Provident Trust Group Misrepresented their services Las Vegas Nevada

Do not, under any circumstances invest with Provident Trust Company!!! They are unreliable, a pass through for your investments, and show very bad judgement in who they invest your money with.

My husband purchased an IRA through Life Partners Holding company - now bankrupt and convicted of defrauding investors of millions of dollars.

An IRA, a safe investment yes? Absolutely false.

Life Partners invested my husband's IRA in a company named Provident Trust Group. Now you would think that investing in a company named Provident Trust Group that you were investing in a company that was in the business of investing your money, right? Actually Provident Trust Group is only a pass through organization that reports the value of your investment to the IRA. In truth the money was invested in a company located in Dubai. Lots of luck in ever contacting them, much less getting your IRA back.

They will send you a bill for their services. (What services! We didn't select them. We didn't need them. We didn't even want them. However we were deceived into believing they were a legitimate investment trust company.) Somehow they manage to fly underneath the wire at the security exchange.

They send us bills for their services after Life Partners declared bankrupcy. Naturally we didn't pay it.

Next they sent a bill stating that if we did not pay their fees that the money would be sent to us and we would experience a "tax event".

Next they said they would void their fees (of $4000 plus) if we sent them $250 to close the account. They also sent an email saying send them the $250 and our IRA would be sent out immediately. Unfortunately Outlook did not save that email.

We kept getting bills from them and their portal said the IRA was worth $20,200. But their tactics in collecting their bill were pretty sleezy and reminiscent of sleezy bill collectors. So I waited. Nothing happened. Finally I received an email from someone calling himself "Mike" something saying the company had been trying to "work with me."

Long story short, we sent them the $250. Only then was I told by their customer service rep that I would not receive any money. Rather we would receive paperwork saying we had closed our account with Life Partners and now owned the IRA. I was also told by that rep that the only service provided by Provident Trust was to keep track of the IRS end of the investment. In effect, the company is nothing but an accounting firm.

I don't know why they invested our IRA in some sleezy foreign investmen firm that is next to impossible to contact. I have no idea how to go about closing our IRA (which I will have paperwork from Provident Trust to prove we own) I only know we lost our entire life savings by dealing with Life Partners and that we lost our IRA by Life Partners Inc. sending our IRA to Provident Trust. 

I do know that Provident Trust can not be trusted. Buyer beware.