My husband and I have been steadfast supporters of education savings since 2004, investing in Utah’s my529 plan for our grandchildren’s future. Year after year, we contributed an initial $4,000 per grandchild and continued with annual investments. Over two decades, our dedication built a mid-six-figure nest egg.
We always trusted the routine: quarterly statements provided by my529 assured us our investments were secure. That trust was shattered in early October 2024 when I unexpectedly received a check for $28,000. After a discussion with the Fraud Department at my529, we learned that between June 7 and October 23, 2024, all three of our grandchildren’s accounts had been completely drained, totaling a staggering loss of $366,000. We are currently working in coordination with Detective Cohen of the Sumter police.
What makes this case even more alarming is the silence we experienced for 20 years. In that entire period, aside from our regular quarterly statements, we received no alerts—no phone calls, emails, or letters—warning us of any suspicious activity. Yet, in a matter of just two months, $125,000 vanished from our granddaughter’s account—an amount that could have covered two years of tuition at a prestigious university. Similarly, our older grandson’s account suffered a loss of $74,500.
Our story raises urgent questions about the oversight and security protocols of my529—a company trusted by families to safeguard their future. We believe this case highlights a potential vulnerability that could affect many others in our community.
Mauri Buchanan is a resident of Sunbury at Glenbrook.