A&O Life Information Update: Life Settlement Advisory Firm Offers to Assist A&O Investors
Brian Bailys, who is with a life settlement advisory firm in Ohio, asked me to post the following message to A&O Life investors:
Attention A&O investors:
We are a life settlement advisory firm based in Cleveland Ohio. We have worked with many previous bankruptcies and receiverships, offering unbiased advice to investors who have been victimized by incompetent or dishonest fund managers. We have helped new investors purchase assets out of bankruptcies and we have helped investors recover some of their “lost” investments in these schemes. Our principals are directly responsible for recovering over $15 million for investors who could have otherwise lost all of their investment. While our past performance is not a guarantee of future success, we are confident that we can provide sound advice work through this matter. Please call Brian Bailys at 216-509-7900 if you would like to discuss your case.
Disclaimer: Philip Thomas has no affiliation or connection with Life Settlements Insights or anyone connected with it. Posting this message is not an endorsement, but hopefully the company can assist A&O investors. As always, perform your due diligence.
This guy is probably not necessary. There is a new trustee to soon be appointed by the bankruptcy court in Illinois. He will aggressively pursue investor money. He put Gov. George Ryan behind bars.
Also, be very careful. The law firm of Johnson and Spalding are aggressively attempting to sign up clients. They allegedly have a major-MAJOR conflict of interest.
What is the major conflict of interest?
Could you please explain the conflict of interest?
As one of the many scammed, I would appreciate some insight as to the conflict of interest with Johnson and Spalding as they have contacted my wife and I about representation. If you prefer not to post the info, please give me a call at 281-821-4200. Steve
You will soon find out as Mr. Collins has been appointed the Bankruptcy Trustee. In my opinion, I would get my money back ASAP. Ask any attorney that "cold calls" a request to represent you, if they will furnish a complete statement of disinterest by them and their law firm. If they do, please post it here. I won't hold my breath!
You can find info about John Spalding and Bayou City Escrow in the Giger lawsuit, p. 18. He was also the founder and principal for Consolidated Wealth Holdings which was issued a Temporary Order of Prohibition by Secretary of State of Illinois on Oct. 31, 2008 prohibiting the company, John Spalding and his wife, and his partner from selling securities. They were apparantly set up to sell Life Settlements. John Spalding is an attorney for the law firm Johnson and Spalding which is soliciting A&O clients. Don't know if this makes any difference about the quality of representation but it does appear his involvment was as more than an investor as stated in their solicitation.
I did as Another A&O Investor requested and found out a lot. John Spalding had nothing to do with A&O other than being an investor. Bayou City wasn't sued in the Giger case. The prohibition order expired on its own terms. In other words, it lapsed. That company and those individuals could sell securities in Illinois right now.
A little more digging led me to the conclusion that A&O (and its other entities) don't want a group of investors to get together and try to derail this sham bankruptcy. Ask yourself-how could A&O Resource Management, who was supposed to buy policies and invest sufficient funds into the cash value of the sold policies to cover future premiums, be bankrupt? The company wasn't supposed to own anything. What suddenly changed? These policies were bought by investors not the allegedly bankrupt company. They still have not produced a schedule of assets, as they should have.
The assets, documents, owners and most of the investors are in Texas. Why was this filed in Illinois? There are arbitration clauses in all of our documents requiring lawsuit venue in Texas, but they filed in Illinois. The lawyers there want to charge $565 an hour for working on this matter. The only ones going to make any money off of this matter are the folks up in Illinois, where this case does not belong, not the investors. An unbiased federal receiver in Texas should be appointed to regain these assets. Not some criminal attorney in Illinois.
Some of the bloggers on here seem to have an agenda and want to spread mis-information.
It's funny you say you're an almost BK investor when you write like one of several of the so-called investor sales agents(several sales agents "bought" A&O investments to legitimize their continued sale of this alleged fraud). The venue may change to Texas. The justice department has the info on the Houston attorneys courting the investors. DON'T be a victim twice.
Ok - the court date is coming up. My parents have all their retirement money in A&O life. What are you guys going to do?
Hire an Attorney to represent you?
If so who?
Don't we need an Illinois attorney?
Maybe for those of us in Texas we can have a meeting (or conference call) so we can put our heads together and come up with a plan.
Maybe we can put "pressure" on having the case moved to Texas where it belongs.
David
david_lance@hotmail.com
832.731.3955
Mr. Collins has just requested that he be given full authority for any and all subpoenae without having to go back before the BK judge. I wonder who might start shaking in their boots. I think the justice department might be a little upset at some boys in Houston. Standby. i hope you got your retainers back.
Concerned: I am an agent in Texas. I am not securities registered nor do I care to be. I received an invitation via u.s. mail with a headline of "Life Settlements" I called to make a reservation with the Seminar to try and find out more. Today, I got a call asking me to call and confirm my reservation. The message I got said the company was Consolidated Wealth Management. I did an internet search and found a company called Consolidated Wealth Holdings. Sounds very similar. I already got burned by one of these companies before because they did not register with the State Security Commission. That company led agents to believe you only had to be life insurance licensed to market the product. That State says otherwise. This type of investment in life settlements is intriguing to me and the principals of how it works seems logical. I called the number back to ask more questions before wasting my time with this seminar. I was informed that part of their company is registered with the Securities Board in Texas and part is not. I was told that the seminar is for a product in which it does not have to be registered with the Securities Board. The Seminar is at the Crowne Plaza in Austin, TX on 10/21 at 10 or 2. I told them I could not make it. One of the internet searches I did led me to this site; therefore I'm making this post to see if anyone knows if this Consolidated Wealth Management/Holding is one in the same with another company I came across with the same name that was prohibited from selling in Illinois - for failing to register their product as a Security. I just don't know what this company could be doing any different from the other company I got burned from as the product sure seems the same.
Greg, before you get involved with this type of product I strongly suggest you call Letha Sparks with the Texas State Securities Board. She's part of the investigating team on this case, and is very well versed on the cons of this. She would be a great resource for you. I spoke with her at length the other day about this case, and she can give you good guidance.
Personally, my husband and I are probably hiring a lawyer to file suit against the adviser who got us into this and his company. We need an investment fraud specialist to do this.