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Topics - dagilbe

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Investors - P / American Pension Services in Receivership
« on: April 29, 2014, 04:47:50 AM »
The worst news you can hear as an IRA investor.  I provided Equity Institutional all the paperwork to transfer my IRA back in February.  Here is to hoping the transfer was made. :-\

Dear American Pension Services Customer:


We write to you with an important update regarding American Pension Services ("APS") and your account at APS.


On April 24, 2014, the United States Securities and Exchange Commission ("SEC") filed a lawsuit against APS and its principal, Curtis DeYoung. The case is called Securities and Exchange Commission v. American Pension Services and Curtis L. DeYoung, Dist. Utah Case No. 2:14-cv-00309. The SEC alleges that APS has violated U.S. securities laws through the misappropriation of customer funds, the placement of unauthorized investments, forged direction letters, and inflated asset values.


At the request of the SEC, the U.S. District Court in Salt Lake placed APS in receivership. The Court has appointed a Receiver with the full power and authority over all APS operations. The Receiver reports directly to the Court.


To assist in that process, the Court has ordered frozen all APS accounts. As the Receiver, we have been charged with the responsibility of gathering and preserving all of the assets of American Pension Services, which includes any accounts and assets you have with American Pension Services. Our intent at this time is to safely secure all assets and accounts. As a result, we are freezing all accounts. This means that for a short period of time, you will not be able to change investments within your account or withdraw money from your account. We will make an effort to lift this restriction as soon as possible under the circumstances. We ask that you please be patient as we undertake this process.


The next Court hearing will likely be scheduled for early May. At that time, the Court will consider whether the receivership should become permanent. We should be able to provide more guidance after the hearing.


We know that you have many questions and we appreciate your patience at this time. We will keep you advised of any action required on your part and will keep you up to date as frequently as possible. We have set up a receivership website at, which will be our primary way of communicating with you. It contains a detailed set of answers to Frequently Asked Questions ("FAQs") and has the Court documents from the SEC's case. A copy of the FAQs also is attached. Again, we appreciate your patience and will post updates as the case progresses.


If you are not the contact person for your account or plan, please forward to us the name and information for the current contact person by email to


Very truly yours,

Diane Thompson

Receiver, American Pension Services
Frequently Asked Questions
Question:        Is APS still in business?

Answer:           Yes. But its operations are controlled by the Court through the Receiver, at least until the next scheduled court hearing. As a result, temporary limitations on APS and its operations have been put in place to protect account holders.


Question:         Is any money missing from APS accounts?

Answer:           Maybe. The SEC's papers filed with the Court indicate that the SEC has reason to conclude that over $20 million is missing out of $300 million under management. You can read more about this in the SEC's pleadings, which are posted to the receivership website. The defendants in the litigation have a right to contest the SEC's conclusions. Ultimately, the Court will determine what money, if any, is missing.


Question:         Could any new funds be lost?

Answer:           No, so long as they were located in APS bank accounts that have been frozen by the Court's Order. As part of the Court's appointment of a Receiver, such accounts are now protected against improper withdrawals. 


Question:         Can I make a new withdrawal from my account prior to the next Court hearing?

Answer:           No. The Court has determined that no new withdrawals can occur, at least until the next hearing. This is to protect the interests of all account holders.


Question:         I don't want to make a new withdrawal, but I am owed a scheduled automatic distribution. Will this still occur?

Answer:           Probably not. We will be assessing any scheduled automatic distributions. We can only authorize those if permitted by Court Order. We realize they are an important matter for many account-holders. They will be addressed as soon as possible, consistent the terms of the Court's Orders in this matter.


Question:         I want to sell an asset in my account (such as stock, gold, or property).   Can I do that prior to the next Court hearing?

Answer:           No. No sales of assets can occur at this time.


Question:         I want to purchase an asset with the money in my account (such as stock, gold, or property).   Can I do that prior to the next Court hearing?

Answer:           No. No new purchases can occur until the next Court hearing absent extraordinary circumstances.


Question:         Why is the APS website not working?

Answer:           The website may be unavailable at times over the course of the next week due to the ongoing investigation. We apologize for the inconvenience this will cause. We will strive to have the website operational as soon as possible


Question:         Why cannot I get through on the phones and/or get a response to my email?

Answer:           We are working hard to get the Court the information it needs. That is the first step in protecting APS account holders. Because this is our first task, we are unable at this time to respond to all of the inquiries we receive. Please be patient. We will be able to respond to inquiries more efficiently once we have completed the initial steps we need to take to protect account holders.


Investors - P / Prosper Returns
« on: February 02, 2014, 10:45:18 AM »
As of Feb. 1st, my Prosper returns plummeted from 13% seasoned and 14% unseasoned to 8% seasoned and 9% unseasoned.   :o

I have had my account for over two years and have over 800 notes in my account. My account has always hovered between the 12-16% return rate. 

Did Prosper change their investment return calculation or have I just been hit with a lot of defaults this past month?  Has anyone else experienced this?  Maybe I have, due to a limited selection, got into notes that I had no business getting into?

