Youngstown claims a subsidiary of the company defaulted on two agreements it signed in 2017 that promised 237 jobs in exchange for city incentives. Meanwhile, the city of Youngstown continues its fight with the developer of Chill-Can, Joseph Co. I believe my uncle will get nothing out of this.” “The only person who is going to give it back to us is Garry Savage,” Mozina says. His uncle invested the money in a self-directed IRA through Savage with Westlake-based Equity Trust as its custodian.Įfforts to recoup the money from Equity Trust have been unsuccessful, Mozina says, since Equity has told him the money would need to be released from Savage before it could be dispersed. Mozina says his 92-year-old uncle first met Savage in Florida around 2017, where Savage operated a brokerage firm. Berg’s claim is not a party in the Ohio indictment. “I’m 100% confident the money is gone,” says Peter Mozina, a Wisconsin resident whose elderly uncle, Jacob Berg, invested $382,000 with Savage in Coast to Coast Chill. Instead, “investors’ funds were misappropriated,” according to a statement from the Division of Securities of the Ohio Department of Commerce. The money was to go toward the Joseph Co.’s construction of a Chill-Can campus on the East Side of Youngstown that would produce the world’s first self-chilling can and establish a research and development division for other cooling technology.
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The government alleges that Savage sold investments to Ohio clients between July 2016 and February 2019 and was to invest the money in California-based Joseph Co.