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

[Dana Whicker]

From what I can find Curtis DeYoung is his name.  The court appointed receiver has submitted a plan where everyone that has an account there would get a 10% haircut.  Ironically, the thief did not use money from everyone's account, but it looks like everyone is going to pay.  It seems if you don't have cash in your account to cover, they expect you to sell assets.  That's harsh.