SEC Charges Utah-Based Retirement Fund With Fraud, Freezes Assets

Reuters news by Avik Das and Suzanne Barlyn

U.S. securities regulators have charged a Utah-based retirement fund and its CEO with defrauding investors of millions of dollars and froze the fund’s assets.

The U.S. Securities and Exchange Commission said American Pension Services Inc and its founder and CEO Curtis DeYoung lost more than $22 million of investor funds on high-risk investments.

“This misconduct jeopardized retirement security for thousands of APS customers,” said Karen Martinez, director of the SEC’s Salt Lake Regional Office.

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Leaving IRA Assets in a Trust article by Sheyna Steiner

IRA-Trusts and individual retirement accounts are both complicated. When they converge — for instance, when someone names a trust as a beneficiary to an IRA — things can go very wrong and that can be very expensive.

“The first thing I tell clients to do is not to do it,” says attorney James Davis, a shareholder and practice leader at Gunster, a law firm in Fort Lauderdale, Fla.

“Trusts as beneficiaries of IRAs can be very complicated. If it is not done properly, immediate income tax consequences could result,” he says.

Here are some do’s and don’ts when considering naming a trust as your IRA beneficiary.

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