June 22, 2016
On June 21, 2016, the SEC filed a Request for Civil Penalties against Curtis DeYoung. The Request for Civil Penalties may be found under the "Documents" tab on the right-hand side of this page. The Request for Civil Penalties is in addition to the judgment entered by the Court on April 22, 2016.
June 22, 2016
The Tenth Circuit Court of Appeals has scheduled oral argument on the appeal of the First Utah Bank settlement. Oral argument is scheduled for September 20, 2016 in Denver, Colorado.
June 15, 2016
The Receiver continues to wind down the operations of
APS. Beginning on June 15, 2016, the Receiver will stop forwarding mail
received for transferred accounts to Equity Trust Company, but will instead
return that mail to the sender. This will allow the sender to update
their records to reflect the transfer of your account and mail any
correspondence directly to Equity in the future.
June 15, 2016
The Receiver has
recently contracted with Express Recovery Services for the collection of outstanding
management fees owed by APS customers. If you owe outstanding management
fees for your APS account, you may receive a call or correspondence from
Express Recovery Services. If you are contacted by Express Recovery,
please make the payment for your outstanding management fees directly to
Express Recovery. Additionally, you should direct all questions regarding
your management fees to Express Recovery, which may be contacted at (801)
June 15, 2016
Recently, certain APS customers received a letter in the
mail along with a document entitled "Contingent Repayment
Agreement." Those APS customers received this document as a result
of their decision on how to treat their loss allocation for 2015 tax
reporting. You do not need to do anything to respond to this letter or
the Contingent Repayment Agreement.
If you satisfied your loss allocation from assets within
your APS account, you did not receive this letter and Contingent Repayment
Agreement because the document was issued to your account and is being held by
your third-party administrator.
The Contingent Repayment Agreement is similar to an
unsecured promissory note. The amount that will be payable on that note
is contingent upon currently unknown future events. The Receiver is still
in the process of pursuing recovery of a number of claims and assets
("Receivership Assets"). The amount of any recovery is unknown,
as is the amount of any distributions. Thus, the Contingent Repayment
Agreement currently reflects the full value of your loss allocation.
Finally, for those clients who have their Contingent
Repayment Agreement being held by Equity Trust Company, if you elect to
transfer to another administrator, the Contingent Repayment Agreement is
written in such a way that it does not need to be re-registered.
As always, should you have questions, please feel free to
contact the Receiver at firstname.lastname@example.org.
June 15, 2016
Updated to the April 22, 2016 post:
On April 18, 2016, the SEC and Curtis DeYoung reached a
settlement. According to the settlement, Mr. DeYoung consented to a
judgment against him in the amount of $29,978,322.71. In addition to the
$29,978,322.71 judgment, the SEC intends to move the Court for additional
penalties. The judgment amount will be reduced by any amounts recovered
by the Receiver. Although a judgment has been entered against Mr.
DeYoung, this judgment has not been collected nor may it ever be
collected. The judgment provides an additional tool to the SEC and the
Receiver to continue to recover any assets of Mr. DeYoung for the benefit of
APS customers and the Receiver continues to work to recover as many
Receivership Assets as possible for the benefit of APS customers.
The documents related to this settlement have
been posted under the "Documents" tab on the right-hand side of this
April 22, 2016
On April 18, 2016, the SEC and Curtis DeYoung reached a settlement whereby Mr. DeYoung does not admit or deny the allegations made against him by the SEC, but consents to an Entry of Judgment against him in the amount of $29,978,322.71. This amount represents a disgorgement of $24,586,593.24 that represents profits gained as a result of the conduct alleged in the Complaint filed by the SEC, and $5,391,729.47 that represents prejudgment interest. This amount will be reduced by amounts collected by and credited to investors by the Court-appointed Receiver, which amount has yet to be determined. Mr. DeYoung will also be subject to a civil penalty to be determined by the Court. The documents related to the settlement have been posted under the "Documents" tab on the right-hand side of this page.
April 15, 2016
The opening brief and appendix for the appeal to the First Utah Bank settlement have been filed with the Tenth Circuit Court of Appeals. Copies of those documents are located under the Documents tab.
