{"id":12632,"date":"2011-08-18T04:38:23","date_gmt":"2011-08-18T04:38:23","guid":{"rendered":"http:\/\/utu.org\/?p=12632"},"modified":"2011-08-18T04:38:23","modified_gmt":"2011-08-18T04:38:23","slug":"9-years-in-prison-but-utu-victims-left-holding-bag","status":"publish","type":"post","link":"https:\/\/www.smart-union.org\/9-years-in-prison-but-utu-victims-left-holding-bag\/","title":{"rendered":"9 years in prison; but UTU victims left holding bag","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

LOS ANGELES — For 15 years, Thomas L. Mitchell worked a Ponzi scheme targeting and draining the retirement funds of retired LACMTA bus\u00a0workers, many of whom were UTU members.<\/p>\n

The con artist will now spend his next nine years in federal prison \u2013 having pleaded guilty to mail fraud, according to The Los Angeles Times<\/em>. And while Mitchell has been ordered to return to\u00a0his victims\u00a0millions of dollars in ill-gotten gains, it is likely the scores of\u00a0retirees, whose comfortable retirement was ruined by the cheat,\u00a0will never recover their money.<\/p>\n

Federal prosecutors said Mitchell promised high investment returns in exchange for access to the victims\u2019 retirement funds. Only a small fraction of the money was placed in legitimate investments, with most of the funds financing a lavish lifestyle for Mitchell, according to prosecutors<\/p>\n

The federal judge who imposed the nine-year prison sentence described Mitchell\u2019s scheme as a \u201cremarkable level of deception\u201d driven entirely by \u201cgreed.\u201d A federal prosecutor said Mitchell \u201cwas able to lead a luxurious lifestyle by stealing the life savings of hard-working men and women who only sought a dignified retirement. For his criminal conduct, Mitchell richly deserves his nearly decade-long prison sentence.\u201d<\/p>\n

As UTU General Secretary & Treasurer Kim Thompson pointed out in a leadership column in 2010, while \u201cthe vast majority of investment advisers, investment firms and financial planners are trustworthy professionals, an encounter with only one dishonest individual could devastate your retirement.”<\/p>\n

Thompson recommended retirees heed 10 steps suggested by best-selling author Charles Murray, a resident scholar with the American Enterprise Institute:<\/p>\n

1) Every deal is a potential scam:<\/strong> Recognize that fraud is an act of deceit by one party intended to induce another to part with something of value.<\/p>\n

2) Map out your goals before shopping or investing:<\/strong> There\u2019s a difference between \u201cbuying\u201d and \u201cbeing sold.\u201d<\/p>\n

3) Avoid mixing business with pleasure:<\/strong> According to the National Institute of Justice, the attempt to defraud is more successful if a person knows or knows of the offender.<\/p>\n

4) Don\u2019t get greedy:<\/strong> Remain calm and dispassionate.<\/p>\n

5) Be suspicious of \u201cinside information,\u201d \u201chot tips\u201d and \u201cone-time offers\u201d:<\/strong> Why you instead of Tom-Dick-and-Harry?<\/p>\n

6) Educate yourself:<\/strong> Beware of getting all your information from the seller.<\/p>\n

7) Double check all facts:<\/strong> A cheat doesn\u2019t want himself or his deal scrutinized.<\/p>\n

8)\u00a0Don\u2019t wilt when the heat is turned up:<\/strong> It takes a secure person to say \u201cno\u201d to pressure and manipulation.<\/p>\n

9) A promise is only as good as the person behind it.<\/strong><\/p>\n

10) Scams copy the same methods used in legitimate business dealings:<\/strong> Spotting the difference can be difficult. Five tell-tale signs:<\/p>\n

*<\/strong> Something is promised that borders between reasonable and too good to be true.<\/p>\n

*<\/strong> Victims typically know or know of the swindler.<\/p>\n

*<\/strong> A sense of urgency exists.<\/p>\n

*<\/strong> A cheat doesn\u2019t want himself or the deal scrutinized;<\/p>\n

*<\/strong> High-pressure sales tactics are used.<\/p>\n

Says GS&T Thompson: \u201cThere are many investment instruments including your own UTUIA annuities that are available in which to place retirement funds that can provide the necessary security and still provide a cash stream in retirement years.<\/p>\n

\u201cIn speaking with a financial adviser, find out what their experience has been. Check their credentials and demand other client references. And never write a check directly to an individual. Your payment should be to the investment firm or to the investment fund itself. A request for direct payment to an individual is a big red flag!<\/p>\n

\u201cRemember, your retirement funds represent a lifetime of savings, and there is no \u2018do-over,\u2019\u201d Thompson warned.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

LOS ANGELES — For 15 years, Thomas L. Mitchell worked a Ponzi scheme targeting and draining the retirement funds of retired LACMTA bus\u00a0workers, many of whom were UTU members. The con artist will now spend his next nine years in federal prison \u2013 having pleaded guilty to mail fraud, according to The Los Angeles Times. […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[9,18],"tags":[623,216,1227],"member_types":[],"acf":[],"yoast_head":"\n9 years in prison; but UTU victims left holding bag - SMART Union<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smart-union.org\/9-years-in-prison-but-utu-victims-left-holding-bag\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"9 years in prison; but UTU victims left holding bag - SMART Union\" \/>\n<meta property=\"og:description\" content=\"LOS ANGELES — For 15 years, Thomas L. 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