DO NOT INVEST with SCOTT CARSON (We Close Notes) or Inverse Asset

DO NOT INVEST with SCOTT CARSON (We Close Notes) or Inverse Asset

Investor · Sanford, NC · Member since 2016 · 19 posts · 96 votes

I have been reluctant to broadcast this information to the note investment community, hoping not to "hang out my dirty laundry" with colleagues or the note investment community. However, it is time to speak out and address this reckless and unethical behavior of SCOTT CARSON! It must be STOPPED!

After attending SCOTT CARSON's (We Close Notes) seminars, Master Mind programs, and listening to his podcasts, I decided to invest as a passive investor (joint venture partner) with SCOTT CARSON (Inverse Asset Fund) to acquire a number of defaulted real estate notes. SCOTT CARSON and (Inverse Asset Fund) acting as the lead investment manager to secure the notes and properly disposition. Not so dissimilar from most note joint ventures agreements.

Once funds transferred the joint venture immediately transformed into a bad movie! SCOTT CARSON never followed up, never shared information on the status of the investment (notes) nor paid out interest income per the agreement. After more than 24 months, following the terms of the agreement I gave SCOTT CARSON (Inverse Asset Fund) the appropriate notice to dissolve the joint venture, return principal and interest owed to me. I am still waiting for proper disposition and return of principal.

Naively, I thought SCOTT CARSON (Inverse Asset Fund) would do the "right thing" and meet his obligation if treated like a professional. No such luck!

After several attempts to address this obligation directly through legal counsel, I instructed my attorney to secure a judgment against SCOTT CARSON and Inverse Asset Fund, If you take the time to research Travis County, Texas county records you should see my approved judgement as well as other judgments awarded to other passive investors. 

This is not how the "note investment business" works! In closing DO NOT INVEST with SCOTT CARSON (We Close Notes) and Inverse Asset Fund. 

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Investor · Small Town, TX · Member since 2016 · 110 posts · 252 votes
7y

@Jay Hinrichs A lot of us learned from Scott. I can say that I probably wouldn't have started buying notes without his class. A few months into it, I started hearing the stories like Gerry's. We've revamped our business and did away with a lot of the things he taught us.

@Patrick Desjardins - There are a lot of similar stories. Most of them from his students. If you run a background check, you'll see some nasty stuff. And some of the guys he promotes are just as bad. I invested with one of his buddies. After I gave him my money, I learned that he was a disbarred attorney. He was suspended for mishandling client funds and disbarred for practicing while suspended. I was lucky and got my money back, but I know several folks that are in a bind because of him and will probably lose their investment.

Since I got involved with those two fellows, I always tell everyone who writes me or calls me to do a background check before giving anyone any money. There are a lot of services online that will do it for $10-$40. It's a cash business which means no one is screening these folks like they should. If it were a commercial deal with leverage involved, not one bank would give them a loan. Spend $10 on due diligence before giving someone $10,000.

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  • Steve HodgdonPro Member
    Investor · Novato, CA · Member since 2015 · 433 posts · 321 votes
    7y

    Anybody have any experience with Evergreen Mortgage Notes in Winter Haven FL. A guy named Marc Younger? Doing some investigating... 

  • Real Estate Agent · Winter haven, FL · Member since 2011 · 572 posts · 336 votes
    7y

    Steve I've never heard of him but, there are new companies popping up all the time. Be very carry i can tell you from experience. There are a lot of tricksters in that area.

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Steve Hodgdon

    I recommend starting a new post as it will probably get lost in this post.

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  • Marietta, GA · Member since 2017 · 15 posts · 3 votes
    7y

    @Jay Hinrichs  Who is Morris that you refer to?

  • Linda HastingsPro Member
    Rental Property Investor · Stockdale, TX · Member since 2017 · 285 posts · 202 votes
    7y
  • Member since 2019 · 4 posts · 0 votes
    7y

    I am another one of the victims, my judgment was noted in this thread.

  • Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
    6y
    Originally posted by @Jon Soucy:

    I am another one of the victims, my judgment was noted in this thread.

    @Jon Soucy, can you start a new thread please? We need all the posts we can get to counter his continued defrauding of new, uninformed investors. 

  • Accountant · Tampa Bay Area, FL · Member since 2018 · 18 posts · 5 votes
    6y

    @Gerry Cohen, thank you for sharing. very helpful for us beginners. i hope everything turns out ok.

  • Rental Property Investor · Tarpon Springs, FL · Member since 2014 · 32 posts · 22 votes
    6y

    @Matthew Hell The interview isn't happening it seems.  I was willing to do the interview provided I could present both sides of the story (the accuser and accused).  Since nobody (but Scott) came forward willing to be interviewed I don't wish to provide only one side of the story by interviewing only him.

  • Member since 2019 · 8 posts · 2 votes
    6y

    Check out the Better Business Bureau, on We Close Notes.                          It is an “F” Rating.                             The LOWEST possible.        

  • Member since 2019 · 8 posts · 2 votes
    6y

    Tyler S, Ask Scott Carson what happened between him and. " Quest Trust " He use to attend Quest Expos, and be a guest speaker. Both supported each other. NOT NOW!! Some of the suits against him listed publicly are from IRA's. Everyone please check it out, and help spread the word.

  • Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
    6y

    Quest does not want him stealing from their clients. Lesson to be learned, never, ever, ever, buy or jv with a guru, otherwise they make one mistake, and start paying Peter to pay Paul and you end up with dozens & dozens & dozens of lawsuits & ripping off people for millions and now officially a Ponzi scheme. 

  • Carrboro, NC · Member since 2015 · 29 posts · 4 votes
    6y

    Wow, I am in the same boat!  He has gone completely silent and non-responsive.  @Gerry Cohen I am going to PM you. 

    Dana

  • Marietta, GA · Member since 2017 · 15 posts · 3 votes
    6y

    Hi all, I've contacted a handful of you by PM and appreciate those who responded back. As much as it pains me to admit it, I am another victim. It's been 2+ years since I started my JV. I have reached out to the attorney who is handling all of these lawsuits. Before I sign the papers to pursue legal action, I would appreciate any information you all are willing to share via PM. A couple of questions for the group, has he been reported to the SEC? If not, how does that work? Also, can a class action lawsuit be started? Thanks in advance. If you decide to PM me, I will keep the information confidential. I'm just trying to gather as much information as possible to decide the course of action to take.

  • Marietta, GA · Member since 2017 · 15 posts · 3 votes
    6y

    Also, I will start a new thread soon, to regenerate interest in this topic.  Thanks!

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    @Mary Kang

    Sorry to hear this. These are questions for an attorney to ask. The note community is a small community so it is not hard to find out who the investors who filed suit are and contact them as many are here on BP or used the same counsel.

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  • Investor · Cypress, TX · Member since 2015 · 44 posts · 6 votes
    6y

    @Gerry Cohen Thanks for sharing!

  • Carrboro, NC · Member since 2015 · 29 posts · 4 votes
    6y

    For those who are experienced with notes investing, Scott did share a few assets that we allegedly purchased with out JV. Who should I call / research to figure out if those assets were actually purchases and current status?

  • Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
    6y

    Start with an O&E report from www.ProTitleUSA.com; an Occupancy & Encumbrance report, is a mini title report showing all current lien holders. Also go to www.weclosenotesanddreams.com to see a large number of lawsuits filed. And finally it would be nice if you documented the fraud in a new thread. 

    All new victims please start a new thread to show up in search results to possibly prevent new victims as he continues to prey on innocent people to this day with events & online camps & such.

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    @Dana Yobst - if they are contract for deeds you can look up ownership on public records without an OE report.

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  • Investor · Austin, TX · Member since 2015 · 27 posts · 32 votes
    6y

    @Dana Yobst A lot of counties have their records online now.  Figure out which county the property is in then do a google search for xyz county clerk or xyz recorder of deeds.  Each county is set up a bit different but basically You will need to search the name of the person/entity the asset should be held in and see if they have a deed (for CFDs) and/or Assignment that has been recorded.  While you are there you can also see if any liens have been filed against them.  Feel free to message me if you need help looking it up.  Or like Chris said, ProTitleusa.com will do a basic search for you for around $100

  • Investor · Surprise, AZ · Member since 2018 · 156 posts · 110 votes
    6y

    @Dana Yobst, If you go to NETRonline.com you can look up the property with the county. There is a search function which will give it you based on the zip code converter or state, from there it will link you to the public information on the county site (if they have one). 

  • Specialist · Melrose Park, PA · Member since 2013 · 167 posts · 217 votes
    6y

    Be aware when looking up public records that some counties are VERY slow to update their online records, particularly the tax records. I've bought CFDs, recorded my deed, held them for a year and sold them and the tax records have never been updated to show my ownership. I also get mail to my address but with the people I bought from still listed as owner. Go to the recorder's website if you can access it and search there. 

  • Member since 2019 · 8 posts · 2 votes
    6y

    To all those wanting an interview from Scott. The proof is in the pudding. He’s been interviewed in the courts from the suits filed against him. He was a no-show on some. Which means he didn’t go, or send representation and he had no defense. 
    People have contacted the Better Business Bureau,  They send correspondence to him, and give him a chance to respond or clear things up. Looks as though some have been cleared, some have not, and no response to some.  But the Better Business Bureau still has him rated an “F”.   
    The SEC is investigating!!    Read Ryan Snelson’s excellent post.
    My suggestion, to all that have been burnt. Please help by contacting, your Attorney General.  Your State securities exchange commission. The SEC.  The IRS.  The FBI.    My understanding is once these agencies receive a complaint, and start an investigation, they will all work together.    
    The SEC. for non recorded securities. 

    Texas Attorney General.    Ken Paxton,

    BBB  
    Had to remove tel. No. and addresses.
    Please help any way possible to help other potential victims, from getting burnt, and to help shut this scam  down.   Thx.  Mike

  • Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
    6y

    Basically anyone who's been frauded by Scott should contact the Texas AG and or Texas State Securities division: https://www.ssb.texas.gov/ you can use 

    https://www.ssb.texas.gov/site...  to report financial exploitation. The more complaints they receive usually the higher they will prioritize investigation and take action


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