401(k) Specialist Issue 1 - 2022 - 11
401(k) FIDUCIARY FILE
Stolen Valor: SEC Halts Scheme Involving
Veterans' Retirement Funds
THE SECURITIES AND EXCHANGE Commission filed an emergency
action at the end of last year to shut down a multi-million-dollar Ponzi
scheme perpetrated by an individual who capitalized on his veteran
status to target the retirement funds of his fellow soldiers.
According to the SEC's complaint, Marco " Sully " Perez claimed he went
from " military to millionaire " and offered investments in a company he
said bought sand for use in oil and gas drilling. The sand would then be
sold to drillers at a markup, generating guaranteed returns ranging from
10% to 100% in as little as 30 days. Perez used these tactics to raise at
least $9.25 million from approximately 265 investors.
According to the complaint, however, Perez's investment program was
fraudulent. The business used little, if any, investor funds for acquiring
sand and did not have the agreements to sell sand to drillers.
Instead, the SEC alleges that Perez used investor funds to make Ponzi
payments and to pay personal expenses, including exotic cars, private-jet
travel, jewelry, gambling, and his wedding aboard the Queen Mary.
Senator Warren: 'Reform Social Security
Supplemental Income'
SENATOR ELIZABETH WARREN, D-Mass., recently highlighted
what she said is a need for Social Security Supplemental Security
Income (SSI) reform.
While SSI's original goal was to ensure that no senior person with
a disability would have income below-poverty-level, she argued,
outdated rules have trapped four out of ten recipients in poverty.
" The most a recipient can earn in income before losing benefits is
$65 a month. "
SSI is an " important lifeline " for 8 million low-income seniors and
people with disabilities, she added, but it's " outdated, punitive rules
squeeze too many struggling families out of the program and trap
many recipients in poverty. "
Senator Warren concluded by calling for the passage of the SSI
Restoration Act, which would raise the SSI benefit rate and reform
other SSI rules.
In addition to co-leading the SSI Restoration Act, Senator Warren
called for an increase of Social Security and disability benefits at
the start of the COVID-19 pandemic, including unveiling a plan to
increase by $200 the monthly benefit for all Social
Security, Veterans, and SSI beneficiaries through the
end of 2021.
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EXTRA
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401(k) Specialist Issue 1 - 2022
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2022
Table of Contents
401(k) Specialist Issue 1 - 2022 - Cover1
401(k) Specialist Issue 1 - 2022 - Table of Contents
401(k) Specialist Issue 1 - 2022 - 1
401(k) Specialist Issue 1 - 2022 - 2
401(k) Specialist Issue 1 - 2022 - 3
401(k) Specialist Issue 1 - 2022 - 4
401(k) Specialist Issue 1 - 2022 - 5
401(k) Specialist Issue 1 - 2022 - 6
401(k) Specialist Issue 1 - 2022 - 7
401(k) Specialist Issue 1 - 2022 - 8
401(k) Specialist Issue 1 - 2022 - 9
401(k) Specialist Issue 1 - 2022 - 10
401(k) Specialist Issue 1 - 2022 - 11
401(k) Specialist Issue 1 - 2022 - 12
401(k) Specialist Issue 1 - 2022 - 13
401(k) Specialist Issue 1 - 2022 - 14
401(k) Specialist Issue 1 - 2022 - 15
401(k) Specialist Issue 1 - 2022 - 16
401(k) Specialist Issue 1 - 2022 - 17
401(k) Specialist Issue 1 - 2022 - 18
401(k) Specialist Issue 1 - 2022 - 19
401(k) Specialist Issue 1 - 2022 - 20
401(k) Specialist Issue 1 - 2022 - 21
401(k) Specialist Issue 1 - 2022 - 22
401(k) Specialist Issue 1 - 2022 - 23
401(k) Specialist Issue 1 - 2022 - 24
401(k) Specialist Issue 1 - 2022 - 25
401(k) Specialist Issue 1 - 2022 - 26
401(k) Specialist Issue 1 - 2022 - 27
401(k) Specialist Issue 1 - 2022 - 28
401(k) Specialist Issue 1 - 2022 - 29
401(k) Specialist Issue 1 - 2022 - 30
401(k) Specialist Issue 1 - 2022 - 31
401(k) Specialist Issue 1 - 2022 - 32
401(k) Specialist Issue 1 - 2022 - 33
401(k) Specialist Issue 1 - 2022 - 34
401(k) Specialist Issue 1 - 2022 - 35
401(k) Specialist Issue 1 - 2022 - 36
401(k) Specialist Issue 1 - 2022 - 37
401(k) Specialist Issue 1 - 2022 - 38
401(k) Specialist Issue 1 - 2022 - 39
401(k) Specialist Issue 1 - 2022 - 40
401(k) Specialist Issue 1 - 2022 - 41
401(k) Specialist Issue 1 - 2022 - 42
401(k) Specialist Issue 1 - 2022 - 43
401(k) Specialist Issue 1 - 2022 - 44
401(k) Specialist Issue 1 - 2022 - Cover3
401(k) Specialist Issue 1 - 2022 - Cover4
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