SEC announces charges against IRA Custodian
The SEC announced charges against Equity Trust, a “Self Directed” IRA Custodian today: http://www.sec.gov/news/pressrelease/2015-121.html
The SEC makes the claim that Equity Trust actively promoted investments and/or turned a blind eye to obviously fraudulent investments that they facilitated as an IRA Custodian.
Permalink Submitted by Alan - IRA critic on Tue, 2015-06-16 18:43
Thanks for this post. I sort of expected that real estate holdings would be the source of SD IRA Custodian violations, but that was not the case with this one.
Permalink Submitted by Jose Morales on Tue, 2015-06-16 19:00
One of the fraudulent investments was promissory notes that were to be backed by real estate. People thought they were “crowdfunding” real estate transactions resulting in the purchase, improvement and flipping of property when in reality the issuer of the notes was just taking the money and spending it on themselves.