Saint Lucia is a lovely place to spend your honeymoon. Just ask Lyndsay Sayer. According to the Securities and Exchange Commission, Sayer allegedly used investors’ money to pay for her island getaway.
The SEC charged Sayer, along with Ryan Koester and Sayer’s father Rudolf Pameijer, with conducting a fraudulent investment scheme. Investors were told that their money would be put to work with Koester, a self-proclaimed foreign currency investment expert. They were even issued promissary notes, guaranteeing their principal investments, and allegedly false account statements. Instead, the SEC claims, the money was used to pay for cars, college tuition, a boat, and Sayer’s wedding and honeymoon.
Sayer and Pameiger have waived a jury trial. They have also agreed, without admitting any wrongdoing, to terms that bar them from any future association with any ratings agency, securities advisor, broker or dealer. The court has yet to determine if they must provide monetary relief. Koester and Pameijer are also facing Indiana criminal charges. Both Koester’s Rykoworks Capital Group and Pameijer’s Plan America LLC have had their assets frozen by the Indiana Secretary of State’s Office since February.
WSW Lesson: None of the charged were licensed to provide investment advice or sell securities. Before you invest with any firm or agent, verify that they are licensed investment professionals. Two good resources are FINRA’s BrokerCheck database and the SEC’s Investment Advisor Search
Sources and Coverage:
SEC Complaint
SEC Litigation Release
Indiana Business Journal, by Scott Olson, “SEC Accuses Local Firm of Bilking Investors Out of $1.7 Million.