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Joseph, Attorney
Category: Legal
Satisfied Customers: 7280
Experience:  I have 15 years experience in the legal field, currently specializing in criminal and family law
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A few years ago I invested most of my IRA with this company

Resolved Question:

A few years ago I invested most of my IRA with this company and they wound up stealing the entire $200,000.00 along with about $100 million from about 800 other people. I tried to do everything as correctly as I knew how to do it. I told them I needed a contract for both of my investments and the investment was insured so I demanded a copy of the insurance policy, which I did get. Many if not all of the others did not get these things, they invested in a pool and did not get their money back until the time limit was up, 5 years in most cases but I did get one in 3.5 years. This investment is called an insured viatical or a bonded life settlement.

Recently the two top men in the company were tried and sentenced to 60 and 45 years respectively. They have tried all of the other people involved and they are in prison now. In every case, soon after they reached prison the warden would write and say that the people had arrived and tell certain info about the prisoner. However I recently received a letter telling about the most recent trial.

They told of the people that were convicted etc and at the end they had the following ruling.

The Court ordered restitution to be paid in case 2008R03261 in the total amount of $200,000.00 to Brian D. Chitty.

What does this mean????????? Why did they not have this ruling for everyone else??????????
Submitted: 4 years ago.
Category: Legal
Expert:  Joseph replied 4 years ago.

When a person enters a plea in a criminal case, the court will either order a specific amount of restitution at that time or simply order restitution with the amount to be determined at a later date.


In the situation that you have described, it sounds like this was a rather complex litigation involving a hundred million dollars and around eight hundred victims. As such, any restitution order would be quite complex.


I would suggest that there are a number of possibilities as to why you have this letter but no one else, of whom you are aware, has received one.


One possibility is that your restitution amount was easily determined while others were not. Another possibility is that your restitution has been set while others are still waiting to be set. Yet another possibility would be that, with so many victims, it is just taking time to get the restitution established and/or to set out the letters. And, of course, with so many victims, it is certainly possible that lots of such letters have been sent out, just not to the people of whom you are aware.


In short, I would not be unduly concerned with the other victims and their notification, the court will surely get to them all in a timely fashion and keep them properly informed as to any awarded restitution.


Please let me know if anything requires clarification.


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Customer: replied 4 years ago.
this still makes no sense. I had to fill out a claim in the past. this claim said that I did not have a secured claim, they insisted that it be filled out that way. Now are you telling me that the court has to rule on each persons claim and say if it is acceptible or not?????????? if not, why would they even mention it???????????
Expert:  Joseph replied 4 years ago.
The "secured claim" that you referred to, is this from the criminal prosecution, a bankruptcy claim or something else?
Customer: replied 4 years ago.
I am going to click accept but this is totally useless infomation to me. It looks like you think I know as much about the law as you do and you are just explaining one little minor part. Now send this back with no more answers and I will click accept and try to find an answer some place else.
Expert:  Joseph replied 4 years ago.
Please understand that I only know what you tell me here on Just Answer. If there is something you need clarified, as I stated in my initial answer, I welcome any requests for follow-up. I would be happy to continue to try to assist in this matter. If you need something else, please let me know. Otherwise, I wish you the best of luck!
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