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- JulieMann JulieMann Mar 19, 2008 @ 12:11 pm
- Your lens is wonderful! Choice Personal Loans is another source that offers adoption loans for people looking to adopt, but can not afford the expenses involved.
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- cathyswraps cathyswraps Jan 31, 2008 @ 12:08 am
- I love your lens about adoption financing. Adoption can be so expensive and puts the hopes of creating a family out of the reach of so many couples. Blessings to you for creating this lens.
A grateful mother of two precious adoptive children.
Cathy
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- RealMom RealMom Dec 5, 2007 @ 11:24 pm
- Our adoptions were FREE! The county even reimbursed our attorney fees.
There are MANY children in foster care that can be adopted FREE.
Consider this option and read our story of how we've been blessed at www.squidoo.com/adoptionandfostercare
pass it on
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- beth_kiley beth_kiley Nov 19, 2007 @ 10:00 am
- Wow, I'm really impressed with all the resources on this site. This will benefit a lot of people. Thanks, Beth from how to induce labor
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- SemperFidelis SemperFidelis Oct 13, 2007 @ 8:11 pm
- A 5 to you! Consider stopping by our Recycling lens and giving a rating. We raise funds for Save The Children with this lens. :)
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- Eduardo Alarcon Eduardo Alarcon Aug 27, 2007 @ 11:00 am
- ational Heritage Foundation Home Page
National Heritage Foundation is a non-profit tax-exempt charitable foundation near Washington, D.C.Some people have used them to set up a trust which allows donations for adoption funds to be tax deductible. There is cost involved, check out the FAQ.
State of MState of Maine
Office of Securities_
21 State House Station
Augusta, Maine 04333-0121
IN RE: NOTICE OF INTENT
06-073
JAMES L. CLIFFORD
ALLEGATIONS
1. James L. Clifford (?Clifford?) (CRD # 1419478) is an individual who has been licensed in Maine as a sales representative or agent since at least 1985. His last known address is 955 Eastern Avenue, Holden, Maine 04429.
2. From December 4, 1997, to the present, Clifford has worked as a sales representative or agent at the Brewer, Maine, branch office of Investors Capital Corp. (?ICC?).
3. Pearl P. Schoppe (?Ms. Schoppe?) was a life-long resident of Orono, Maine, and the valedictorian of the 1936 graduating class of Husson College in Bangor, Maine.
4. In May of 1996 Ms. Schoppe established a living trust (the ?Schoppe Trust?) with herself as trustee and with two of her relatives designated as trustees upon her death. The original trust document directed that upon Ms. Schoppe's death, after payment of any of Ms. Schoppe's debts, expenses and taxes, and certain distributions, the remainder of the trust property was to be held in trust for Husson College with income distributions to fund a scholarship program.
5. Ms. Schoppe was conservative with her investments. She essentially bought only certificates of deposits and fixed annuities.
6. In October of 1998, Ms. Schoppe, then age 80, amended the trust document to, among other things, change the trustee upon her death to Clifford. The amendment also changed the provision regarding the distribution of the remainder of her trust property. As amended, instead of the property being held in trust for Husson, the trust instrument dictated that the property was to be ?distributed to the National Heritage Foundation F.B.O. Pearl P. Schoppe Foundation.?
7. The charitable purpose stated by Ms. Schoppe on the National Heritage Foundation application was ?Assist students of the Greater Bangor/Brewer, Orono/Old Town, ME area who need financial aid to attend Husson College. To be paid out interest only 80% of interest to go to students, 20% of the interest to go back into the Foundation so foundation will continue to grow.?
8. Ms. Schoppe died on January 19, 2000.
9. On March 7, 2000, in Singer Island, Florida, Clifford and John T.?Dock? Houck, II, CEO of National Heritage Foundation, (?NHF?) completed the paperwork for ?National Heritage Foundation Inc. FBO Pearl Schoppe FNDTN? to purchase a $150,000 variable annuity from Conseco Variable Annuity Insurance Company through ICC, using funds from the Schoppe Trust.
10. On May 11, 2000, Clifford sent an additional $50,000 from the Schoppe Trust's checking account to Conseco to add to the variable annuity.
11. The subaccounts chosen by Clifford and Houck were largely more-risky growth funds, when Ms. Schoppe's stated intent and investment history dictated the use of more conservative income-producing investments.
12. The variable annuity sold by Clifford to the foundation was unsuitable for the charitable purposes expressed by Ms. Schoppe. There was no tax benefit and no value to having a death benefit on the life of Mr. Houck to offset the higher costs and reduced liquidity of the investment.
13. Clifford received $12,600 in commissions on these transactions. In addition, Clifford has paid himself trustee fees exceeding $42,000.00 from the trust assets despite the fact that he appears to have provided little if any valuable services to the trust.
14. Since the purchase of the variable annuity in March of 2000, Husson College has received no scholarship money from the Pearl P. Schoppe Foundation.
