Lerman Law Firm Applauds WPTV Consumer Watchdog Jenn Strathman's Warning on Home Improvement Contracts

Cathy Lerman, principal of the Lerman Law Firm, has issued  a press release praising the work of Jenn Strathman, WPTV Consumer Watchdog, for her two part series on home improvement contracts and tips on what the consumer should be watchful for when signing these contracts.  Jenn used as an example, RENUEN (RENU) a solar contractor with many complaints who had contracted with two elderly women that Jenn interviewed.  Neither of the Renuen systems worked as promised, they were not permitted and these elderly women  did not receive the promised rebates-until they appeared on WPTV and then the company CEO, Jeffrey Nemes,  offered to pay part or all of them through RENUEN! Let this be a lesson to the consumer, particularly our senior consumers, DO NOT SIGN ANYTHING WITHOUT A LAWYER REVIEWING IT!  There are too many fraudsters in south Florida that prey on the elderly.   Senior citizens must stay vigilant and have an attorney review any contract they are signing that involves significant rights-like the right of Renuen to lien their home!  This is a CONSUMER ALERT THAT EVERYONE SHOULD PAY ATTENTION TO.

The link to our Press Release on Jenn's two part series is below:

 

http://www.prweb.com/releases/2014/lerman-law-firm/prweb12225944.htm

RENUEN IS RUINED-WPTV'S CONSUMER WATCHDOG JENN STRATHMAN REVEALS THE RENUEN HOAX

HERE IS LINK TO PART 1 OF JENN STRATHMAN'S IN DEPTH COVERAGE OF THE RENUEN SOLAR ENERGY HOAX  TARGETING THE ELDERLY WITH SOLAR PRODUCTS THAT DON'T WORK, REBATES THAT DON'T EXIST, UNPERMITTED ILLEGAL CONSTRUCTION AND PROMISES OF ZERO OUT OF POCKET COSTS UNFOUNDED.   

PART II OF JENN'S IN DEPTH ANALYSIS WILL AIR TONIGHT AT 6 PM ON WPTV.  DON'T MISS IT!!!!  A  LINK FROM LAST NIGHT'S TELECAST IS BELOW:

http://www.wptv.com/money/consumer/energy-solutions-of-florida-renuen-customers-question-promises-of-savings-ceo-blames-salesmen

CONSUMER AND ELDER ABUSE FRAUD ALERT ON RENUEN CORPORATION (OTC: RENU)-PLEASE READ

If you are a victim of Renuen Corporation please call the Florida Attorney General Fraud Hotline at 866-966-7226 and CALL YOUR LOCAL FBI OFFICE TO REPORT THIS.  ALSO REPORT THEM TO YOUR LOCAL BBB AND COUNTY/CITY CONTRACTOR LICENSING BOARD.

The CEO of RENUEN, JEFFREY CHARLES NEMES A/K/A  J. CHARLES NEMES A/K/A  JEFF NEMES IS A FORMER POLICE OFFICER AND

DO NOT PAY RENUEN ANY MONEY AND DO NOT SIGN ANY DOCUMENTS FOR THEM. THESE JOBS ARE ALL FAKE, NOT PERMITTED, THE EQUIPMENT IS NOT USABLE AND THE ENTIRE SOLAR SYSTEM SALE IS A SCAM.

 

THE ENTIRE COMPANY IS A SCAM AND IS IN THE NATURE OF A PONZI SCHEME.

FINANCIAL EXPLOITATION OF THE ELDERLY BY PONZI SCHEMERS

I am going to disagree, somewhat, with articles analyzing financial exploitation of the elderly, as it relates to frauds perpetrated by Ponzi Schemers.  I have noticed a pattern of conduct by the Fraudsters in these cases and it differs somewhat from the characteristics normally attributed to persons engaged in financial exploitation and abuse of the elderly. First, senior abuse in this country is a $2.9 billion "industry."  I call it an "industry" because it is the method through which thousands of people earn a living each year.  I am not being facetious.  There are thousands of people in the U.S.  right now who are making a living by preying on the elderly for years or even decades through investment frauds and Ponzi schemes. These individuals do not fit the typical description of "financial elder abusers" depicted by regulators and other advocates of the elderly.

