Horror story - self directed IRA. Any advice?

[Carol Donaldson]

All,

I am baffled beyond belief about a continuing critical issue with a self directed IRA I've opened. I won't share the name of the company in this post, but you can contact me directly if you would like to know the name.

Here's the overview - two separate deposits into my SDIRA and they will not release any funds for me to purchase property.

Details:

Did one transfer of my pension plan (company pension plan - not IRA or 401K), to the SDIRA (self directed IRA). Sent then the actual check I received and emailed the accompanying description of the check that included the category of distribution, indication that taxable amount was $0, the distribution amount etc. etc.

Did a second transfer from an IRA held by a world renowned Investment company that was a direct wire transfer. Wire transfer had all pertinent information about the type of funds. Also sent the SDIRA a copy of my IRA statement that showed type of funds, etc.

Currently:

SDIRA will not release funds.  Now - they've taken out their "fee" - for receiving both of these deposits - but indicate that the won't release them for purchase due to needing more documentation beyond the statements I've sent.  

I have sent them everything I have received. The SDIRA wants "custodian" statements but neither company has ever had to provided anything but the type of statements they've already provided. Both my previous pension plan company and IRA funds from the world renowned investment company, are completely perplexed about what possible information could be needed as they have provided everything every other SDIRA company that they have dealt with in the past has requested

The SDIRA refuses to contact either company about the funds.  Now a company that has over a "billion" in assets can't reach out to my previous employer to verify the type of funds?  But I see that they already took out their "fee" for processing my deposits.  

Plus when I indicated that if they can't execute the deal, I'd have to remove my funds from their company as I can't keep my money tied up - the managing sales rep told me that it wouldn't matter to them since they have over a billion dollars in assets.  I told him I would have to withdraw my funds and that's when he said that as soon as I do that, they will forward a 1099 to the IRS - and verbatim - "Did I want the IRS to come after me with a 1099"?  This company is a nightmare.   Nothing short of it. 

Any advice from anyone that has encountered anything like this?   Have I just completely blown my retirement savings with this company?

-Carol