|Trusts and the Untrustworthy|
"Pure Trusts" and "Patriots for Profit"
by Mark Pitcavage, Ph.D. (04/07/1999)
This report is the "pure trust" scam, which has migrated to -- and flourished on -- the Internet. "Pure trust" schemes are those in which people are convinced to place all of their assets into a number of trusts of dubious legitimacy in order to hide their assets from creditors and tax collectors. This report explains the primary targets of the scam, the nature of the "product" offered, the pitch the scammers use, the true status of such trusts and the consequences for those people who actually purchase "pure trusts." It also describes other, related scams and frauds that are similar to are aimed at a similar audience, and offers a few suggestions as to ways to help solve the problem.