Back in January, 2005, Mr. Robert Scaccianoce solicited me and wife to transfer $20,000 from our IRA accounts with Washington Mutual. He was introduced to us by one of our close friends who also have Kalaco investments. Thinking at that time that Mr. Scaccianoce is trustworthy, we followed his advice to transfer our money in what we thought would be an excellent IRA money making vehicle. We were not aware that such transfer will be tied up to Kalaco Scientific stocks, which were not even offered publicly. We thought that Mr. Scaccianoce has the license to solicit IRAs from people like us to be invested in another reputable institution for some type of mutual or money market funds. Little did we know that the money will be invested with Sterling Trust, a company that we did not even heard before.
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!