As you know, our law firm, along with a team of various firms across the country, are filing lawsuits against custodians/administrators of Self-Directed IRAs ("SDIRA"). These lawsuits are based upon allegations that the SDIRA Custodians/Administrators facilitated, protected, extended the life of and, in some cases, actually participated in the Ponzi schemes. I have personally received emails and phone calls from hundreds of victims across the United States who are seeking legal representation for hundreds of Ponzi schemes of which they are victims. Most are elderly victims who lost their life savings. Our legal team has been deluged with requests by victims who want to serve as class representatives for one of our class actions against these SDIRA custodians/administrators. At this time we are maintaining a database of class representatives. However, we cannot guarantee a specific time in which we will be able to file cases on behalf of all of these victims which run into the tens of thousands.
So I wanted to make sure all of you who are victims take action to make sure that state and federal authorities are aware of these Ponzi schemes and the custodians who were involved. All of you who are victims of a Ponzi scheme or fraudulent investment scheme involving a SDIRA should do the following:
1. Go the SEC website, www.sec.gov., go to sec.gov/complaint. You will see a link for an online complaint form or an address and fax number to send in your complaint. There is a team of SEC investigators who are assigned to intake these complaints and review them. The more victims that file complaints the more likely it is that your complaint will be investigated. I encourage everyone to do this immediately.
2. Google your state securities regulators. Go to their website. Most have an online complaint form. If not, call them and find out how to file a complaint. But file complaint!
3. File a complaint with your state Attorney General. All state AGs have complaint forms that can be sent online, via fax or via mail.
4. Write your state and federal legislators and tell them your story. We must adopt stricter laws governing these Custodians/Administrators and they need strict scrutiny by a regulatory body that can impose both civil and criminal sanctions on them, their officers and directors for their participation in Ponzi schemes and fraudulent investment schemes.
BUT YOU MUST FILE A COMPLAINT IN ORDER TO GET THE ASSISTANCE OF ONE OR MORE OF THESE AGENCIES. FILE A COMPLAINT WITH ALL OF THEM.
GOOD LUCK AND JUST KNOW THAT OUR TEAMS ARE WORKING DILIGENTLY TO BRING THESE SDIRA CUSTODIANS/ADMINISTRATORS TO JUSTICE BUT THEY HAVE BEEN ABLE TO GET AWAY WITH THIS FOR DECADES.
UNFORTUNATELY THE COURTS HAVE BEEN FOOLED INTO BELIEVING THAT THEY REALLY ACT AS "PASSIVE CUSTODIANS" AND HAVE PERMITTED THEM TO ESCAPE LIABILITY FOR THEIR OWN FRAUD AND WRONGDOING THROUGH THEIR SDIRA CONTRACTS .
SDIRA CUSTODIANS/ADMINISTRATORS ARE THE ONLY COMMERCIAL INDUSTRY IN THE UNITED STATES THAT HAVE BEEN PERMITTED TO CONTRACT AWAY THEIR OWN LIABILITY FOR FRAUD, INVESTMENT FRAUD, AIDING AND ABETTING PONZI SCHEMES, CHARGING ILLEGAL AND EXCESSIVE FEES, FAILURE TO PERFORM THE SERVICES SPECIFIED IN THEIR CONTRACTS, VIOLATION OF THE IRS CODE, PERJURY IN THE FILING OF IRS DISCLOSURES, ETC.
IF YOU WANT THIS TO STOP YOU MUST SPEAK UP!