Investors - P / Auto Investing/ NSRP/ and beating the Institutions
« on: July 17, 2013, 07:56:35 AM »
I am not finding the quality of notes that I used to.  It sounds like I am not the only person to experience this problem. 

From your experience, how helpful is auto investing through Prosper?

I'm considering using NSRP but I'm hesitant to shell out $25/ month.  Is this service worth it?  How is it different than auto invest through Prosper?  Are there any other API investing platforms that people recommend?

Investors - P / New Prosper Layout
« on: April 03, 2013, 06:17:23 AM »
I hate it.  Everything is darker and the font is difficult to read.  It sounds like more amateur hour from Prosper's new leadership. 

Investors - P / Prosper's new legal form
« on: February 01, 2013, 08:42:09 AM »
Includes a mandatory arbitration clause and a class action waiver at the bottom.  If Prosper does something slimy, good luck going after them. 

In Prosper's defense, many companies include these clauses in their contracts, i.e. Comcast.   

Investors - P / Math Problem
« on: January 12, 2013, 12:02:22 PM »
Please explain the following:

My note #58482-23 has been paid in full as scheduled.  The original note was for one year with a lender yield of 24.75%  My original investment was $25.00.  The net proceeds I recieved from the note is $28.49.  By my calculation, I had a real return of
13.96%.  Why is this value drastically different than the lender yield of 24.76%?

Note Summary
Title:    Reduce Debt
Loan #58482 | Note #58482-23 | View listing
Original loan:    $4,000 @ 25.76%
12 month loan
Origination date:   Jan-05-2012
Note share:   $25.00   Principal balance:   $0.00
Payment status:   Paid   Next payment:    due
Paid in full:   Jan-05-2013
Note Purchase History
Date   Buyer   Balance   
Price @
Net rec'd
Jan-05-2012       $25.00   
$25.00 @

Payment History   View: Borrower payments | Lender accounting
number   Transaction effective date   Account effective date   Type   Status   Total
paid   Prosper
fees   Late fees   Interest   Principal   Principal
3557821    Jan-05-2013    Jan-05-2013    Automatic    Paid   $2.39    -    -   $0.05   $2.34    $0.00
3469822    Dec-05-2012    Dec-05-2012    Automatic    Paid   $2.39    -    -   $0.10   $2.29   $2.34
3397707    Nov-05-2012    Nov-05-2012    Automatic    Paid   $2.39    -    -   $0.15   $2.24   $4.62
3328399    Oct-05-2012    Oct-05-2012    Automatic    Paid   $2.39    -    -   $0.19   $2.19   $6.86
3260640    Sep-05-2012    Sep-05-2012    Automatic    Paid   $2.39    -    -   $0.24   $2.14   $9.05
3196049    Aug-05-2012    Aug-05-2012    Automatic    Paid   $2.39    -    -   $0.29   $2.09   $11.19
3134769    Jul-05-2012    Jul-05-2012    Automatic    Paid   $2.39    -    -   $0.32   $2.06   $13.29
3076327    Jun-05-2012    Jun-05-2012    Automatic    Paid   $2.39    -    -   $0.38   $2.01   $15.35
3020945    May-05-2012    May-05-2012    Automatic    Paid   $2.39    -    -   $0.41   $1.98   $17.35
2967928    Apr-05-2012    Apr-05-2012    Automatic    Paid   $2.39    -    -   $0.46   $1.92    $19.33
2917287    Mar-05-2012    Mar-05-2012    Automatic    Paid   $2.39    -    -   $0.47   $1.91   $21.25
2869352    Feb-05-2012    Feb-05-2012    Automatic    Paid   $2.39    -    -   $0.55   $1.84   $23.16
12 payments

Investors - P / Occupation
« on: November 27, 2012, 07:57:24 AM »
I have found the borrower's occupation to be the single most important investment criteria.  After running some numbers on Prosper-Stats for C, D, E, and HR loans from 1/1/09 to the present for selected occupations, the following occupations have provided the best returns:

Analyst               14.79%
Attorney            15.41%
Clergy               15.40%
Computer Programmer      15.63%
Dentist               19.70%
Doctor               19.15%
Engineer- Chemical         19.56%
Engineer- Mechanical         15.60%
Executive            14.66%
Flight Attendant         18.81%
Judge               29.85%
Military Officer         15.04%
Pilot- Commercial         24.84%
Psychologist            20.02%
Scientist            20.62%
Student- Graduate School      18.67%
Teacher            15.37%
Tradesman- Electrician      15.95%
Tradesman- Mechanic      16.04%

Please note that the sample size in some of these categories is particularly small and that some occupations are more likely to have higher graded notes which results in a lower return. 

I also note the lowest returning occupations on C, D, E, and HR notes since 1/1/09 (Occupations to AVOID):

Homemaker            -23.24%
Laborer            1.42%
Landscaping            -.80%
Nurse’s Aid            2.74%
Sales-Commission         5.94%
Skilled Labor            4.97%
College Freshman         -2.68%
College Junior            -4.15%
College Sophomore         -27.16%
Tradesman- Plumber         -1.38%

It's amazing how a College Sophomore has provided a -27.16% return while a college graduate student has provided an 18.67% return.  Is there a more significant search criteria besides occupation?

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