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!
On Monday, there will be an announcement concerning Ephren Taylor. Please check my Blog as I will post it as soon as it becomes available. If you have information on Taylor's Ponzi scheme or anyone who helped him with the scheme, please contact me at 954-332-1143 or firstname.lastname@example.org. Our law firm along with the rest of the legal team will be suing those entities, such as Equity Trust Company, that facilitated Taylor's fraudulent investment schemes. If you have information that would assist us in these cases, please contact us immediately. A Big Thank You to everyone who has come forward and provided us with information on Taylor and Equity Trust Company.
PLEASE NOTE THAT WE HAVE INFORMATION THAT EPHREN AND MESHELLE TAYLOR HAVE INITIATED OTHER SCHEMES POSSIBLY INVOLVING IDENTITY THEFT AND CREDIT CARD FRAUD IN NEW YORK AND KANSAS. IF YOU HAVE INFORMATION ON THESE CURRENT SCHEMES THAT THE TAYLORS ARE INVOLVED IN, PLEASE REPORT THIS TO THE FBI IMMEDIATELY OR YOU MAY PROVIDE THIS INFORMATION TO MY OFFICE AND I WILL MAKE SURE THAT IT IS REPORTED TO LAW ENFORCEMENT.
May God Bless All of the Taylors' Victims, Both New and Old !
And May God Put An End To This Decade Long Trail of Evil! Love to all, Cathy
By now you have probably read some of the many articles being published on affinity frauds, Ponzi schemes and other fraudulent investment schemes. It is the scam du jour. But have you thought about why Ponzi Schemers would be so attached to a particular investment vehicle or a particular vendor who sells administrative services to "facilitate" that investment vehicle? Well, let's examine the long term, happy marriage of Religious Affinity Fraudsters, Ponzi Schemers and Self-Directed IRA ("SDIRA") Custodians. I am guessing, fortunately, that Ponzi Schemers like to faciliate frauds that are easy, quick and not too labor intensive. They want their money fast and with little effort. For those of you that have opened a SDIRA, generally speaking, your experience was probably that it was an easy, relatively quick and a not too labor intensive process. Perfect! In fact, the SDIRA Custodians offer to fill out the paperwork to open your SDIRA account FOR YOU! From the Ponzi Schemers Perspective-All the better!
And the SDIRA Custodians advertise that your SDIRA investment is safe, secure, audited, and inspected so you have no worries about your investment. But Wait! Is that true? Read the fine print on your 20+ page 8 point type SDIRA Custodian contract and you will find that SDIRA Custodians are responsible for nothing. Nothing. In fact as the SDIRA owner YOU are responsible for everything including any wrongdoing by the SDIRA Custodian! But from the perspective of a Ponzi Schemer or Fraudster-Perfect! If the SDIRA Custodian has no liability for anything then they won't care that their customers are being scammed. And don't be silly-it will be years before their customers find out they have been scammed and they will be able to collect thousands of dollars in fees to manage an investment that does not exist. Absolutely Perfect!
So you open your SDIRA with the help of your friendly SDIRA Custodian, then the nice SDIRA Custodian wires your money to the Ponzi Schemer never to be seen again. But no worries the SDIRA Custodian periodically reports on the value of your SDIRA so you know exactly where your money is. But Wait, is that true? Of course not. The SDIRA Custodian may actually tell you what the value of your investment account is by asking the Ponzi Schemer who stold it and who will provide a false value to the SDIRA Custodian who will report i,t with a great deal of authenticity and credibility, to you, the poor victim. Perfect!
What could be easier than stealing money from an investor and then telling the investor/victim that not only is the money still there but it is increasing in value so the investor does not ask any further questions about their investment? Perfect! Acutally that is beyond "Perfect" because it permits a Ponzi Scheme to be perpetrated for years or decades without the victims even knowing they are victims! Awesome!
Finally, what happens when you, the poor victim, find out that your money is gone and your SDIRA is worthless? Why you, of course, will owe quite a few fees to the SDIRA Custodian in order them to change the value on your account and close it. The SDIRA Custodian will also tell you in no uncertain terms that they are not responsible for your investment, will not help you find out what happened to your money, and consider the Fraudster who swindled you their client. Perfect!
So now do you understand why Religious Affinity Fraudsters and Self-Directed IRA Custodians have a Marriage Made in Hell? YEP!
And now you understand the logic behind my Michael Jackson Lawsuit. Amen.
I am collecting information on self-directed IRA losses due to Ponzi schemes. If you have lost your investment savings due to an investment using a self-directed IRA please contact me. I would love to capture your story and use it on our blog to warn other investors.