You may have recourse but it is a slim possibility. Any financial advisor, even though a bank, should have told you that this was not the right course of action. See if you can have them write a letter, admitting they did not live up to their fiduciary responsibility, and send it to the IRS. I have personally seen this approach work. It may or may not again. They may sympathize with the fact that you did not know what you were doing and that you were not properly guided.