Second, in my experience, many investment fraud promoters targeting the elderly are sociopathic individuals who carefully select their targets not because of the weakness or mental incapacity of the elder target but rather just the opposite.  Many elderly victims are targeted by the Fraudster because they had large retirement accounts, were still very active and engaged in making decisions concerning their financial investments, and the targets shared some "affinity," meaning a like attribute or characteristic, with the Fraudster.

Many Ponzi Schemers are focused on elders or senior citizens who have large sums of money sitting idly in the stock market or other investments and are unhappy with their returns or even losses on their investments.  These elders are financially savvy people who understand investment risks and losses.  But these elders are unaware, as are most other investors regardless of age, that certain investment vehicles facilitate investment fraud and provide no protection to the unsuspecting investor and that they are a common target for Fraud Promoters.

Third, elders who are financially exploited by Ponzi Schemers and Fraud Promoters are often attracted by the Fraudster's claims of above average returns on investments, extraordinary personal investment success, limited possibility of participation in the investment scheme to entice interest, and "guaranteed" investment income. The Fraud Promoter or Ponzi Schemer may also be of the same race, religion, or cultural background as their elder targets which causes the elder to trust the Fraud Promoter and turn over total control of their investment account to them.  We all feel more comfortable with people we view as "like" us and Ponzi Schemers are acutely aware of that.

So these elder victims of financial exploitation are not the typical senior citizen victims of undue influence due to diminished capacity or "free lunch" elder exploitations.  By gaining the trust and confidence of the elder target, the Fraud Promoter is able to gain total control of the elder's investment account.

Those of you who read my Blog regularly have probably already read one too many articles on the use of self-directed IRAs by Ponzi Schemers to perpetuate investment frauds so I will leave that subject for another day.  But suffice it to say that self-directed IRAs are used routinely by Ponzi Schemers to swindle the elderly just like other investors because use of the self-directed IRA makes perpetuating the fraud much easier.

The point of this article is simple-don't assume if your elderly parent, relative or friend is still active and manages their financial affairs that they cannot become a target and eventual victim of Fraudsters.  I have talked to hundreds of elderly investment fraud victims who were fully capable of managing their own affairs-but still got swindled.  Just a word to the wise...

 

 

You Need to Know the Dirty Little Secret Grandma and Grandpa Are Hiding -Financial Elder Abuse Alert

Do you know if your Grandma and Grandpa still have money left in their retirement account to assure their well-being until their death?  If you don't, then you need to start asking some questions particularly if Grandma and Grandpa held their retirement savings in a self-directed IRA (SDIRA). After speaking to many victims of fraud promoters and Ponzi Schemers who are over 60 and many in their 70s and 80s, the number of fraudulent investment schemes preying on and targetting the elderly appears to be skyrocketing across the country.  And that is a real problem because much like those victims of affinity fraud who are hesitant to even admit they have been defrauded, seniors are particularly unlikely to tell anyone about being scammed but particularly their own family. 

The reason for that is very simple.  As one 82 year old man told me-"they will have me in a nursing home tomorrow if they find out I lost my retirement money in a Ponzi scheme.  They will think I am incapable of taking care of myself and all of my independence will be taken away."  Are you listening relatives? 

There is a unspoken belief among our population that if a senior, meaning someone 65 or over, invests in a Ponzi scheme and loses their money it is because they are incompetent.  Really?  Because I talk to 30 and 40 year olds who invested in Ponzi schemes and lost all of their money and they were never deemed incompetent for making the investment.  So why is a senior treated differently?

I believe that the reason why financial elder abuse through fraudulent investment schemes is skyrocketing is because of this dirty little secret that everyone knows and no one talks about. There is a big difference between being fooled and being foolish.  Fraudsters know how to swindle smart people-look at the Bernie Madoff victims or the Scott Rothstein victims.  These Ponzi schemers stold the money of millionaires but I didn't read in any court filings or news reports that it was because  the investors were incompetent to manage their personal affairs. No, they were simply scammed.

I encourage organizations such as the AARP to educate the public about these schemes and remove the shame prohibiting disclosure.  I also encouage all of you to talk to the elderly members of your family and make sure they are not an undisclosed victim.  We can't help people that we don't know have been swindled.  Don't let the fraudsters get away because their victims are afraid to speak.  Communicate and Educate People about this Dirty Little Secret of the Elderly.