Here is a story of a commonwealth trust scam rip-off loss one of the three types of scams we have been following.

We have been studying three types of scams, (Ponzi, African Sob Stories and Offshore Trust Rackets). Recently an email member asked about a commonwealth trust scam rip-off by sending me the following question.

Commonwealth Trust Scam Rip-off Question

“Gary, THANK YOU for what you are doing to help us GROW IN THE RIGHT KNOWLEDGE that is a must nowadays!

I found your recent info on TRUST very important to me. CAN YOU E-MAIL ME your smarts about the “COMMON WEALTH TRUST”? Is this one a SECURE one to invest your money in? IS IT A STRONG ONE?

YOUR REPLY IN VERY MUCH NEEDED HERE, AND MOST APPRECIATED
Respectfully, “WORRIED”

Commonwealth Trust Scam Rip-off Reply

Here was my reply.

“Esther, I believe you will find the term Commonwealth trusts are used by promoters who offer trusts under false conditions and that if scrutinized they will not work. I am passing this to our legal advisors Joe Cox and Leslie Share who are attorneys to confirm this. Be careful!”

Commonwealth Trust Scam Rip-off Views

Both the eClub advisors replied within the day. Here is their view of commonwealth trust scam rip-off deals:

“Gary–I’m not familiar with the term “commonwealth trust” specifically (other than the Delaware trust company with that name). However, if this is another name for the notorious “pure trust” or “constitutional trust” (i.e., old wine in a new bottle), it’s obviously a scam.

Leslie A. Share, Esq.
Packman Neuwahl & Rosenberg
las@pnrlaw.com

Joe Cox added his advise as well.

“Gary, you are correct. These trusts offer NO advantage and are used by promoters.”

Joe Cox
Cox & Nici
jcox@coxnici.com

Commonwealth Trust Scam Rip-off Sad Ending

The ending of this exchange brought bittersweet news when the reader wrote to us again.

“THANKS AGAIN HERE GARY: Lesile A. Share is VERY CORRECT, THIS IS A “PURE TRUST ORGANIZATION”, the name of this company that provides this trust service is called COMMONWEALTH TRUST COMPANY.

“THANK YOU for supplying me with feed back on my question about the “COMMONWEALTH TRUST” in such an expeditious manner!!

“Tell EVERY READER that we are truly fortunate to be where we are RIGHT NOW….with Mr. Gary A. Scott!!

Over the past years we have been fed so much of misinformation on trusts it is unreal!!! Not to mention the loss of hard earned monies. We are just BLESSED beyond measures by YOUR HELP, and this can NEVER be over stated! I paid $2,525.00 for one in 1999, and was planning this year to establish my IBC which would have cost me $5,700.00. Then this so- called COMMONWEALTH COMPANY” OFFERED a Private Trust Company for about the same price as the “Common Wealth Trust”!

Gary, PLEASE DIRECT me to someone whom you have CONFIDENCE in, that can implement a GOOD, SECURE, AND STRONG TRUST. One that can WITHIN STAND AN ATTACK by the system as we NOW know it! Securing my family’s future in of the UPMOST IMPORTANCE to me! Also my every day doing business, I am much comfortable operating through a trust, and keeping everything out of my
name. PLEASE DO share my questions of concern about this type of trust with all YOUR READERS, because I know for a fact a lot of us hav really been “HAD” out here in California with just this “MESS”!! THANK YOU AGAIN, and awaiting your info on a good contact source to do my trust over again! Signed, Worried.”

This is bittersweet because we hate to see our reader lose $2,525 setting up this trust, but are delighted we helped her avoid losing another $5,700.

Commonwealth Trust Scam Rip-off Sweetness

More sweet is the fact that this information may help her avoid going to jail! The IRS has taken a very aggressive stance on these promoters and their clients even if they are innocent victims. Her risk would have been that when the IRS strikes against Commonwealth Trust, they will get the client list and investigate (and prosecute) the clients using the trusts.

If you are looking at using trusts, overseas corporations and such be sure you have an experienced professional who advises you. I recommend our advisors, Joe Cox and Leslie Share. I have worked with them for nearly 20 years and cannot speak highly enough about them. If you are a reader please ask us when you have doubts about banking, corporate structure, etc. before you lay out your hard earned bucks!

Merri and I hope to meet you here on farm, but if you cannot make it, keep sending in your questions. We love being able to help!

Until next message, good global business and investing!

Gary

My novel the 65th Octave looks at scam protection issues. The hero is a scam catching expert who works for big banks. The book outlines why scams work and why suckers always lose. I recommend you read the book. It has some in depth economic information but is also a fast paced, fun read.

Order the 65th Octave at GaryScott.com

Sometimes one picture is worth a thousand words

scams

To avoid scams balance yourself in nature like this cabin at Gary and Merri Scott’s Merrily Farm where you are welcome to visit and stay Little Horse Creek.