April 15, 2016
The Receiver has updated the Frequently Asked Questions page to address the contingent repayment agreement for those clients who have transferred from Equity Trust Company to a new administrator.
January 26, 2016
On January 19, 2016, a notice of appeal was filed by attorneys representing three clients that opposed the settlement agreement with First Utah Bank. The notice is posted under the "Documents" tab. You may also find a copy here. This appeal will significantly delay final approval of the settlement with First Utah Bank, and therefore delay the receipt of $5.5 million in cash to be used for potential distributions to APS account holders. The appeal may take several months to resolve and could reduce the amount of money available for distribution to each APS account owner. The Receiver will oppose the appeal and continue working to maximize the recovery of the APS account owners. The Receiver will also update the status and timeline of the appeal once more information becomes available.
January 25, 2016
The Receiver updated the Frequently Asked Questions document, located to the right of this page.
January 4, 2016
Dear APS Clients,
On December 23, 2015, Judge Robert A. Shelby of the United States District Court for the District of Utah approved the proposed settlement between the Receiver and First Utah Bank. In approving the settlement, Judge Shelby entered Findings of Fact, Conclusions of Law, and Order on Motions to: (1) Intervene; and (2) Approve Settlement with First Utah Bank and For a Claims Bar Order. A copy of these findings of fact are located on the "Documents" tab under the date they were signed (December 23, 2015). You may also obtain a copy of the findings of fact here. Judge Shelby also entered a Claims Bar Order related to First Utah Bank. A copy of this claims bar order is also located on the "Documents" tab. A copy of the Claims Bar Order can also be found here.
December 18, 2015
Dear APS Clients,
As of Friday, December 18, 2015, the APS office in Riverton, Utah has been closed. All mail, including payments, sent to APS at the Riverton, Utah address will e held at the post office and picked up by the Receiver or her staff. Please note, there may be a delay in processing your mail during this time. You may continue to reach the Receiver at email@example.com.
If you are attempting to access APS at www.americanpension.com, please note that the website is no longer active and all requests for that website have been directed to this Receivership website.
If your account has been transferred to Equity Trust Company, you may reach Equity Trust Company by mail at: 1 Equity Way, Westlake, Ohio 44145. You may also contact Equity Trust Company by phone at (844) 226-6436. The Receiver continues to work with Equity Trust Company to re-register the assets within your account accounts from APS to Equity Trust Company.
Should you have questions, please contact the Receiver at firstname.lastname@example.org.
October 14, 2015
The Receiver has mailed a letter to all clients that have made a payment for their loss allocation from funds outside of their self-directed account. The letter asks clients whether they would like to treat their loss allocation payment, or a portion thereof, as a contribution to their self-directed account.
Any client who intends to treat their loss allocation payment, or a portion of their loss allocation payment, as a contribution to their IRA and report such contribution on their tax returns MUST complete and return the letter by October 30, 2015. The letter must be RECEIVED by October 30, 2015 in order for the Receiver to treat your loss allocation payment, or a portion thereof, as a contribution to your retirement account. Clients who do not submit the letter by October 30, 2015 will not have their loss allocation reported as a contribution.
The Receiver has updated the Frequently Asked Questions link on the right-hand side of this page to answer some of the common questions asked regarding this letter. Please review the Frequently Asked Questions document. If you still have questions regarding the letter, you may e-mail email@example.com or phone (844) 226-6436.
October 13, 2015
The Receiver mailed Notice of her Motion and Memorandum to: (1) Approve Settlement with First Utah Bank; and (2) For a Claims Bar Order. If you did not receive this notice, please update your information by supplying a completed "Client Information Form" using the link on the right-hand side of this page.
The Receiver has also updated the Frequently Asked Questions document to answer some of the common questions asked regarding the recent motion to approve the bank settlement. Please review the Frequently Asked Questions document. If you still have questions regarding the motion to approve the bank settlement, you may e-mail firstname.lastname@example.org or phone (844) 226-6436.
September 24, 2015
On September 23, 2015, the Receiver filed a Motion and Memorandum to: (1) Approve Settlement with First Utah Bank; and (2) For a Claims Bar Order. On September 24, 2015, Judge Shelby signed an Order Regarding Notice Of and Time for Objections to the Motion and Memorandum to: (1) Approve Settlement with First Utah Bank; and (2) For a Claims Bar Order. A copy of each of these documents and the exhibits to the documents are located under the "Documents" link on this page.
