On his website,Jason Yates, of We Equals Us (www.weequalsus.com) was in November and December of 2010 advertising a credit leveraging program in which he stated investors were getting back a 100% return every 30 days.
At that time, Yates told me and my friend, Greg, that the program (which consisted of buying and selling "aged" corporations)was working fine - that everyone was receiving 100% return each month. He had said that he himself was investing 500,000 each month and getting that much back. I told him that I could take money out of my IRA for 60 days at no penalty and would invest for 60 days. Otherwise, I would incur a 20% IRS early withdrawal penalty and not be able to reinvest it in my IRA. I thought my friend Greg, who holds a BS degree in business from UC-Berkeley, had researched the program very thorougly, but we both trusted Yates due to his speaking of being a dedicated Christian, of being involved in his church's worship team, and many other things about his personal relationship with God. We were also impressed with his desire to help people get relief from their mortgages.
I invested on Jan. 12 24,360 and my friend Greg 6000 on February 9.
When we asked Yates for proof of deposit slips, he never responded to our communications. Finally, on March 8, we began sending Yates daily phone texts, emails and leaving calls on his answering machine to be sure and wire back to my TD Ameritrade the 24,360.00 on Mar. 14. He did not get back with us nad did not wire the money back. I need to mention that in his contract for the program, he states investors will receive back their initial investment amt, even if not the interest advertized.
On March 16, 2011, when I spoke with him I told him I would incur a 4872.00 early withdrawal penalty from the IRS. He said the program was working fine, that he had been hospitalized, and that he would pay me the 4872.00 IRS penalty. I told him he could leave the money if indeed it the program was working fine, but to wire me 4000.00. He said he would do it on Friday, Mar. 18. He did not. On Wed., March 23, he told me he would wire me the 4000.00 that morning. He did not. Upon being threatened by me, on March 24th, he did wire me 1500.00 on Friday, Mar. 25. He assured me he would send another large payment the next week, but only sent 800.00. He assured me he would send me 2,000 at least the next week, but did. He assured me he would send me money the next two weeks, but never sent a dime after the initial 2300.00 and has not sent any more since, as I type this on July 12, 2011. He only sent Greg 750, thus owing him 5250.00.
(I have spoke with a man named Cris who gave Yates 15,000 and whose friends gave Yates 30,000, 40,000 and 70,000. Of the 15,000, Cris has only been given 700.00 back. He then stopped responding to their communication, until Cris mentioned seeing where I would take him to the authorities and contacting him. However, he has not paid Cris anymore back.
When I discovered that at least 6 people had not gotten their money back from the program by the end of November, I asked Yates why he told me the program was working fine. He told me the fund the money was in at SunTrust Bank had been frozen by the FDIC in Dec. I asked how then could he have put my and Greg's money in during Jan. and Feb. He said the FDIC had temporarily opened it - he deposited our money - and then closed it. When I contacted the FDIC they informed me they did not regulate SunTrust Bank as it was an interstate bank, and they only regulate state banks. Therefore, they told me it would have been impossible for them to have closed any account in that bank. They said it was regulated by the Federal Reserve Board Board of Governors. When confronted with this by email and phone texts, Yates has not responded to any further phone texts, messages on his answering machine, or to emails. He is clearly running from us.
In addition, Yates has sold many people a process by which he claims they can have their home mortgages removed. He sold the programs for 2500.00 and part of that was for a forensic audit to find errors in the origination of the mortgage loan. Yates advertised the program as taking only 59 days. However, now after many months of the people having paid Yateds, he has not obtained for them the forensic audit (which was to have been 700.00 of the cost). The few that he did, were given them so late that many had already lost their homes. Many will be suing him for services not rendered.