American Pension Services, APS goes into Receivership

[Scott McManus]

self-directed IRA custodian American pension services, AKA APS, went into receivership in April 2014. Over 1000 of us account holders have had our accounts frozen and face 10% lean on the account to cover a ponzu scheme that a man named De Clerk, (The owner and operator of APS), was running with cash in our accounts.

I personally open my account in December 2013, had done my due geologist by running searches on the Internetand found only positive comments on APS. I then opened my account and transferred $110,000 to my IRA account, and made a $100,000 purchase of a six Plex apartment building in the name of my IRA with APS has custodian. Four months later I learned that AP has had gone into receivership due to irregularities, fraudulent handling of customer accounts.

In late December 2013, APS At myDirection transferred $100,000 from my account into escrow to purchase the apartment building. I left 10,000 in my account to cover Account fees and unexpected cost you to the apartment building management. I now face an $11,000 lena guess my IRA, to help cover theft De Clerk had perpetrated against other account holders years before I even open my account.

Beware of self-directed IRA custodians. Do your due diligence. The bigger ones operate slowly and are very bureaucratic, but may be your better bet.

Scott McManus, CPA, CFP