Please note that any objections from APS clients to the proposed settlement must be RECEIVED by the Receiver no later than November 2, 2015. Any objection or response received after this date may not be included in the Receiver's submission of responses and objections to the Court. Also, according to the Court order, no objections or responses can be filed directly with the Court.
August 18, 2015
Dear APS Clients,
The Receiver recently received a letter from the Internal Revenue Service declining the request for tax guidance on payments related to the loss allocation. Accordingly, the United States District Court has now signed an order requiring all APS clients that have not yet transferred to Equity Trust Company to comply with the Plan of Liquidation, fund their loss allocation, and transfer to Equity Trust Company.
If you have not yet completed your transfer to Equity Trust Company, we recently sent you a letter and a copy of the order signed by Judge Shelby. The order is posted here for your reference. If you previously submitted your transfer paperwork, but still received a copy of this notice, please refer to any correspondence from the Receiver, as you likely have missing paperwork or insufficient funds to complete your transfer. If you need to liquidate assets to make your loss allocation, you must being that process now in order to complete all required steps to transfer your account by the final September 18, 2015 deadline. You may also make your loss allocation by check payable to American Pension Services.
The Receiver has also begun the process of transferring clients who have elected to await the private letter ruling from the IRS. For those clients with completed paperwork and sufficient funds within their APS accounts, the Receiver will use existing funds in your account to make your loss allocation and transfer your account to Equity Trust Company. If you are missing any items to complete your transfer, the Receiver will notify you of the missing items. It is imperative that you return any missing items and fund your loss allocation or liquidate assets by September 18, 2015. You may also make your loss allocation by check payable to American Pension Services. The tax treatment of loss allocations by the Receiver will be:
"not reporting a payment of cash outside the IRA account or liquidation of assets in order to pay the required loss allocation to the IRS as a contribution to, or distribution from, the individual accounts; . . . and liquidations should be treated as tax neutral."
Failure to complete the steps required to transfer your account to Equity Trust Company will result in the Receiver taking adverse action against your account. The adverse action is described in the Court's orders and could include: (1) selling or liquidating assets held in your account to fund your loss allocation; (2) imposing a lien on assets held in your account; (3) pursuing other collection actions as allowed by law; or (4) resigning as the administrator of your account and distributing any assets, which comes with adverse tax consequences.
Should you have any questions regarding the above, please contact email@example.com.
August 17, 2015
Judge Shelby signed an order relating to the funds interpleaded to the Court as part of the Management Solutions, Inc. receivership. Judge Shelby has released all funds interpleaded to the Court to APS. If you are awaiting these funds to make your loss allocation, the Receiver will proceed with the transfer upon receipt of the funds from the Court. If you have any questions, please contact firstname.lastname@example.org. A copy of the Court order is posted under the Documents tab.
July 31, 2015
The Receiver has filed her Fifth Quarterly Status Report of the Receiver. A copy of the Fifth Quarterly Status Report is posted under the Documents link.
July 9, 2015
As you are aware, the Receiver ceased normal APS business operations on July 1, 2015 to focus on the transition of APS client accoutns to Equity Trust Company. Due to the June 30, 2015 deadline for submitting transfer paperwork, the Receiver has received a large volume of client transfer packets. Because of the large volume of packets received, the Receiver and her staff are unable to answer whether we received your transfer documents at this time. If you have submitted your transfer paperwork, the Receiver will process the transfer of your account to Equity Trust Company. The Receiver will contact your if there are any missing items in your transfer paperwork. Please note, due to the large volume of packets received, it may take 4-6 weeks to complete the transfer of your account.
The Receiver is allowing limited transactions for APS clients. Those transactions are limited to the sale of an asset to create funds for the court-ordered loss allocation and certain bill payments related to assets. Equity Trust Company will be assisting the Receiver in those transactions. If you need to create liquidity in your account by making a transaction, please contact Equity Trust Company at
If you have not yet submitted your transfer paperwork, please do so as soon as possible to avoid potential action by the Receiver.
