The Legitimacy of Pinnacle
First off,
God bless the moderator for leaving this forum open for discussions on Pinnacle - It's been so difficult finding info on them online - Again thank you.
Like most others in my boat, I'm a recent investor with Pinnacle. Just sent my check to them on 9/11. Initially, I was told by my advisor (Carey) that they were no longer accepting funds and that funds were being sent back but the good news was the start of Pinnacle consulting. Then a week later on monday 9/18, I got a message stating that management had in fact decided to accept the funds and continue the program for at least another 6 months. A further update from Carey later on (a few days later) said that management now had decided that they were in fact not accepting any new applications and that my investment would only be in for the next 60 days and "probably" end then.
I initially felt bad that I might not get to participate in the 60 day investment because I had done extensive research on Pinnacle and had seen no red flags and was eager to jump on board. Obviously, Pinnalce had wind of the pending "informal" investigation and was trying to figure out what they were going to do or how to response.
For the most part, we must give them credit for trying to do right by investors. My initial hunch based on reviews of the investigation and postings here is that they properly were not set up correctly to do what they were doing, got wind of this, fired their attorney and have decided to change their business model to still offer a good product to the market place. Now, that hunch may be on the optimistic side seing that I'm probably one of the last few ones to get on board. When I joined in, they had just stopeed doing the short form app and were now trying to formalize their procedures a bit and make their accounting a bit more streamlined to avoid prior delays with folks receiving their partnership agreement.
In either case, this is a great forum. Even if some of the less optimistic postings raise cause for alarm, it is still good reading. My prayer is that we all come out of this unharmed and I beg those that are expecting checks this week, next week and later to please post simply confirming they were paid and when. It helps some of us late entrants "keep hope alive" so to speak.
In closing, someone had mentioned some other outfit that did something similar to Pinnacle. Their name was Golden Pacific Realty. Just curious as to whether anyone had any experience with them - good or bad?
P.S.
If you've done any research on Blue Moon Financial based out of Denver Colorado, then that would give you some indication as to how Pinnacle perhaps should have been set up to do business from a regulatory standpoint.
Regards,
justanotherinvestor.