation for defamation.

My goal is not to destroy the financial well-being of Principal employees, nor the company itself, but to protect the financial well-being of hard working Americans through moral corporate governance and compliance.  Until Principal acknowledges, at least in part, their wrong-doing to investors this past decade, and makes a good faith effort to reconcile financially with those they have harmed, investors will be at risk for continued abuses from those we entrust most with our future security.

My blog posts have offered truthful and documented research that described illicit activities propagated by Principal over the past decade.  These activities  violate both State and Federal regulations.  My posts also prove Principal’s extreme lack of prudence in the management of 401(k) plan assets.  More explicit examples will follow until this matter is resolved.  This letter is not intended to belabor your misdeeds, nor should you defend your actions under some twisted language of the “law” that you may believe exonerates Principal of stealing investor’s money.

I am offering you an opportunity to expunge the public record of all activities involving your predecessor and yourself found on my website, through an arbitration agreement to bring closure.  The arbitrator will not be a fiduciary for either yourself, Principal, nor myself, the owner/publisher/writer of fiduciaryfactor.com.  The arbitrator will be chosen for his moral conviction that crime and corruption cannot prevail where compliance and ethics is a priority within an organization.  Mr Volkov has demonstrated a strong ethical standard, and has defended large corporate executives like yourself in major court-related criminal matters.  He should meet all standards required by your company to conduct this arbitration in an ethical and reasonable manner.  

If you concur with my offer to bring this matter to closure, contact Mr. Michael Volkov at his law firm in Washington, D.C..  His email is mvolkov@volkovlaw.com.   I have never spoken to Mr. Volkov, nor have I discussed this offer of arbitration in any form of communication with him.  I understand he is familiar with my website and blog, and that we share a common goal of preserving corporate governance and ethics in the corporate workplace.  By accepting this offer of resolution, you will find yourself in good company.  I will copy this letter to Mr. Volkov and to yourself by email; if Mr. Volkov fails to respond, I will also assume you have refused to accept this offer of arbitration.  I ask that you do not, nor any representative of Principal, contact this writer directly. 

Respectfully,

Dennis Myhre, AIC

 

Posted by Dennis Myhre

Beginning in 1968, Dennis Myhre has enjoyed a successful career in investigative research, including involvement in several specialty assignments such as the investigation of transport related damages to new production motor vehicles originating from Detroit. His team related research formed the foundation of car hauler designs still in use today by the rail transport industry. Other successful investigations include identifying two major recreational vehicle manufacturer's safety violations and the short selling of investment products by a Registered Investment Adviser. Dennis' early career as a claims investigator included specialized training and active employment in pre-trial investigations on behalf of defense firms, accident reconstruction, and major loss settlements. In 1991, he and his wife Audrey contracted with a major catastrophe services organization, and for the next 20 years, worked as adjusters and supervised adjusters, resolving thousands of claims involving virtually every major national disaster, beginning with Hurricane Andrew. Beginning in the early 1990's, their employer offered a 401(k) Plan with Principal Life Insurance Company, and for the next 16 years, Dennis and Audrey contributed the maximum allowable into the Plan. In early 2008, they transferred their entire retirement savings into the Principal U.S. Property Separate Account, a fixed income account offered by Principal. On September 26, 2008, a withdrawal restriction was announced, and withdrawals were restricted for the next three years. Both Dennis and Audrey were 65 years of age, and they were convinced the plan definition of retirement would permit them to withdraw their funds and continue to work. After several months of discussion with Principal, the Myhre's were notified that Principal had "redefined" the definition of retirement to include separation of service. Reluctantly, Dennis and Audrey were both forced to resign their positions with their employer to recover their remaining account balances. Between September 26, 2008 and December 31, 2009, the net asset value of U.S. Property Separate Account plummeted by almost 50%. Through exhaustive research, Myhre has since uncovered self dealing and fraud involving Principal's activities during the account withdrawal restriction, and his research was brought to the attention of both the Department of Labor and Principal's Chief of Compliance, with no action taken by either party. Because of the lack of enforcement of ERISA regulations by the Department of Labor, this website is intended to educate investors of the pitfalls of investing in separate accounts offered by insurance companies.