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TDS Group's Robert Lotter Arrested on Fraud
The owner of the largest 403(b) plan administrator for public schools arrested on multiple felony counts of securities fraud
The day before Thanksgiving I was sent an e-mail with a press release from the California Department of Insurance with details about the arrest of Robert Lotter (AKA R.A. Lotter), the owner of TDS Group. He is being charged with “multiple felony counts of securities violations and burglary”.
I’ve been critical of TDS Group’s methods for decades and especially of the misleading spam e-mails the company sends to teachers. Here is an example:
Lotter actually threatened to sue me many years ago when I confronted him with behavior that I believed was suspect. While he should be given the presumption of innocence, the facts are going to be difficult to overcome.
Bail has been set at $4 million and he is being arraigned this morning at 9:30am (11/30/2020). There are 60 counts going back to 2005 and my understanding is that many involve public school teachers.
If you do business with TDS Group or their representatives, you might want to reconsider that relationship.
Follow for updates.
Scott Dauenhauer, CFP, MPAS