SEC Sues Synergy Settlement Services for Defrauding Individuals with Disabilities


In reality, the Foundation is a shell corporation with no operations or employees. Synergy, Lazarus, and Prieto jeopardized the trust members’ Medicaid and SSI benefits because they performed the trustee functions of the Foundation.

Additionally, the SEC alleged that Synergy, Lazarus, and Prieto improperly diverted at least $775,000 in trustee and joinder fees from trust members to the company. They also improperly used funds from deceased trust members’ accounts for their personal benefits and other expenses. They violated their representations to the IRS and trust members that they will only use such funds to help people with disabilities.

Furthermore, the Commission alleged that the defendants lied to trust members with respect to the investment of the trusts’ pooled assets. They concealed the fact that they are investing the pooled assets in a certain class of a mutual fund that doubled the fees being paid by trust members.

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In a statement, SEC Miani Regional Officer Director Eric Bustillo said, We allege that Synergy Settlement Services and its executives took advantage of vulnerable victims with special needs, making unethical and illegal profits off of them.”