June 11, 2015
Under the Plan of Liquidation signed by the Court on February 27, 2015, all clients must submit their loss allocation and documents to transfer their accounts to Equity Trust Company by May 28, 2015. APS recently sent a letter to all clients that have not yet submitted their transfer documents and loss allocation. The letter states includes your account number, the balance of your account on April 25, 2014, and the amount of your loss allocation. The letter also contains a copy of the transfer documents you must complete and return to APS. A copy of those documents can be found on the "Documents" section of this website or may be found by clicking here. A generic form of the letter mailed to clients is also posted under the "Documents" link or may be found by clicking here.
The letter also clarifies those clients that qualify for an extension of the deadline to submit paperwork while they await notice regarding a private letter ruling from the IRS. Those clients who qualify to await notice regarding the private letter ruling must make an affirmative declaration that they are waiting. This must be done by completing a form enclosed with the letter.
Additionally, the Receiver will be holding a telephone conference for clients on June 18, 2015 where she and her team will answer any questions clients may have about the transfer process. You may submit a question for the conference call by e-mailing email@example.com no later than June 14, 2015. You must include "Question for June 18 Telephonic Tutorial" in the subject line.
Finally, failure to provide the appropriate transfer documents or affirmative declaration you are awaiting the notice regarding the private letter ruling by June 30, 2015 may result in adverse legal action by the Receiver.
May 8, 2015
APS has experienced a computer hardware issue that is affecting the APS 401(k) software. This issue is affecting the ability to view or update 401(k) account information via the APS / TSCI website. IT staff on site is working to revole the issue as quickly as possible. Additional information will be posted as it becomes available.
April 30, 2015
APS is experiencing issues with the IRA account access portion of their www.americanpension.com website. Clients are unable to access their account balance at this time. The problem has been identified and APS is working with their IT staff to resolve the issues. If you need assistance in accessing your account balance while the website is being repaired, please e-mail either firstname.lastname@example.org or email@example.com and they will be happy to assist you with your account balance.
April 27, 2015
APS received reports from clients regarding difficulties accessing their account balances on the APS website. APS has worked with its IT staff and has resolved the issues with account balance updates. Clients who still have trouble accessing their account balances should log off their APS account, clear their internet browser history, and log back in to their account. Additionally, APS is working to process account transfer packets as quickly as possible. Please note that once you have submitted your account transfer paperwork, the access to your account information on the APS website will be removed. This is part of the blackout period during the transfer of your account.
We apologize for any confusion or difficulties caused by the APS website issues. If you have attempted the steps above and still have difficulties, or need assistance in resetting your account password, please contact APS at (801) 571-0667.
April 7, 2015
APS has received a number of phone calls and emails from clients seeking additional information regarding Equity Trust Company. In order to better serve clients, Equity Trust Company has established a dedicated phone number for APS clients with questions about Equity Trust Company. Clients with questions about how their account(s) will be managed once transferred to Equity Trust Company or other questions regarding Equity Trust Company should call (844) 226-6436. Thank you.
March 31, 2015
The Receiver has updated the Frequently Asked Questions document to address questions related to the recent mailing sent by the Receiver. The Receiver has also posted the forms included in the packet recently mailed by the Receiver. Those forms may be found under the "Documents" link on this page.
March 6, 2015
Dear APS Client,
As you are likely aware, Judge Robert A. Shelby signed orders approving the Receiver's Amended Modified Plan of Liquidation and approving Equity Trust Company as the Successor Trustee. We appreciate the eagerness of clients wishing to make the transition from APS to Equity Trust Company, as the Receiver has already begun receiving emails and forms requesting we transfer their accounts. However, please DO NOT send forms at this time.
All clients will be receiving a package of information by both mail and e-mail in the near future. This package will contain a copy of the Amended Modified Plan of Liquidation, additional information from APS and Equity Trust Company regarding the transition, and updated and additional final forms with instructions on how to fill them out and where to return them.
The Receiver, APS, and Equity Trust Company must use a controlled process to properly transfer data, records and to track the loss allocation. We understand you are eager to transition your account and appreciate your patience as we work through this process.
March 3, 2015
The Receiver has updated the Frequently Asked Questions document to include questions and answers regarding the transition of accounts from APS to Equity Trust Company.
