Yet Another Ponzi Scheme
The Securities and Exchange Commission (SEC) recently filed a lawsuit against a Wyoming man, Dale Tenhulzen and his limited liability company “Live Wealthy Institute” alleging that Tenhulzen and Live Wealthy operated a real estate investment scam conning investors out of $170 million. The scam roped in over a 1,000 investors in 35 states. Most of the investors were elderly folks who liquidated their retirement funds for the purpose of investing. These poor victims were conned with promises of “8 to 10 percent returns” in a very “safe, stable” investment.
This alleged scam has all the hallmarks of a classic Ponzi scheme. REMEMBER: You simply cannot trust promises of “safety” and higher than market rates of return without totally and completely vetting the investment first with the help of a trained professional. Very, very few retired individuals on their own are capable of performing the necessary investigation into an investment of this nature to protect themselves. Con men know this. That is the reason these Ponzi schemes keep occurring.
Starr Austen & Miller has been representing investors since 1982. If you or a loved one believe that you have been conned by a bad stock broker, investment advisor, or some investment scam promoter, call the lawyers at Starr Austen for a free no obligation evaluation of your case.
Scott L. Starr