Sooner or later it was bound to happen with these so called “Reverse Pension” plans. Millions of dollars of investors’ money is taken in, but apparently none has ever been paid out. You can read all about it in this news release.
“Federal agents seized more than $1.1 million from a self-proclaimed pastor in Norfolk who is under investigation in an international investment fraud scheme, according to court filings unsealed this week.” The Virginia Pilot
We have not mentioned GPIT by name before, because there are way too many of these reverse pensions sprouting up all over the place. While we did not write about them, we were aware that there was a connection to Global Pension Plan. According to Benjamin Seigler, the man behind GPIT, this was where the investors’ money was supposedly going to.
Global Pension Plan has denied having any connections to Benjamin Seigler and GPIT; however, it must be noted that GPP has not paid out to any of its members either. Be as it may, the domino effect has started with the fall of GPIT. Connections or no connections, GPP is mentioned by name and be assured that GPP and all other reverse pensions are on the radars of various government organizations.
There are several possible scenarios that will come out of this and none bodes well for the investors. A chain of events has now started. For fear of prosecution, the outright scams will start to close one by one citing government intervention and disappear with investors’ money.
Some will remain steadfast and continue collecting funds claiming jurisdictional protection. While this may be true, it does not mean they are not operating a scheme to defraud the international public.
There is only one way for the government agencies to back down from investigating all the reverse pension programs out there. One must pay out soon. It is a miracle that members of these programs are hoping for, but unfortunately, time now is definitely not on their side.
Did you like this article?
Submitted By 
's
