We met Art Fried aka We Buy Homes in AZ, Brooklyn Boy Ventures, Comprehensive Cash Flow Funding, Your Loan Adjusted, via an ad in a local Phoenix, AZ newspaper. The ad was posted in September of 2005. Unfortunately we uncovered the fraud in June of 2009.
He was looking for real estate investors. Promised a return of 12 percent with secured property as collateral. He provided Promissory Notes and Deeds of Trust that had official Maricopa County Recorder stamps. The investment was to be for a year.
The first investment went through and we received our investment money back via a title company. We decided to invest further. My mother and I (am on disability because of cancer) invested all our life savings. He was able to do this by becoming very friendly with my Mother and becoming a family friend.
The monthly checks continued steadily and when the market started collapsing, the checks were delayed or not forthcoming or even bounced. He always had a plausible excuse. I wanted to default especially after checking into the properties and noticing that one of the properties did not even exist. He told us this was a title company error. He became very aggressive and used my mother to make me desist.
In June 2009, it came to our attention that Brooklyn Boy Ventures was not a registered company in Arizona, that all the so called secured properties were legally registered to other investors and that the seal from the Maricopa County recorder was falsified. We had not been recorded and have nothing but the paper he gave us. Several other investors have used legal means to retrieve their property.
We confronted Art Fried personally and via a lawyer, and in an email he confirmed that he committed fraud. We have tried to negotiate but to no avail and keeps on insisting that if we make a commotion we will not get our money back.
He is now in the business of loan modifications (Your Loan Adjusted) and has a court case pending against him for ripping off another unsuspecting customer. He needs to be stopped.
This post was submitted by Lee Bentov.
October 12th, 2009 at 12:17 pm
Art is a fraud, scam artist and a thief!!! He has ripped off investors, friends and employees. He is slippery and slimy and give Jews a bad name.
October 12th, 2009 at 2:42 pm
Art seems to threathen everyone with if you make a commotion you won’t get paid. He is a truly a scam artist and preys on people. I was scamed as well.