15. Under federal law, variable annuities are securities and the offer and sale of variable annuities is regulated by the United States Securities and Exchange Commission (the ?SEC?) under the Securities Act of 1933 and Securities Exchange Act of 1934.
16. The NASD is a national securities association registered with the SEC under §15A and in accordance with the provision of §19(a) of the Securities Exchange Act of 1934.
17. NASD Rules are filed with the SEC and promulgated under §19(b) of the Securities Exchange Act of 1934. NASD rules apply to ?all members and persons associated with a member. Persons associated with a member shall have the same duties and obligations as a member? under the association's rules. NASD Rule 0115.
18. ICC is a member of NASD and Clifford is a person associated with ICC.
19. NASD Rule 2310 requires that a member have reasonable grounds for believing that a recommended purchase is suitable for a customer based on the facts disclosed by the customer including the customer's investment objectives.
20. By virtue of his training and experience, Clifford knew the requirements of NASD Rule 2310. Through his customer relationship with Ms. Schoppe, Clifford knew her investment objectives and the charitable purpose for which she established the Pearl P. Schoppe Foundation. Thus, Clifford intentionally or knowingly failed to comply with NASD Rule 2310. 32 M.R.S.A. §10313(1)(B).
21. By using funds of the Schoppe Trust to purchase an unsuitable investment, Clifford engaged in unlawful or unethical conduct in the securities business. 32 M.R.S.A. §10313(1)(G).
22. Pursuant to 32 M.R.S.A. §§10313 and 16702, the Securities Administrator may, after notice and opportunity for hearing, issue an order to revoke the license of a licensee or impose a bar on a licensee if the Securities Administrator finds that the order is in the public interest and that the licensee: (1) has engaged in unlawful, unethical or dishonest conduct in the securities business; or (2) has intentionally or knowingly violated or failed to comply with a rule under the Securities Exchange Act of 1934.
NOTICE
Notice is hereby given that the Securities Administrator intends to issue an Order to Revoke Clifford's Agent License and Censure Him or Bar Him from Association under 32 M.R.S.A. §§10313(1) and 16702(1).
If Clifford wants to request a hearing in this matter, he must do so in writing within thirty (30) calendar days of the date of this Notice of Intent. 32 M.R.S.A. §§10708, 16702(1).
Date: November 28, 2006 /s/ Michael J. Colleran
` Michael J. Collera
Securities Administrator
Date: November 28, 2006 /s/ Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: November 28, 2006 /s/ Willis P. Smedberg
Willis P. Smedberg
Investigator/Examiner
Last Updated: December 20, 2006 4:42 PM
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- Jenny Jenny Aug 25, 2007 @ 5:12 pm
- Thank you so much for this information! My husband and I are currently in the process of adoption from the Philippines. We were hoping to find some information about some financial help and this squidoo lens has been very helpful.
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- Aug 2, 2007 @ 11:38 pm
- Wow, what a great lens! I added it to my favorites. I voted 5 stars - I invite you to check out mine too, and rate it for me! Live Streaming Video
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- MoonShrine MoonShrine Jun 22, 2007 @ 9:06 am
- Great resource! It's obvious that you've put a lot of work into your lenses. Good luck to all of you who are hoping to adopt. Where there is a will there IS a way.
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- JoanneGreco JoanneGreco Jun 2, 2007 @ 8:59 pm
- Hello. I added your lens to our lensroll. Feel free to add us to yours.
http://www.squidoo.com/adopting/
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- JoanneGreco JoanneGreco May 24, 2007 @ 8:47 am
- Hello-I added your lens to our lensroll. Feel free to add us to yours! Thanks so much!
http://www.squidoo.com/adopting/
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- JoanneGreco JoanneGreco May 22, 2007 @ 6:05 pm
- Hello! I was just at your other lens and added both to our lensroll. You can add us to your if you'd like.
http://www.squidoo.com/adopting/
Thanks!
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- gods_grace_notes gods_grace_notes May 9, 2007 @ 12:30 pm
- You have created a great lens about a very important topic...Thanks for this terrific information! I hope many people will use this info to seriously ponder the possibility of adoption for their family... Great job, from someone who knows her stuff! Connie
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- Senora_M Senora_M Apr 10, 2007 @ 3:58 pm
- This is definitely a helpful lens for when my husband and I get to adopt! Thanks for putting all this information together in one place! We'll be checking back in (soon I hope)!
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- Shar Shar Dec 19, 2006 @ 9:57 am
- Hi, I enjoyed your lens on adoption... Please have a quick look at one of my lenses.(What A Tangled Web We Weave) I think you will enjoy reading it?I have lensrolled you to my adoption lens. Happy Holidays Shar
Adoption Financing See more at Adoption Financing
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Adoption Financing
There are many waiting children in the world who need a family. There are many waiting parents who would love to adopt, but can't afford the expenses. Here is financial information to help bring the chidren home!
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