- Report: #696173
Report - Rebuttal - Arbitrate
Complaint Review: Sterling Trust Company
Sterling Trust Company7901 Fish Pond Road Waco, Texas United States of America
Sterling Trust Company Robert Scaccianoce, Raymond Pizinger, Kalaco Scientific Kalaco Scientific and Sterling Trust conspire to defraud us of our $20,000 invested in IRA Waco, Texas
*General Comment: ripped off also
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Incidentally, in addition to the $20,000 we invested coming from our IRA, Mr. Scaccianoce also solicited another $10,000 from us in cash to buy Kalaco Scientific stocks equivalent to 6,667 shares.
In March, 2009, we received a statement showing our IRA balance devalued to $6,000. We tried to get hold of Mr. Scaccianoce over the phone for an explanation, but to no avail. According to our friends who were also victimized by this scheme, Mr. Scaccianoce explained to them that Kalaco Scientific purposely instructed Sterling Trust to lower our balances so investors like us can save money in our annual service fees which at that time was $100 each for me and my wife.
Last month, January, 2011, we received an assessment from Sterling Trust of $170 for each of our accounts, which means a total of $340 for the 2 accounts. When we wrote them a letter complaining about the assessments, they did not reply to our letter. Instead, they automatically sent us an updated assessment of $190 for each account adding a late charge of $20 each. With this scheme of things, we will more than likely lose all of our money in a few years.
We are really scared about the possibility of losing our hard earned lifetime savings especially that I (the husband) got laid off from my job last year and we are both unemployed still. We could really use this money to pay some of our creditors who are suing us because we are delinquent in our mortgage and debt payments.
We really need help and if there people out there who could offer us sincere and genuine help on what to do, please contact us through the Ripoff Report office. Just leave your information with the Ripoff Report office and they can contact us through our e-mail, phone number or our address.
If there are other people out there who have also been victimized by the same scheme, let us get together and figure out what to do to get our money back and put these people in jail!
This report was posted on Ripoff Report on 02/16/2011 03:32 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sterling-Trust-Company/Waco-Texas-92630/Sterling-Trust-Company-Robert-Scaccianoce-Raymond-Pizinger-Kalaco-Scientific-Kalaco-Scie-696173. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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