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A Mooresville investor is alleging that Carmel-based retirement planning firm ReJoyce Financial LLC and CEO Alexander Joyce misappropriated more than $200,000 that she had deposited with the firm to invest on her behalf.
The lawsuit is the latest in a growing number of legal troubles for Joyce and his firm, which gained attention locally through “The Retirement Halftime Show,” a 30-minute financial infomercial that aired on television stations in the Indianapolis, Terre Haute and Lafayette markets.
The most recent case was filed Wednesday in Hamilton Superior Court by Nicki Silcox of Mooresville.
In her complaint, Silcox alleges that she decided to invest with ReJoyce in October 2016 after attending a seminar and talking with Joyce.
Silcox alleges that she deposited $213,006 into an investment account with ReJoyce, with the understanding that her investment would yield an annual return of 10 percent, with a maturity value of $552,483 after 10 years.
Between 2016 and 2024, the complaint says, Silcox received distribution payments totaling $135,000. But the defendants refused to provide account statements or an account number, the complaint says, and in some years the defendants did not provide Silcox with tax statements.
Earlier this year, Silcox alleges, she decided to transfer her funds to a new broker, and Joyce gave her paperwork to complete as part of the transfer. But when her new broker requested that Silcox’s money be transferred from the ReJoyce account, the broker was informed that Silcox did not have an account, the complaint says.
Silcox also alleges that Joyce told her that he would act as her investment adviser even though he was not registered with the Indiana Secretary of State as an investment adviser.
Between her original investment and interest due, Silcox alleges, ReJoyce and Joyce owe her at least $266,193—but the defendants have not returned her money despite her repeated demands.
The court docket does not yet include information on Joyce’s legal representation in this case. When IBJ called Joyce seeking comment Thursday morning, Joyce declined a request for comment and indicated his interest in talking with his attorney first. IBJ offered to contact Joyce’s attorney directly, but Joyce declined to say who is representing him in this case.
Silcox is not the first investor to file suit against Joyce and his firm. In February, Hendricks County Gregory and Kathryn Hill filed suit against Joyce, ReJoyce and related firm ReJoyce Wealth Management LLC, and former ReJoyce financial adviser Joel Parady. The case is pending in Hamilton Superior Court.
The Hills allege that, in 2023, they decided to invest with ReJoyce after seeing one of the firm’s informercials. The couple said they thought they were depositing $2.6 million into an investment account that Joyce would manage. Instead, they allege, the money went to a ReJoyce Wealth bank account, and the firm then used $2 million of that money to buy a house in Carmel.
In his legal answer to the Hills’ complaint, Joyce denied the allegations. Parady also denied the allegations in his legal answer. Parady also alleged that Joyce used and/or forged Parady’s credentials and signature without his knowledge.
The Indiana Secretary of State issued a cease-and-desist order against Joyce and ReJoyce Financial in January.
And in March, ReJoyce’s landlord, Carmel Development I LLC, filed eviction proceedings against the firm for nonpayment of rent for its office space at The Mezz, a mixed-use building at 881 Third Ave. SW in Carmel. By mid-April, ReJoyce had vacated that site.
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Invested $2,600,000 based off of an infomercial? Yikes.
It only took quick google search to see that this guy and his company were not legit. There has been a lot of bad talk about them for years.
Absolutely. As they say, “a fool and their money are soon parted”