How did the scheme work?
FBI reports suggest that Loomis Wealth Solutions offered suspects a free $10,000 life insurance policy if they purchased shares of the companies stock. The company structured itself on several different ‘tiers of involvement’.
The plan had a three step approach, “The three step plan involved the client purchasing property from Loomis and Loomis Wealth Solutions, Inc. and than allowing Loomis and Loomis Wealth Solutions, Inc. to control the property.
The client was promised a monthly return plus half the sales price when the property was eventually sold.” Loomis partnered with several property management firms who collected monthly rent from the investment properties