I certainly have some sympathy for the victims, however these victims should also be looking into their own soul. Were you looking for a quick buck? Did you get wrapped up in the bubble frenzy?
As the old adage goes “if it is too good to be true it probably is”.
Guys, always be very vigilant with your money. I certainly hope the DA goes after these guys. There are fraudsters and hucksters everywhere. Who in their right mind would invest in any of the following? This is just plain dumb.
There are several alleged schemes operating concurrently, with some victims only involved in a single scheme and many others victimized in multiple schemes (this was dependent upon your ‘credit-worthiness’). The schemes are as follows:
1. Real Estate Investment Scheme required you to refinance primary residence and give them proceeds to invest in real estate. They ‘promise’ to pay the additional debt burden on your property. They then buy you ‘investment properties’ and wire mortgage payments for you to pay the note. A few months later they sell the property and ‘HIJACK’ the proceeds to their bank accounts, have you Quit Claim Deed it over to Total Return Fund, or just stop sending you mortgage payments so that you default on the loan. They also over-inflated appraisals and skimmed money off. They were to use the proceeds of your refinance to open up a brokerage account in your name to invest in stock, commodities, currency, precious metals, and diamonds.
2. Equity Sharing Real Estate Scheme is their newest scheme where they state they are buying you a property and will give you 6-9 months worth of mortgage payments. Problem is, once you sign the loan docs, you never see a penny of the money promised and you will quickly default on the property. (these are the scammers’ properties that they are trying to unload)
3. Total Return Fund/300%/ Credit Card Scheme is where they open multiple lines of credit for you and then instruct you to pull proceeds off these cards and wire them the money. You have a difficult time claiming fraud as you pulled the money off the cards they opened up. You followed their instruction because remember, “Clients do what they are told without question or they are either ejected from the program or passed over for the next amazing opportunity.” This one they also ‘promise’ to pay the credit cards back.
4. Special ‘Short-term Currency Investment’ Scheme where they claim you will be given the proceeds of your investment after 6 months as a reward for being such a good client. Many clients accessed personal savings and 401k retirement accounts for this opportunity. This resulted in a delivery of Irai Dinars far below the fair-market value sum.
5. Credit Repair Scheme where they take your credit that they screwed up and then ‘promise’ to repair it. How very generous of them.
6. Total Return Distress Property Scheme whereby you purchase membership units at a set rate for distressed properties that Total Return Fund rehabs and sells at a profit.
Services and Investment Plans are constantly changing but the players remain the same.
