Lyle Pearson formed a company called SaveUSA in the LA area to sell a completely phony financial product called "LIVE-GRIP" an acronym for Lock-In Value & Equity - Guaranteed Real Estate Investment Protection. He claimed to have guaranteed backing from UBS.
In short, he sold an insurance-type product which would guarantee protection from any losses in the value of one's home or any other piece of real estate.in exchange for a premium of about 3%, he would "guarantee" the value by committing to buy the property for up to ten years for the agreed price. It amounted to a put-option on the real estate. He presented his Guarantee fro UBS and conducted several conference calls with UBS officials.
The product is an absolute fraud.
The director of fraud investigations at UBS has declared that they have dealings with the company - any claims otherwise are fraudulent. Mr. Pearson's purported parent company in London was forced into court-ordered receivership in just beofre they began selling the scam in the US. What's more, the London offcie was actually the basement of a pawn shop - strange for a multi-billion dollar financial operation. They had been shut down by regulators their for conducting the same scam. The company headquarters in Person's docs turns out to be a 1-star motel in New Zealand! Pearson consistently claims to hold an MBA from the U of U and a PhD from some school in England. The U of U records department states that he received no degree whatsoever from the school.
Pearson stole $82.375.00 from me personally, $11,000.00 from a friend, and claims to have stolen from scores of others in the Linkedin and other social network sites (where he boasts of his acheivements). Pearson has stolen many hundreds of thousands of dollars from people who believed his scam. Yet he remains defiant and remorseless.
The guy is an absolute crook!
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