- Report: #275637
Complaint Review: Riverside Community Church St.Charles Walt Barrett Rod Rieman Roderick Rieman Innovative Finan - St.Charles Illinois
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Riverside Community Church St.Charles Walt Barrett Rod Rieman Roderick Rieman Innovative Finan
38W517 Silver Glen Rd St.Charles, 60175 Illinois, U.S.A.
Phone:
630-701-4144
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Riverside Community Church St.Charles, Walt Barrett, Rod Rieman, Roderick Rieman, Roderick James Rieman, Sharon Rieman, April Rieman, Innovative Financial Services Rod Rieman is a member of this church, Beware of Scams St.Charles Illinois
*Author of original report: Rod Rieman, April Rieman Bankruptcy Filing
*Author of original report: Rod Rieman, April Rieman Bankruptcy Filing
*Author of original report: Rod Rieman, April Rieman Bankruptcy Filing
*Consumer Comment: Rod Rieman Arrested, Criminal Charges
*Consumer Comment: Rod Rieman Arrested, Criminal Charges
Rod Rieman is a member of this church, Riverside Community church St. Charles.
His conning story is told in a Chicago Sun Times article:
'He hurt a lot of people'
CON MAN OR VICTIM? | St. Charles man found investors at his church; they lost millions
September 19, 2007
BY MARY [email protected]
"He portrayed himself as a very big Christian."
"He pointed out that he was an elder in the church."
Click to enlarge image "I don't get depressed. I get ticked off," says 84-year-old Melvin P*****.
(Rich Hein/Sun-Times)
Click to enlarge image Melvin P****, 84, said he was initially skeptical of Roderick Rieman's investing claims.
(Rich Hein/Sun-Times)
RELATED STORIES Ex-Marine: 'No risk' pitch cost me dearly
Avoiding scams
"Because he came to the church and used references of people I trusted, I trusted him."
That's how west suburban investors talk about Roderick J. Rieman, a St. Charles investment adviser. Rieman used his church activity as a character reference, and would end a business letter with "God bless."
But God was apparently not on Rieman's side when it came to making money for clients.
More than a dozen investors in the western suburbs, including those who knew Rieman through his former church, told the Sun-Times that Rieman lost them millions through such investments as Mexican hotel time shares and ad boxes for the tops of ATM machines. Both investments have since been identified as fraudulent Ponzi schemes by the U.S. Securities and Exchange Commission.
The SEC this month sued 26 defendants, including Michael Kelly and Resort Holdings International, for cheating thousands of investors, mostly senior citizens, out of more than $300 million in the time-share scheme. Rieman was not named and has not been charged with a crime, but local investors say he was their conduit to this and other frauds.
The money came from home-equity loans, IRAs and savings. Investors claim Rieman promised "no risk" and high returns -- but they lost their principal.
"He's a con man," said Patrick Hincks, a lawyer for Yorkville retiree Gerald Chase, who won a default judgment against Rieman for $1.4 million in losses. "He pitched these highly risky and highly speculative investments. He hurt a lot of people."
Hincks said Chase met Rieman through the Community Christian Church of Naperville. Hincks said up to 30 church members lost money. Other investors found Rieman through other means, like mutual friends.
One former church member, who asked not to be named, said he lost $269,000 and is now medicated for depression.
Those who lost money included CCC's pastor, Dave Ferguson, who said he had forgiven Rieman, but was glad he was out of his church.
Rieman referred questions to his lawyer, Jose Lopez, who did not return calls.
Without admitting to the truth of the allegations, Rieman entered into a consent order last October with the Secretary of State's Securities Department, permanently prohibiting him and his company, Innovative Financial Services, from offering and selling securities in Illinois. The order said Rieman sold money-losing investments without informing investors of the risks and without registering the securities.
Rieman filed for bankruptcy in March. His debts include a $1 million mortgage loan on his home, while assets include an $85,204 interest in "Resorts International."
"If there was fraudulent activity on his part, why would he be buying the same stock he was selling?" asked Rieman's bankruptcy attorney, Thomas Byrnes, who said "look, I know he is guilty, but I have a ex-wife and mortgage to pay!"
A few of Rieman's former clients believe Rieman was not trying to defraud but was himself suckered.
"I think he just was incompetent," said Edna "Toni" K******, 75, a former Chicagoan now living in Arizona. She lost over $100,000 through Rieman investments, and now lives off $1,015 a month from Social Security. "I feel just sick about what happened."
Jackie M
St.Charles, Illinois
U.S.A.
His conning story is told in a Chicago Sun Times article:
'He hurt a lot of people'
CON MAN OR VICTIM? | St. Charles man found investors at his church; they lost millions
September 19, 2007
BY MARY [email protected]
"He portrayed himself as a very big Christian."
"He pointed out that he was an elder in the church."
Click to enlarge image "I don't get depressed. I get ticked off," says 84-year-old Melvin P*****.
