Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

Are the oil pension checks and the auto rebates and the

Customer Question
Are the oil pension...

Are the oil pension checks and the auto rebates and the insurance return checks a scam

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have received information from Lombardi publishing company with reports to buy on how to earn extra money for example some of the information is listed as:

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Auto insurance returns oil pension checks for income and auto rebate checks monthly for extra income. just want to know if these are scams though I understand Lombardi is a publishing company and only provides information on the programs. Not sure they can help me to find out how the programs actually work.

Submitted: 1 month ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 8 hours by:
1/9/2018
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 935
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Please give me a few minutes to answer your question.

Ask Your Own Finance Question
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago

The "investments" that you mentioned are not what they are advertised to be. I have looked at each of these, as well as the "tobacco checks" and while they are not fraudulent, they are awfully close to being so.

The "oil pension checks" for example are referring to publicly traded oil and gas master limited partnerships. Yes, they pay dividends quarterly. But that is where the truth ends. The rate of return is usually 4% to 5%. So in order to get the returns that Lombardi advertises, you have to put in over $200,000.

Same with the tobacco settlement money. Back in the 1980s the states got together and sued "big tobacco" and won. The states required the tobacco manufacturers to pay a percent of cigarette sales to the states each year to help pay for the cost of the state healthcare program, the thought being that tobacco created a part of the cost. As the states are always desperate for money, they sell "anticipation bonds" in year one to be paid back with money from year 2 or later. These are tax-free municipal bonds (the ads say "tax free money") but again, the rate of return is usually 3% to 4%, so in order to get the $2,000 or $3500 a month that the ads say, you have to have $500,000 invested!

They also talk about benefits retirees can get from Social Security that are not SSA benefit payments. "SSA Contracts", they call them. Again, they talk about a couple of thousand dollars a month in income. It turns out that they are talking about real estate investment trusts (REITS). These pay out large amounts of income each month. The one that they are pushing owns real estate buildings that they rent to the General Services Administration, which in turn rents to the Social Security Administration. So the ads are not technically lying when they say you are getting money from SSA, but the contract is a rental contract with the REIT, not any contract with you. Payments from SSA are in the form of rent payments, not benefits, and they are to the REIT, not you. Again, these REITS yield about 5%, so in order to get the monthly checks they say you would have to have over $500,000 invested.

Other scams are the auto insurance checks, the auto rebate checks, and health insurance checks. But as with the above, these will give you just enough truth so that you will act. They are not real investments.

The desired action is for you to buy their newsletter for $149 (or whatever it is now). If this was such an easy way to make money, they would not be selling newsletter subscriptions, they would just invest a little and rake in the money.

Unfortunately, there is no such thing as a free lunch. And there are not many honest financial publishers. In addition to Lombardi, watch out for Agora, and Stansbury Research and the Oxford Club. They all do the same thing. Make something look really good, and really easy, then grab your subscription money.

I hope that I have answered your question, and saved you from buying a newsletter that could be used to line my neighbor's birdcage. If you have any more questions, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

Ask Your Own Finance Question
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago

These scams are not new. I remember in the 1980's I worked for the "Big 8" accounting firm of Arthur Young. Back then, a pitchman named Carlton Sheets was pushing a plan to buy real estate with no money down. A bunch of us got together and bought the plan and read it. Most of the "schemes" that he promoted to buy property were either illegal, or no reputable lender would engage in, or there was some major flaw that he failed to reveal. For example, in one section, he told readers to use zero coupon bonds (which are like US savings bonds, sold at a discount) to finance properties. You would buy a discounted bond today, and use it to buy the property. You might pay as little as $35,000 for a $100,000 bond. But, what seller would give you a property worth $100,000 in exchange for a $100,000 bond that he would not be able to spend until it matured in 30 years? Another thing that he failed to mention was that the person holding the bonds (the property seller) had to pay tax on the interest each year. What seller would pay tax on the gain for selling the property, then pay tax again on the money he collected from the sale? Again, not reasonable. But he sold a lot of the "courses" to a lot of people desperate to make a quick buck.

