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