(Rich Hein/Sun-Times)
Click to enlarge image Melvin P****, 84, said he was initially skeptical of Roderick Rieman's investing claims.
(Rich Hein/Sun-Times)
RELATED STORIES Ex-Marine: 'No risk' pitch cost me dearly
Avoiding scams
"Because he came to the church and used references of people I trusted, I trusted him."
That's how west suburban investors talk about Roderick J. Rieman, a St. Charles investment adviser. Rieman used his church activity as a character reference, and would end a business letter with "God bless."
But God was apparently not on Rieman's side when it came to making money for clients.
More than a dozen investors in the western suburbs, including those who knew Rieman through his former church, told the Sun-Times that Rieman lost them millions through such investments as Mexican hotel time shares and ad boxes for the tops of ATM machines. Both investments have since been identified as fraudulent Ponzi schemes by the U.S. Securities and Exchange Commission.
The SEC this month sued 26 defendants, including Michael Kelly and Resort Holdings International, for cheating thousands of investors, mostly senior citizens, out of more than $300 million in the time-share scheme. Rieman was not named and has not been charged with a crime, but local investors say he was their conduit to this and other frauds.
The money came from home-equity loans, IRAs and savings. Investors claim Rieman promised "no risk" and high returns -- but they lost their principal.
"He's a con man," said Patrick Hincks, a lawyer for Yorkville retiree Gerald Chase, who won a default judgment against Rieman for $1.4 million in losses. "He pitched these highly risky and highly speculative investments. He hurt a lot of people."
Hincks said Chase met Rieman through the Community Christian Church of Naperville. Hincks said up to 30 church members lost money. Other investors found Rieman through other means, like mutual friends.
One former church member, who asked not to be named, said he lost $269,000 and is now medicated for depression.
Those who lost money included CCC's pastor, Dave Ferguson, who said he had forgiven Rieman, but was glad he was out of his church.
Rieman referred questions to his lawyer, Jose Lopez, who did not return calls.
Without admitting to the truth of the allegations, Rieman entered into a consent order last October with the Secretary of State's Securities Department, permanently prohibiting him and his company, Innovative Financial Services, from offering and selling securities in Illinois. The order said Rieman sold money-losing investments without informing investors of the risks and without registering the securities.
Rieman filed for bankruptcy in March. His debts include a $1 million mortgage loan on his home, while assets include an $85,204 interest in "Resorts International."
"If there was fraudulent activity on his part, why would he be buying the same stock he was selling?" asked Rieman's bankruptcy attorney, Thomas Byrnes, who said "look, I know he is guilty, but I have a ex-wife and mortgage to pay!"
A few of Rieman's former clients believe Rieman was not trying to defraud but was himself suckered.
"I think he just was incompetent," said Edna "Toni" K******, 75, a former Chicagoan now living in Arizona. She lost over $100,000 through Rieman investments, and now lives off $1,015 a month from Social Security. "I feel just sick about what happened."
Jackie M
St.Charles, Illinois
U.S.A.
5 Updates & Rebuttals
Scott F.
Chicago,Illinois,
USA
Rod Rieman Arrested, Criminal Charges
#2Consumer Comment
Tue, June 21, 2011
Investment Con Artist, Roderick James Rieman was indicted on mail fraud charges in connection with defrauding more than 100 investors of more than $5 million in a Ponzi-type scheme, federal prosecutors say.
Roderick Rieman, 66, of Geneva, and a partner, Michael Crook, 52, of Los Angeles, were indicted April 6, 2011 of 10 counts each of mail fraud by a federal grand jury. If convicted, each count of mail fraud carries a maximum penalty of 20 years in prison, a $250,000 fine and mandatory restitution.
The U.S. Attorneys Office for the Northern District of Illinois said the two created four companies between 2004 and 2007, took money for investing in them, overstated and misrepresented their value and return, then used money from new investors to pay older ones, according to the indictment.
Rieman said he was was a director of Z Touch Systems Inc., Global Payment Solutions Inc., Bluko Information Inc., and Smart Restaurant Solutions Inc., all based in Las Vegas.
The companies were supposed to create interactive kiosks, software for making restaurant reservations and pre-paid debit cards. For example, for Z Touch, the interactive kiosk was called ODIEs, On Demand Interactive Environments, according to the indictment.
Rieman misled prospective investors and investors by telling them such things as: Bluko and Z Touch had contracts with the U.S. military and with Habitat for Humanity, according to the indictment. Morgan Stanley was going to take Bluko to the promised land and the U.S. had purchased a large number of ODIEs for use by soldiers.
Filed in the U.S.District Court, Northern Illinois is case # 11CR0269
If you are a victim, contact:
Info on U.S. Atty handling case 11CR0269
Edward G. Kohler
United States Attorney's Office (NDIL)
219 South Dearborn Street
Suite 500
Chicago, IL 60604
(312) 353-5300
Rieman and his son Brian, through his Innovative Financial Services, Inccompany, bilked 100s of victims (mostly retired senior citizens) out of their retirement funds and equity in their properties, to buy into 2 Ponzi schemes:
Resort Holdings / Universal Lease in Cancun, Mexico. Amount of Ponzi - $550 Million.
