The Private Registered Bond For Investment Is Just The Last “Redemption” Scam
Greg Allen King was involved in the foreclosure of his real estate in Maine, and that litigation was going badly for him. So, King decided to try something different. Really different.
First, King filed a “Private Registered Bond For Investment” with the Secretary of State of Puerto Rico in the amount of $100 million, which was to be paid over 25 years and carried a four percent interest rate. The terms of the bond stated that the U.S. Secretary of the Treasury would have thirty days from receipt of the bond to dishonor it, and that a failure to timely dishonor the bond would constitute an honor and acceptance by the U.S. government. This bond was based on something called King’s Certificate of Live Birth, but more about that later.
Second, King sought to draw the interest on the bond, which he then claimed to use to pay the debt underlying the foreclosure of his real estate. When, the U.S. District Court for the District of Maine refused to accept this “payment” by King, King claimed that the entire United States of America was in breach of the bond.
Third, and finally, King then sued the U.S. claiming the latter’s breach of the bond, and sought an injunction from the U.S. District Court until the U.S. could be made to cough up the $100 million, which King would then presumably use to pay the underlying debt.
All this resulted in the opinion in King v. U.S., 2022 WL 2374776…
