APS Receivership

Questions for the Receiver?

Send them to:  info@apsreceiver.com

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 info@apsreceiver.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 lori@americanpension.com or kerry@americanpension.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.


Thank you.


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.


Thank you.


Diane Thompson



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.


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 , [147] Second MOTION for Release of Funds Portion of Revenues and Assets of American Pension Services, Inc. for Payment of Attorney Fees, [143] 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 , [147] Second MOTION for Release of Funds Portion of Revenues and Assets of American Pension Services, Inc. for Payment of Attorney Fees, [143] DECLARATION of Diane A. Thompson filed by Securities and Exchange Commission

AUGUST 22, 2014


On August 22, the Receiver filed a proposed Liquidation Plan with the Court, a copy of which is below. The Receiver has also requested a scheduling conference with the Court in order to set a timetable for receiving responses in support and opposition to the Plan. A copy of the request for scheduling conference is also posted below. We will post the date of the scheduling conference as soon as it is set by the Court. All APS Clients will have an opportunity to submit to the Receiver responses to the Plan. The Receiver will collect and categorize all responses and submit them to the Court as directed by the Court.

Click here for Receiver's Proposed Plan of Liquidation or view the documents link.

Click here for Receiver's Request for Scheduling Conference.

Click here for Exhibit A to the Receiver's Request for Scheduling Conference.

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




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.