The fact that the sec is involved means some type of security was issued....pass thru bonds, regular bonds...CMO ... private placement...iras need custodians unless you are your own custodian which is stupid

unless someone said...hey I have a custodian...use mine...like the private REITs held at the issuer, they have they own ira custodians.

Some seemed like smart investors, its the packaging...not getting into detail on this...I have no clue