Report: #1046479

Complaint Review: Sterling Trust and Equity Trust

  • Submitted: Fri, April 26, 2013
  • Updated: Fri, April 26, 2013
  • Reported By: Colt Ledger & Associates, Inc. — Tompkinsville Kentucky
  • Sterling Trust and Equity Trust
    225 Burns Rd.
    Elyria, Ohio
    United States of America


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  A current and former  group of investors in various alleged investment scams has hired Colt
 Ledger & Associates, Inc., the   premier firm in the country for exposing private placement securities
 fraud and the criminal fraud associated with it, to look into the link between IRA
 custodial companies Sterling Trust of Waco, Texas and Equity Trust of Elyria, Ohio and owners Richard
Desich, Jeffery Desich, Rich Desich and Craig Orr and companies that allegedly defrauded them. 

   According to sworn affidavits, the investors were directed, by the companies that allegedly
defrauded them, to use the custodial companies, named above for their self-directed
IRAs. It appears, that the alleged defrauding companies used the IRA
custodial companies, Sterling Trust and Equity Trust as means of assurance
of the legitimacy and safety of the investment and, in turn, according to the
investors, the custodial companies served as personal references attesting to
the character and integrity of the investment, the companies offering the
securities and the individuals selling the investment.  It is believed that no due diligence was
 done by Sterling Trust,   Equity Trust, or Richard Desich, Jeffery Desich, Rich Desich and/or Craig Orr
 before touting and the companies that allegedly defrauded them.  This   belief is based on the
 fact that, at least one, of the companies, alleged to have defrauded their investors, owner is convicted felon. 

 It is alleged, by the alleged defrauded investors, that Sterling Trust and Equity Trust allowed
 shady companies to use their above reproach image and reputation  earned as  a licensed custodial
 company, approved by the Federal Government after rigorous processes, to lure self-directed IRA
owners into alleged investment scams.   Many of the alleged defrauded investors stated that the only
reason for the investment was the presence of Sterling Trust or Equity Trust.  Further, it is alleged that,
in the situation involving Equity Trust and Craig Orr, that Craig Orr actually endorsed the investment
 and the owner of the company, a known convicted felon.

PFGBEST agents solicited and directed investors to Sterling Trust of Waco, Texas just prior to
 PFGBESTs president, Russell R. Wasendorf, Sr, stealing and defrauding clients out of
hundreds of millions of dollars in bogus investments. Sterling Trust now appears to be changing its
name to Equity Institutional, not the most unexpected move, after the PFGBEST disaster. Colt Ledger
alerted the Commodities and Futures Trading Commission of PFGBESTs suspected illegal activity two
 years prior to Wassendorfs theft via letters and complaints.  The CFTC failed to act.

Precision Auto Leasing, Inc., of Davie, Florida solicited investments via self-directed IRA owners
 and then directed them to Craig Orr and Equity Trust of Elyria, OH.  Apparently, from recent articles,
 Equity Trust is also changing its name to TMF Group. Again not an unexpected move given that Equity
Trust is currently embroiled in several legal entanglements, including one that echos the allegations
Colt Ledger is currently investigating; that is, that Equity Trust allowed alleged scam artists to use their
 name to scam millions of dollars from self-directed IRA members of churches. 

Colt Ledger recently filed over 460 separate allegations of securities and criminal fraud against
 Precision  Auto Leasing,  Inc. and its owners Frank Anthony Nuzzo, a used car salesman and his
girlfriend, Kathryn Emily OBrien with several State and Federal agencies. Sterling Trust and Equity
 Trust are all owned by Richard Desich, Jeffery Desich, and Rich Desich. Craig Orr was an agent for
 Equity Trust and served as the liaison between Equity Trust and Precision Auto Leasing. A call by Colt
 Ledger to Equity Trust netted Craig Orr had left under good terms, apparently shortly after the
 Precision Auto Leasing IRA investors accounts were transferred to Precision. Mr. Orrs current
 location is unknown at this time. The status of the investors funds is unknown at this time but Equity
 Trust is continuing to charge service fees, etc., on the empty IRA accounts.

If you have had past or are currently having any dealings with Sterling Trust of Waco, Texas or Equity
Trust of Elyria, Ohio please contact Colt Ledger & Associates with your experience, pro or con.

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This report was posted on Ripoff Report on 04/26/2013 12:52 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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