EQUITY TRUST EMPLOYEE STEALS FROM THEIR CUSTOMERS

http://www.fbi.gov/minneapolis/press-releases/2013/sioux-falls-man-pleads-guilty-to-wire-fraud As all of you know, I am not a fan of Self-Directed IRAs. I am not a fan because the administrators and custodians that "manage" them actually do very little, charge hefty fees and use their adhesion contracts to negate any liability on their part- even for fraud.  So you can imagine my surprise when I read the above story about an Equity Trust employee in South Dakota who through the knowledge gained working at Equity Trust assumed the identity of Equity Trust customers and took their money!

How in the world could that happen? Because if you read Equity Trust's website you will see that they are compliant, secure, have the best employees and are heavily regulated.  Yet their own employee took the retirement monies of their customers and they processed the transactions!

If I were an Equity Trust customer, I would be very, very concerned about my account.

The cases that I deal with concern Ponzi schemers who perpetuate investment fraud through Self-Directed IRAs.  But this story takes it to a whole new level.

And those of you who still  have money left or a viable investment at Equity Trust- should take this as a warning.  All the best, Cathy