| By
Gary Scott
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
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. |
