Telephone: (334) 242-2984 or 1-800-222-1253 Fax: (334) 242-0240
Email: asc@asc.alabama.gov Website:
www.asc.state.al.us
FOR IMMEDIATE RELEASE
INVESTOR
ALERT
Unregistered
investment companies ordered to Cease and Desist business in
INTERNATIONAL
PRODUCT INVESTMENT CORP.,
("IPIC") is a
IPIC ATLANTIC
LLC (“IPICA”) is a
GREGORY SETSER
(“G SETSER”) is identified as the President of IPIC with an address of
CYNTHIA SETSER
(“CY SETSER”) is identified as the treasurer of IPIC’s with an address of
CHARNELLE
SETSER (“CH SETSER”) is identified as the Office Manager of IPIC’s with
an address of
TORSTEN THOMAS
HENSCHKE (“HENSCHKE”) is identified as the International Director of
IPIC-Atlantic and in that position managed IPIC’s
Director Borg said,
“It appears that these organizations have solicited over $160 million from Christian
evangelical leaders, members of evangelical congregations, and affiliated
organizations in “joint venture agreements” and “founder’s shares”. This appears to be a Ponzi scheme where
investors were promised returns as high as 50%.
New investor funds were used to pay “profits” which did not exist to
prior investors while at the same time promoting the investment program. Any citizen of Alabama or religious
organization that have been approached by any of these companies, or invested
money with them, or are aware of them doing business with any other organization
should contact the ASC Enforcement Division by calling 1-800-222-1253.”
- more -
Investigations
and court actions are continuing by the ASC, SEC, US Attorneys and other
regulatory agencies.
A
copy of the official Cease and Desist order issued by Director Borg may be
viewed at the Alabama Securities Commission website in addition to news stories
about other securities scams that are similar, go to www.asc.state.al.us.
The
Commission offers the following information to protect you from this type of
scam:
Red
Flag Phrases for Investment Fraud:
• “Guaranteed to double your money”
• “Low risk for high returns!”
• “This is an off-shore investment
opportunity.”
• “It takes advantage of a little-known
loop hole in tax laws.”
• “Keep this investment secret - we
don’t want to let everyone in!”
• “To get the most from this investment
opportunity, you can borrow money
or take out a mortgage and be set for life!”
• “I’m calling from outside
Questions
to Ask Yourself:
• Did I initiate this meeting?
• Is this person recommended by someone
I trust?
• Has this person had a long-term
relationship with someone I trust?
• Is this person registered to sell securities in my state?
• Have I been provided with written
information on the investment?
• Have I been encouraged
to borrow in order to invest?
• Do I understand that higher returns
equal higher risk?
• Why is this supposed to be secret?
• Have I verified this information with a trusted source
such as the ASC?
-
more -
Prevention
Tips:
• Check the registration of the seller and the product
offered by contacting the ASC.
• Check to see if any enforcement
action has been taken against the person offering the investment opportunity.
• Check with someone you know and trust
before investing any money.
• Get written information (but be aware
that professional looking information could be produced
by the con artist).
• Know how much risk you are willing to
take with your investments. Understand
how much risk you should be taking given
your age, family circumstances and other factors.
• Never accept a verbal contract.
• Never sign anything before reading it
carefully and understanding it.
• Ask lots of questions.
• Take your time; don't allow anyone to
rush your decision-making process.
• If you are suspicious, contact the ASC.
Telephone: (334) 242-2984 or 1-800-222-1253 Fax: (334) 242-0240
Email: asc@asc.alabama.gov Website:
www.asc.state.al.us
###
If you have questions or
require more information contact:
Daniel G. Lord
Education and Public Affairs Manager