On his website, www.weequalsus.com
, Jason Yates was in November and December of 2010 advertising a credit leveraging program in which he stated investors were getting back a 100% return every 30 days. When I invested on January 12th, 2010, Yates said he had removed the information about the program from the website due to needing to limit the number of people involved due to wanting to personally know who was investing and due to his only being able to oversee a certain amount of customers in the program.
At that time, Yates told me and my friend, Greg, that the program was working fine - that everyone was receiving 100% return each month. He had told Greg earlier that he himself was investing 500,000 each month and getting that much back. I told him that I could take money out of my IRA for 60 days at no penalty and would invest for 60 days. [continued below]....
..... I thought my friend Greg, who holds a BS degree in business from UC-Berkeley, had researched the program much more thorougly, but we both trusted Yates due to his speaking of being a dedicated Christian, of being involved in his church's worship team, and many other things about God. We were impressed with his desire to help people get their mortgages cancelled. I invested on Jan. 12 24,360 and my friend Greg 6000 on February 9.
When we asked Yates for proof of deposit slips, he never responded to our communications. Finally, on March 8, we began sending Yates daily phone texts, emails and leaving calls on his answering machine to be sure and wire back to TD Ameritrade my 24,360.00 on Mar. 14. He did not get back with us nad did not wire the money back. I need to mention that in his contract for the program, he states investors will receive back their initial investment amt, even if not more.
On March 16, 2011, when I spoke with him I told him I would incur a 4872.00 early withdrawal penalty from the IRS. He said the program was working fine, that he had been hospitalized, and that he would pay me the 4872.00 penalty. I told him he could leave the money in since it was working fine, but towire me 4000.00. He said he would do it on Friday. He did not. On Wed., March 23, he told me he would wire me the 4000.00 that morning. He did not. Upon being threatened by me, on March 24th, he did wire me 1500.00 on Friday, Mar. 25. He assured me he would send another large payment the next week, but only sent 800.00. He assured me he would send me 2,000 at least the next week, but did. He assured me he would send me money the next two weeks, but never sent a dime after the initial 2300.00 and has not sent any more since. He only sent Greg 750, thus owing him 5250.00.
I found he also took amounts from Cris of 15,000 and from Cris' friends of 30,000, 40,000 and 70,000 - and had only returned them a little bit and then stopped responding to their communications as he did Greg and me. He did the same with Mike for 5,000.00.
When I discovered that at least 6 people had not gotten their money back from the program by the end of November, I asked Yates why he told me the program was working fine. He told me the fund the money was in at SunTrust Bank had been frozen by the FDIC in Dec. I asked how then could he have put my and Greg's money in during Jan. and Feb. He said the FDIC had temporarily opened it - he deposited our money - and then closed it. When I contacted the FDIC they informed me they did not regulate SunTrust Bank as it was an interstate bank, that it was regulated by the FDIC and that it was impossible for them to have closed any account in the bank. They said it was regulated by the Federal Reserve Board Board of Governors. When confronted with this by email and phone texts, Yates has not responded to any further phone texts, messages on his answering machine, or to emails. He is clearly running from us.
In addition, Yates has sold many people a process by which he claims they can have their home mortgages removed. He sold the programs for 2500.00 and part of that was for a forensic audit to find errors in the origination of the mortgage loan. Yates advertised the program as taking only 59 days. However, now many many months after people gave him the 2500.00 he has not given many their forensic audit. The few that he did, were given them so late that many had already lost their home. Many will be suing him for services not rendered.