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Troubled wealth management firm ReJoyce Financial LLC has vacated its office space in Carmel after being evicted.
It’s the latest in a series of blows for ReJoyce and its CEO, Alexander Joyce, who gained attention locally through his frequent informercials but has faced numerous legal problems in recent years.
Joyce was the host of “The Retirement Halftime Show,” a 30-minute financial informercial that aired in the Indianapolis market on WTTV CBS-4, WISH-TV 8, WRTV ABC-6, as well as stations in the Terre Haute and Lafayette markets and online at yourhometv.com.
In late January, the Indiana Secretary of State’s office issued a cease-and-desist order against ReJoyce and Joyce himself, alleging that executive used nearly $2.6 million in client funds for his personal gain.
Then, on Feb. 1, the Indiana Commissioner of Insurance issued an emergency 90-day suspension of ReJoyce’s insurance producer license. The suspension took place immediately and is renewable as necessary, the order says.
On March 7, ReJoyce’s landlord, Carmel Development I LLC, filed a complaint in Hamilton Superior Court asking that ReJoyce be evicted from its offices at The Mezz, a mixed-use building at 881 Third Ave. SW in Carmel, for nonpayment of rent.
According to the complaint and associated paperwork, ReJoyce last paid rent in November and, at the time the complaint was filed, owed a total of $94,655 in rent for the months of December through March.
The court filings show that ReJoyce signed a seven-year lease in 2022 for three separate first-floor suites at The Mezz, for a total of 6,960 square feet.
Hamilton Superior Court Magistrate Erin M. Weaver ordered that ReJoyce vacate the property by noon on March 22. A property manager at The Mezz confirmed to IBJ on Tuesday that ReJoyce has moved out of the building.
Weaver also ordered ReJoyce to appear at a May 30 hearing about the back rent and damages the plaintiff is seeking to recover in its lawsuit.
ReJoyce’s current status as a company is unclear. Joyce did not respond to multiple phone messages or a text message left at his personal cell-phone number.
Multiple calls on different days to the phone number listed on ReJoyce’s website yielded a busy signal. The firm’s website references its “dedicated team of financial professionals,” but it no longer lists any employees. In October, the website listed about 30 employees.
In October, Joyce served time in the Hamilton County Jail for a probation violation related to charges of driving while intoxicated.
In September 2020, Joyce was charged with a felony count of operating a vehicle as a habitual traffic offender, a felony count of operating a vehicle while intoxicated endangering a person with a prior offense within the past seven years, and a misdemeanor charge of operating a vehicle while endangering a person. Joyce pleaded guilty to the felonies in January 2021 and the misdemeanor charge was dismissed.
In April 2018, Joyce was charged with criminal misdemeanors in two separate cases—one misdemeanor for operating a vehicle while intoxicated, and one misdemeanor for operating a vehicle while intoxicated endangering a person.
In civil cases, multiple broadcast companies have also sued ReJoyce Financial in recent years over financial disputes.
ReJoyce, founded in 2014, advertises retirement, estate and tax planning, and mortgage consultation, among other services.
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This firm was never more than an insurance machine. Masking as a full-service investment/retirement company. Sold (mostly) via slick content-thin promotional videos and purchased infomercials.
Insurance can and should be a valuable part of most retirement plans. It should never be the only component. A smart insurance broker will handle your insurance needs and refer you to a qualified securities/stock or CFP firm.
The miserly mindset of Indiana’s state government toward regulations, oversight, and enforcement reveals a brutal truth about the thin line between honesty and dishonesty. And that government ought to be the best entity we have to protect us from those who choose to be dishonest with our fortunes. Simply put, it is yet another sign that Indiana is NOT a state that works.
He seemed like such a nice young man.
I hope the owner(s) of the $2.6 million referenced above recovered most/all of their funds. Disgraceful.