JULY 23, 2014
On July 23, 2014, the Court considered and ruled on the following:
Motion for Authorization to Submit Liquidation Plan on August 22, 2014 filed by the Receiver. The Court granted the Motion, and the Receiver will submit a Liquidation Plan on or before August 22, 2014.
Motion for Preliminary Injunction filed by the Securities and Exchange Commission. The Court granted the Motion and issued a Preliminary Injunction, effective immediately.
Motion to Dissolve Temporary Restraining Order and Suspend or Dissolve Order Appointing Receiver filed by Curtis DeYoung. The Court denied the Motion and the Order Appointing Receiver, Freezing Assets and Other Relief remains in full effect.
APRIL 25, 2014
NOTICE OF RECEIVERSHIP – AMERICAN PENSION SERVICES, INC. AND CURTIS DeYOUNG
On April 24, 2014, the federal court in Salt Lake City placed APS under the control of a Receiver in order to protect the assets of retirement accounts held by APS as custodian. The Court’s Order appointing the Receiver grants the Receiver full power and authority over all APS operations.
The Receiver’s appointment was made at the request of the U.S. Securities & Exchange Commission (“SEC") in a lawsuit the SEC filed against APS and its principal, Curtis de Young. In its Complaint, the SEC alleges that APS has violated U.S. securities laws through the theft of customer funds, the placement of unauthorized investments, forged direction letters, and inflated asset values. The Court also issued a Temporary Restraining Order which prohibits any further violation of securities laws.
The primary job of the Receiver is to protect the assets held by APS as custodian. To assist in that process, the Court has ordered an Asset Freeze of all APS assets, including assets held in accounts as to which APS is custodian. This will cause account holders some short term inconvenience, but will enable us to assess the situation within APS and take the necessary steps to protect assets before operations recommence. We ask that you please be patient as that process continues.
The Receiver has established this website to be the primary vehicle for communication with account holders. Currently, the Court has sealed the case file, but once the documents are made public, the Complaint, Temporary Restraining Order, Order Appointing Receiver, and any other applicable documents will be available through this website.
Please be assured that, despite the immediate inconvenience, the receivership’s mission is to protect account holders and their retirement assets.