Ask Your Own Finance Question
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago

Did I answer your question? Do you have any more? IF so, please let me know. If not, please do not forget to rate me, as this is how questions are closed.

Thanks!

Ask Your Own Finance Question
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago

Hello?

Ask Your Own Finance Question
Was this answer helpful?
Ask taxmanrog Your Own Question
taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 935
935 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

taxmanrog is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,920 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I'm curious, what types of -term care insurance is there and
I'm curious, what types of long-term care insurance is there and which one would you recommend? Do they go hand-in-hand with Medicare/Medicaid? I want to understand the system… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I got health inaurance from the marketplace for 2018.
I got health inaurance from the marketplace for 2018 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a sub s corp — consulting services —- can I deduct
I have a sub s corp — consulting services —- can I deduct 1005 charitable contributions and health insurance or are both considered pass through and only 20% can be deducted … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
One of my relatives is self employed and makes around
One of my relatives is self employed and makes around $140,000 a year. She would prefer insurance through the marketplace, but she doesn't qualify for subsidies. Where can she buy health insurance tha… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am the owner of an LLC and I'm the sole member. I'm
I am the owner of an LLC and I'm the sole member. I'm looking to get health insurance but not sure if I can afford the monthly costs. But if I don't get insurance then I have to pay a penalty fee whic… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,284 satisfied customers
What steps would we need to take so that our benefits are
What steps would we need to take so that our benefits are paid with pretax dollars through our company which my wife and I own ?… read more
Carter McBride
Carter McBride
LLM
486 satisfied customers
I would like to know what is a reasonable rate of return on
I would like to know what is a reasonable rate of return on investment considered by the City of Oakland and are those exempt through the Costa Hawkins Act also exempt for this? … read more
Patrick Mullis
Patrick Mullis
Masters
18 satisfied customers
My daughter is 22 yo and graduated from a community college
My daughter is 22 yo and graduated from a community college last year. She has been working part time since then and this Fall started classes as a full time student at a four year college in her juni… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife just lost her job at the end of September and with
My wife just lost her job at the end of September and with that our family health insurance. We are signing up for a new family health insurance plan but it will start from November 1st on. Will we ha… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am receiving a health insurance benefit from the ACA. If I
I am receiving a health insurance benefit from the ACA. If I liquidate a real estate asset in October my adj gross income will be over the threshold but only for the 4th quarter. Will the IRS see it t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
I have an S Corp. I deduct ,my health insurance expenses on
Hi. I have an S Corp. I deduct ,my health insurance expenses on Form 1040, line 29. My wife and I started paying Medicare Part B and Med Supp insurance in October. In 2016, we paid our fourth quarter … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
Can I deduct my health insurance costs on my 1040 form? If
Can I deduct my health insurance costs on my 1040 form? If so, is it on line 61, or do I itemize it on Line 1 of Schedule A? What are the limitations? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
I actually have a health insurance question and I couldn't
Hi, I actually have a health insurance question and I couldn't find a category for that. I was hoping that someone on here could help me. I have two insurances. My primary just sent me notification of… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
691 satisfied customers
I need health insurance that covers mental health as well,
I need health insurance that covers mental health as well, specifically psychologists. Any recommendations for companies that offer reasonable plans for a 29 year old male?… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
In order to get health insurance with a lower premium
In order to get health insurance with a lower premium because of the tax credit, I would need to claim some of my saving as income for 2017. How would I claim this next year, theven saving is from mon… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I got a question for ma taxes on health insurance and if
i got a question for ma taxes on health insurance and if value point by mutiplan will help me with not getting penalty on my taxes in the state of massachusetts… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
Wife was forced to resign. We have no health insurance as of
Wife was forced to resign. We have no health insurance as of November 1st 2016. Kids have medical cards, thank goodness. I looked at the Obamacare exchanges and it's a lot better for just me and my wi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This is a question about how health insurance works for new
This is a question about how health insurance works for new babies. My wife is pregnant and is signing up for health insurance. They offer family plans. Presumably, she does not sign up for a family p… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x