Recently, there has been an important decision that affects how pension fraud schemes are handled within the United States by the Securities and Exchange Commission. The recent case was filed against DeVere USA, Inc. DeVere USA Inc. has been registered with the Securities and Exchange Commission since June 5, 2013 and is incorporated in the State of Florida with its principal place of business in New York. DeVere USA, Inc.’s most recent report revealed that it has over $500 million in assets under management for its clients. If you have utilized DeVere’s USA Inc.’s services and have experienced losses, it is highly recommended that you speak with an attorney to see your potential legal rights for recovering your losses.
Facts of the Case
A case was filed with the Securities and Exchange Commission due to DeVere USA, Inc.’s failure to make full and fair disclosure to clients and prospective clients about material conflicts of interest regarding external compensation received from third-party product and service providers. DeVere USA Inc. maintains a list of clients from both the U.S. and the U.K. in which it provided investment guidance to its clients about recommended overseas transfers of U.K. pension plans to overseas retirement plans. The way they justified these transfers was that they qualified under the U.K. tax authority’s regulations as a Qualifying Recognised Overseas Pension Scheme (QROPS).