Michael E. Kelly, creator of this Ponzi, has been sitting in a Federal jail for 4 years while awaiting trial. He is trying to sell his properties to make restitution to his 9000 victims.
Ad Toppers, Douglas Network, Unlimited Cash of Los Angeles, CA. Amount of Ponzi - $26 Million
Nancy Carol Khalial, creator of this Ponzi, is out of jail on $50,000 bail waiting for her trial to start. There are approximately 700 victims in this Ponzi.
Many of Rieman's investors were members of the Community Christian Church in Naperville where Rieman attended. Rieman now attends Riverside Community Church, 37W130 Crane Road, St., Charles, Il.
Scott F.
Chicago,Illinois,
USA
Rod Rieman Arrested, Criminal Charges
#3Consumer Comment
Tue, June 21, 2011
Investment Con Artist, Roderick James Rieman was indicted on mail fraud charges in connection with defrauding more than 100 investors of more than $5 million in a Ponzi-type scheme, federal prosecutors say.
Roderick Rieman, 66, of Geneva, and a partner, Michael Crook, 52, of Los Angeles, were indicted April 6, 2011 of 10 counts each of mail fraud by a federal grand jury. If convicted, each count of mail fraud carries a maximum penalty of 20 years in prison, a $250,000 fine and mandatory restitution.
The U.S. Attorneys Office for the Northern District of Illinois said the two created four companies between 2004 and 2007, took money for investing in them, overstated and misrepresented their value and return, then used money from new investors to pay older ones, according to the indictment.
Rieman said he was was a director of Z Touch Systems Inc., Global Payment Solutions Inc., Bluko Information Inc., and Smart Restaurant Solutions Inc., all based in Las Vegas.
The companies were supposed to create interactive kiosks, software for making restaurant reservations and pre-paid debit cards. For example, for Z Touch, the interactive kiosk was called ODIEs, On Demand Interactive Environments, according to the indictment.
Rieman misled prospective investors and investors by telling them such things as: Bluko and Z Touch had contracts with the U.S. military and with Habitat for Humanity, according to the indictment. Morgan Stanley was going to take Bluko to the promised land and the U.S. had purchased a large number of ODIEs for use by soldiers.
Filed in the U.S.District Court, Northern Illinois is case # 11CR0269
If you are a victim, contact:
Info on U.S. Atty handling case 11CR0269
Edward G. Kohler
United States Attorney's Office (NDIL)
219 South Dearborn Street
Suite 500
Chicago, IL 60604
(312) 353-5300
Rieman and his son Brian, through his Innovative Financial Services, Inccompany, bilked 100s of victims (mostly retired senior citizens) out of their retirement funds and equity in their properties, to buy into 2 Ponzi schemes:
Resort Holdings / Universal Lease in Cancun, Mexico. Amount of Ponzi - $550 Million.
Michael E. Kelly, creator of this Ponzi, has been sitting in a Federal jail for 4 years while awaiting trial. He is trying to sell his properties to make restitution to his 9000 victims.
Ad Toppers, Douglas Network, Unlimited Cash of Los Angeles, CA. Amount of Ponzi - $26 Million
Nancy Carol Khalial, creator of this Ponzi, is out of jail on $50,000 bail waiting for her trial to start. There are approximately 700 victims in this Ponzi.
Many of Rieman's investors were members of the Community Christian Church in Naperville where Rieman attended. Rieman now attends Riverside Community Church, 37W130 Crane Road, St., Charles, Il.
Jackiem
St.Charles,Illinois,
U.S.A.
Rod Rieman, April Rieman Bankruptcy Filing
#4Author of original report
Sat, October 20, 2007
Rod Rieman's bankruptcy continues on. You can file as a creditor still. You must file before 11/26 at the Illinois Bankruptcy Court. If you look at the Z Touch tread on the Innovative Financial Scams site, there is info on how to file. I just found this out.
Jackiem
St.Charles,Illinois,
U.S.A.
Rod Rieman, April Rieman Bankruptcy Filing
#5Author of original report
Sat, October 20, 2007
Rod Rieman's bankruptcy continues on. You can file as a creditor still. You must file before 11/26 at the Illinois Bankruptcy Court. If you look at the Z Touch tread on the Innovative Financial Scams site, there is info on how to file. I just found this out.
Jackiem
St.Charles,Illinois,
U.S.A.
Rod Rieman, April Rieman Bankruptcy Filing
#6Author of original report
Sat, October 20, 2007
Rod Rieman's bankruptcy continues on. You can file as a creditor still. You must file before 11/26 at the Illinois Bankruptcy Court. If you look at the Z Touch tread on the Innovative Financial Scams site, there is info on how to file. I just found this out.
