My Last Words on Sogoinvest

I transferred out from my Sogoinvest account, or Sogotrade as it is known now, last year. I was full of hope when I opened the account in 2006 but it didn’t turn out as well as I had wished. You can see some of the problems which I highlighted in my prior posts related to Sogoinvest HERE.

Anyway, in this post, I wanted to get two things off my chest before I close the chapter on Sogoinvest.

1. After one year, Sogoinvest still did not get the qualified dividends right. In April 2007, I complained to them that some of my dividends were incorrectly classified. I never received a satisfactory reply, other than the canned “we will look into it”. This same thing happened for the 1099-DIV form I received this year. All dividends were classified as “unqualified”. This time round, I did not even bother contacting them.

2. On Apr 4, 2008, just after I have completed my tax return, Sogoinvest sent out an email informing me that they have revised the 2007 1099-DIV and 1099 Summary forms. This correction is certainly very late in the tax season, coming just about 10 days before the tax deadline. By this time, many people would have already filed their returns, and these people would have to spend the time and possibly additional money to file an amendment. What is Sogoinvest thinking? Fortunately for me, the changes are minor and I have not sent out the tax return by that date.

In closing, I am certainly glad that I would not have to deal with Sogoinvest from now on.

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