A stranger persuades your dad to withdraw his 401(k) savings, promising a lucrative investment, a guaranteed return, or a way to protect his money. Then the stranger disappears, and your dad discovers that his retirement account has funded someone else’s life.
Can the family recover the money? Sometimes, yes, but the answer depends heavily on where the money went, how the transaction happened, and how quickly someone responds. A completed withdrawal creates a different problem from an unauthorized account transfer, and a payment to a scammer creates another set of challenges.
