to as a “wealth-building program.” His program was a far cry from building anything. On the contrary, the program is infamous for stripping its victims of wealth.

Loomis held seminars at hotels and casinos where boasted of high rates of return. Further, he advertised bespoke financial planning to assist clients with college tuition and retirement aspirations. While conducting his own version of due diligence for his program, Loomis would ask for confidential financial information, including tax returns, pay stubs, copies of bills and information concerning home equity. He targeted families with considerable home equity and excellent credit. Shortly thereafter, Loomis would invite the victim families to a private two-day workshop.

Booby-Trapped Workshops 

During the workshops, Loomis would offer three distinct investment tiers. Each option is contrary to the fiduciary responsibility of any ethical investment adviser. Tier 1 investors  would receive a strong recommendation to purchase whole life insurance. However, Loomis would fail to inform his clients of his referral fee of roughly $25,000 per policy from the life insurance company itself. Loomis strongly encouraged Tier 2 investors to refinance their homes. In doing so, Loomis recommended that all equity be taken out of the real estate asset and invested in Loomis’ Naras Funds.