March 3, 2015
The United States Department of Justice sent an e-mail notification to all individuals identified by the FBI as victims of Mr. DeYoung's actions. The notice details victims' rights through the criminal proceedings, how future notices from the Department of Justice will be sent, and contact information regarding updates on the criminal proceedings. Mr. DeYoung is scheduled to make his first court appearance in the criminal case on March 25, 2015 before Magistrate Judge Evelyn J. Furse.
The Receiver is not involved in the criminal prosecution of Mr. DeYoung, but has posted a copy of the e-mail notice under the "Documents" link. If you did not receive the notification from the Department of Justice, please contact Georgene Doster, U.S. Department of Justice, Victim Witness Program at (801) 524-5682.
February 27, 2015
Judge Robert A. Shelby signed two orders. The first was the Order Granting the Receiver's Motion to Approve Successor Custodian/Administrator. The second was the Order Approving the Amended Modified Plan of Liquidation. Copies of both Orders are located under the "Documents" link.
Copies of the Amended Modified Plan of Liquidation, as well as additional communications will be mailed and e-mailed to clients in the near future.
February 26, 2015
On February 25, 2015, a federal grand jury indicted Mr. Curtis DeYoung on fifteen counts of mail fraud. The United States Department of Justice issued a press release regarding the indictment. Additionally, an article regarding the indictment was published in The Salt Lake Tribune. Copies of each are also published under the "Documents" link.
The Receiver is not involved in the criminal proceedings. The Receiver continues to operate APS under the supervision of the United States District Court. Should you have any questions regarding the criminal matter involving Mr. DeYoung, please contact the United States Attorney's Office for the District of Utah or the Salt Lake City office of the Federal Bureau of Investigation at SaltLakeCity@ic.fbi.com.
FAIR MARKET VALUATION FORM
Clients with self-directed IRA and 401(k) accounts are responsible to submit fair market valuations annually for each asset within their account(s). APS clients can find the Fair Market Valuation form here. A copy is also posted under the "Documents" link. This annual Fair Market Valuation for assets is for clients to accurately value assets within their account(s). By submitting this Fair Market Valuation form, clients may revalue their assets as of December 31, 2014. Clients must follow all directions listed on the Fair Market Valuation form. This Fair Market Valuation form is NOT FOR USE by clients seeking to revalue their accounts as of the April 24, 2014 Receivership Order.
Clients seeking to object to the valuation of their account as of April 24, 2014 for the purpose of the 10% loss allocation may submit appropriate forms once the Plan of Liquidation is approved by the Court. Clients will be notified by email, regular mail, and through this website once the Court approves the Plan of Liquidation. Additionally, Clients seeking to object to their account valuation as of April 24, 2014 must pay a non-refundable revaluation fee of $500.00 and submit all supporting documentation, pursuant to the Plan of Liquidation.
February 17, 2015
Judge Shelby signed an Order Denying the Motion to Intervene by Michelle DeYoung. A copy of the Order may be found under the "Documents" link.
February 13, 2015
The Court will hold a hearing on February 13, 2015 at 10:00 a.m. on a Motion to Intervene by Michelle DeYoung. The hearing will be held in Room 7.300 at the United States Federal Courthouse in Salt Lake City, Utah, located at 351 S. West Temple, Salt Lake City, UT 84101.
February 6, 2015
Judge Shelby signed an Amended Clarifying Order that lowered the 20% cash-to-asset ratio for investments within APS client accounts ("Liquidity Requirement") to 10%. Clients will now be required to maintain only a 10% cash balance before and after any proposed investment rather than a 20% cash balance. The other requirements of the May 21, 2014 Clarifying Order remain in effect. A copy of the Amended Clarifying Order may be found under the "Documents" link.
January 30, 2015
The Receiver filed her Third Quarterly Status Report with the Court. A copy of the document may be found under the "Documents" link.
January 28, 2015
American Pension Services, Inc. processed, reviewed, and mailed letters to all account holders that are turning 70.5 years old this year and to all account holders over the age of 70.5 regarding Minimum Required Distributions for their APS accounts.
