Lucero
Lucero v. IRA Services, Inc.
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA San Francisco Division LUIS HURTADO LUCERO, Case No. 18-cv-05395-LB
Plaintiff,
ORDER GRANTING DEFENDANTS’
v. MOTION TO DISMISS
IRA SERVICES, INC., et al., Re: ECF No. 92 Defendants.
INTRODUCTION Plaintiff Luis Hurtado Lucero invested $350,000 in retirement savings into a self-directed individual retirement account (“IRA”) called the “Lazzaro & Associates five-year trading portfolio” (the “Program”) based on the promise that the Program would pay him $2,000 per month, tax free, for five years and then return his principal or let him renew his investment for another five years.1 The Program allegedly turned out to be an illegal Ponzi scheme.2 In his first amended complaint (“FAC”), the plaintiff sued Christopher Lazzaro and William Peavey, who allegedly ran the Ponzi scheme, and IRA Services and IRA Services Trust Company (collectively, the “IRA Defendants”),…