Norada Notes update the major players above Norada just got nailed

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Alan F.
Flipper/Rehabber · CA · Member since 2023 · 1k+ posts · 1k+ votes
1y
Quote from @V.G Jason:

Any iota of diligence on Tai would've told you no thanks.

Clearly,  there wasn't any diligence. But even worse, they likely were willing participants in the fraud/Pondi schemes of this. Just my observation.

Fast solutions have slow problems.


 We're often told to vet "the deal" what many overlook is to vet the people.

"If you lay down with dogs, you get fleas"

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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y
    Quote from @Jay Hinrichs:

    https://www.foxbusiness.com/lifestyle/radioshack-pier-1-impo... 


     Interesting, I wonder if there are "others" involved as well. This reminds me of seeing a tow truck towing a tow truck, where you have one alleged ponzi investing in another alleged ponzi.

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  • Jay HinrichsBusiness Member
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    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1y

    @Chris Seveney

    Here is my WAG on this.. Lopez etc. somehow get introduced to Norada.. One of the guys on the board I recognized as having done business with him and He would have a tie to lopez through Utah Guru fulfillment companies.  So this guy introduces Lopez to Norada.. Norada spent 2 decades building a huge brokerage of TK real estate business with a monster size data base.. Lopez wants access to that data base/  As he knows they will be trusting of Norada since they have had good experiences with Norada on buying homes. 

    Turn Key space slows down a bunch with Covid and interest rates.. so Norada looking for other income opportunities as well.

    Boom they meet Norada maybe did not know what they did not know and gets talked into raising money through the Unsecured Notes for Lopez's deals .. Plus the fee's they can make looked very attractive.. So we know that scenario existed and worked Norada sold a bunch of notes funds went to Lopez and the rest is history. 

    thats my WAG  Just my opinion I have no way of knowing if its true or not.. Although I have to think elements of it are for sure.

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  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    1y

    Any iota of diligence on Tai would've told you no thanks.

    Clearly,  there wasn't any diligence. But even worse, they likely were willing participants in the fraud/Pondi schemes of this. Just my observation.

    Fast solutions have slow problems.

    1Reply
    • Alan F.
      Flipper/Rehabber · CA · Member since 2023 · 1k+ posts · 1k+ votes
      1y
      Quote from @V.G Jason:

      Any iota of diligence on Tai would've told you no thanks.

      Clearly,  there wasn't any diligence. But even worse, they likely were willing participants in the fraud/Pondi schemes of this. Just my observation.

      Fast solutions have slow problems.


       We're often told to vet "the deal" what many overlook is to vet the people.

      "If you lay down with dogs, you get fleas"

      1Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1y

    Very sad for the investors. I would be curious to learn how many investors and average check size. I wouldn't be surprised if there was a deliberate attempt to raise funds in smaller amounts targeting unsophisticated investors. This has become big business in recent years. Raising capital is the primary business, operating running businesses/real estate into the ground is the end result. Look no further than these forums where countless investors share their stories of losing money.  The commonality amongst most are small check sizes and the inability to articulate what exactly they invested in. 

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    • Jay HinrichsBusiness Member
      OP
      Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
      1y
      Quote from @Stuart Udis:

      Very sad for the investors. I would be curious to learn how many investors and average check size. I wouldn't be surprised if there was a deliberate attempt to raise funds in smaller amounts targeting unsophisticated investors. This has become big business in recent years. Raising capital is the primary business, operating running businesses/real estate into the ground is the end result. Look no further than these forums where countless investors share their stories of losing money.  The commonality amongst most are small check sizes and the inability to articulate what exactly they invested in. 


      Stuart if you read the Norada threads that were posted when this blew  up about a year ago .. there were investors that made significant investments  100k to 800k from what I remember reading. Some of them putting in the majority of their IRA funds etc etc.. I dont think this was a small potato investment I suspect it was 25k to 50k min with many at 100k or more.. I mean from that I have seen Norada raised 60 mil themselves.. And of course there are others that raised funds for these projects just have not been named.. Some BP members mentioned being introduced to this from a company called Tardus I have no way of knowing of their involvement other than what folks posted here.
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