January 26, 2015
American Pension Services, Inc. reviewed and completed all IRS Forms 1099 for distributions taken during the year 2014. IRS Forms 1099 were produced and mailed this week. APS clients should receive their IRS Form 1099 in the mail on or around February 1, 2015. APS clients that believe they should have received an IRS Form 1099 for a 2014 distribution but did not, please contact APS.
APS clients that believe their IRS Form 1099 contains an error and require an amendment to their form should contact APS in writing with supporting documentation, as well an explanation regarding the potential error.
January 20, 2015
Magistrate Judge Dustin B. Pead issued a Memorandum Decision and Order denying a Motion to Intervene filed by Millennia Investment Corp. A copy of the Decision and Order is located under the Documents link.
January 16, 2015
New documents have been posted that are PENDING COURT APPROVAL. To view, click on the documents link to the right.
December 17, 2014
A hearing on the Receiver's Proposed Modified Plan of Liquidation, dated December 5, 2014 (the "Plan") was held on December 17, 2014. Judge Robert J. Shelby indicated that he approved of the Plan with some minor modifications and the Receiver and her team are in the process of preparing an Order for Judge Shelby to sign. Once Judge Shelby has signed the Order, it will be posted immediately on this website. The Order will provide important information for APS clients regarding the APS clients' next steps, pertinent forms, and the related timeline.
Court Date: December 17, 2014 at 9:30 a.m.
The Court has scheduled a hearing on the Receiver's Proposed Modified Plan of Liquidation for December 17, 2014 at 9:30 a.m. This hearing is open to the general public and APS clients are welcome to attend. The hearing will be at the United States Federal Courthouse in Salt Lake City, Utah, located at 351 S. West Temple, Salt Lake City, UT 84101. This information is subject to change should the hearing be rescheduled. Any updates will be posted on this page. We will also endeavor to notify clients by e-mail if the hearing dates change. APS clients should verify their e-mail address on their APS account to ensure proper delivery of any e-mail notification. Any changes to APS client information should be submitted using the Client Information Form under the "Client Information Form" link on this site.
December 8, 2014
The hearing that had been scheduled for December 8, 2014 was rescheduled to December 17, 2014 at 9:30 a.m.
November 26, 2014
The Receiver must provide a comprehensive written response to all the comments received by APS clients and creditors.
November 4, 2014
The Receiver will collect all client and creditor responses received, sort them by subject matter, and present a single filing to the court. This filing will be in addition to the submission of all comments received in their original form.
October 20, 2014
Client and creditor comments to the Proposed Plan of Liquidation must be received by the Receiver by October 20, 2014. Responses must be received in writing. These responses will be submitted to the court in their original form. A copy of the form is posted on the "Documents" link as APS Client/Creditor Response to Proposed Plan of Liquidation.
September 19, 2014
The court ordered the Receiver to provide a Notice to APS Clients and Receivers of the Proposed Plan of Liquidation. Clients should have received a copy of the Notice to APS Clients and Receivers, the Proposed Plan of Liquidation, and a form on which to submit comments by both mail and e-mail. The Receiver is inviting comments on the Proposed Plan of Liquidation. The court has ordered that all responses to the Proposed Plan of Liquidation be received by the Receiver in writing no later than October 20, 2014. All responses received by the Receiver will be submitted to the court in their original form. The forms are also available under the documents link on this website.
Court Date: September 11, 2014 at 2:00 pm
In Camera Hearing re: MOTION First Application for Interim Compensation of Receiver and Professionals for Services Rendered April 25, 2014 Through June 30, 2014 ,  Second MOTION for Release of Funds Portion of Revenues and Assets of American Pension Services, Inc. for Payment of Attorney Fees,  DECLARATION of Diane A. Thompson filed by Securities and Exchange Commission
Court Date: September 12, 2014 at 9:30 am
MOTION Proposed Plan of Liquidation (The court will discuss means for providing notice of the plan and the time frame for response to such notice MOTION First Application for Interim Compensation of Receiver and Professionals for Services Rendered April 25, 2014 Through June 30, 2014 ,  Second MOTION for Release of Funds Portion of Revenues and Assets of American Pension Services, Inc. for Payment of Attorney Fees,  DECLARATION of Diane A. Thompson filed by Securities and Exchange Commission