I was convinced to invest a large sum of money into an investment called Secured Loan Fund. It was a private placement memo that guaranteed a 14% return and invested in short term loans secured by real estate. The loan-to-value ratios were said to be 50-60% of value and also the loans were supposed to be secured by personal guarantees of the borrowers. At first, I recieved my interst as promised but after one year, I started to receive responses that indicated my money was fully invested right now and could not be returned as promised and to let it accrue the interest. Foolishly, I agreed to this request. After investing $570,000, I have been repaid down to $230,000 but now I cannot get a response or returned email from any of the principals (David Stayner of Utah and California). Marshall Reddick, a real estate investment guru in Southern California, also fully endorsed this investment to his network members (of whom I am a member) as a safe investment and to place spare cash into this fund as a place to get a good return while short term hold of funds before investing in real estate. With his full endorsement, I decided to invest in the fund and it has been a nightmare ever since.
If anyone has any other information that would help put these individuals in jail for scamming people, I would love to hear from them and maybe we could at least get some jail time for their misleading and false advice.
This post was submitted by Anthony Scott Williams.
July 9th, 2009 at 2:09 pm
Heads up to those suing Marshall Riddick he is trying to hide his assets in a trust called ocean Pacific group it is controlled bye an attorney Daniel E Carpenter of Simsbury CT
July 23rd, 2009 at 12:53 am
You deserve to be ripped off for thinking you could get a 14% with no risk. You’re greedy…..