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These Crooks Are Getting Nasty, And A Short Note On Offshore Accounts.

By Rob Lambert - Email Editor

Date : Nov 16, 2006

Dear Subscriber:

Thank you for your loyalty. I appreciate it.

As most of you know, every month or two I zero in on some crook who is pushing the limits of legitimate Asset Protection. Normally, these shady characters are trying to sell some under-informed member of the general public some sort of ineffective Asset Protection technology usually for some exorbitant price.

For over five years, I have been outing Bill Reed, his partner Richard Neiswonger and their shady Asset Protection Group, Inc. Several months ago, when the Federal Trade Commission raided these guys, I wrote a newsletter urging the FTC and the Federal Judge supervising the matter to close these guys down. I know that my newsletter found its way to the Receiver and the Judge, and it looks like the days of Bill Reed, Richard Neiswonger and the Asset Protection Group are numbered.

What I didn’t know was that my efforts to tell the public the truth were taking a toll on the bad guys. Apparently, my words hit some open wounds. How do I know this? Continue reading for some interesting info on just how dirty these guys can play.

According to the Proposed Finding of Facts by the FTC, which you might want to read in full, Neiswonger hired some computer consultant by the name of Mike Ireland to try and destroy the website for my company Asset Protection Corporation, and thus take down the company. (See Paragraph 119 of the FTC’s Proposed Findings of Fact). It looks like the postings on the bulletin board combined with my newsletters were hitting too close to home.

The Proposed Findings of Facts demonstrate conclusively that the FTC has documentary evidence catching these guys red-handed in their scheme to crash my site. Paragraph 113 states in part: “Neiswonger received an email message from the computing consultant reporting that he had crashed the services of assetprotectioncorp.com. … Neiswonger responded, "Do whatever necessary. . . anything and everything aggressively. Serious rewards for you upon completion and on an on-going basis as we discussed.”

This effort to crash my site means that we must be doing something right. I regard it as some sort of perverse compliment from a deluded crook.

Please keep checking back, and I will keep you informed. This action certainly constitutes a civil tort against me and Asset Protection Corporation. It is also most probably a crime. In the near future, you can be sure that we will be speaking with these crooks and their attorneys. Maybe some of their many millions of ill-gotten, and judging from the quality of their so-called “Asset Protection programs,” poorly protected gains will be used to make good on this wrong. At the very least, you can be sure that we will be speaking with the U.S. Attorney about the potential criminal ramifications of Neiswonger and Ireland’s behavior.

Enough of this discussion of crooks.

It is important to make a tax issue clear. Some of my readers have misunderstood me. I harp and harp on the necessity to report all offshore accounts to the IRS. The form is simple, and it keeps you out of a real pile of trouble. Well, some readers thought that all I meant when I said that the accounts need to be reported is that the income needs to be reported. NOT SO. There’s no question that the income needs to be reported. (Remember, U.S. Citizens and Residents are taxed on their “worldwide income from whatever source derived” – an exact quote from the Code). But remember, simply reporting the income is not enough. The ACCOUNT also has to be reported. Don’t forget this. Follow these simple rules: Report all offshore accounts and taxable income. Do that and you won’t find yourself rooming with Bubba – or, for that matter, Reed or Neiswonger.

Have a healthy and protected week.

Rob Lambert

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