The investment insisted upon by the trustee was short-term loans made to an online company to provide operating capital for a job the trustee claimed the company was doing for the Internal Revenue Service.
He said it would pay a slightly better rate of interest than the bank. When I balked, he insisted it made no sense to let the money just sit in a bank account when it could be earning more interest. He said he handled the company’s accounts. He did not say he was the registered agent—and if you went to the link, you know the trustee’s name.
The company has no discernible products. Its website has narrative text consisting of gibberish; that is, words made of random characters that don’t spell anything in any language. It looks like one of a number of shell companies for which the trustee is registered agent.
The loan or loans have not repaid. By their performance, the loans appear to have no repayment feature. The trustee said they should have been paid in full at the end of May or June 2013. They have not repaid, he lies, because the Tea Party scandal and, more recently, the government shutdown, have delayed payment of invoices IRS owes.
I told him that story is flimsy and unbelievable, and that I hoped he’d enjoyed spending my father’s hard-earned money. I wrote to IRS procurement to ask if the company, my trust’s complete-loss investment, was one of their contractors. I didn’t expect them to tell me.
IRS did tell me Friday, December 6, that indeed this company is NOT one of their contractors. Well, all I could do was laugh. I knew that was the real story. I’m trying something else. Then, I’m going to try some other stuff.