Tuesday, May 6, 2014
The decades old asset protection kit scam is still circulating across the country, and is targeting physicians. It works by hosting seminars that scare the targeted individuals with horror stories of wealthy individuals losing everything by being sued. Then the seminar host introduces a kit that will fix everything and is offered for $5,000. The seminar host will have planted shills in the audience that are in on the scam, and will enthusiastically purchase the kits, making it look like quite a bargain. The reality is that these kits are worth very little and offer little protection. Many of the forms in the kit can be found on the Secretary of State’s website for free, but putting the kit together takes specialized knowledge of asset protection.
See Jay Adkisson, The Asset Protection Kit Scam Continues to Lure Suckers, Forbes, May 3, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.