I posted an article this morning about Rick Koerber, from Utah Conty, Utah. He has fleeced a few thousand people and is probably going to prison. I mentioned that he is of my same religion, I'm sorry to say. During my day today, I started thinking back to when I moved to Utah 25 years ago. It was a very interesting stop in my career.
I'd already retired and moved in a couple doors down from Robert Allen. He had just hit it big with his No Money Down book. I told him it would get a lot of people in trouble. Easy to buy with nothing down. Not so easy to make the payments monthly on alligators! Robert was playing on the trusting people in his area and it grew from there. He eventually went BK.
Before that, I met someone in CO, whos' dad Grant Affleck had just been sentenced to prison for using opm for improper things. . His company was AFFCO. There seemed to be a lot of start-ups in Utah.I still don't know whether it is the entrepreneurial spirit of the Mormons(of which I am one), the trusting mannerisms of the Mormons or what.
One of my first homes I purchased in Utah to "flip" was to a gentleman by the name of Wade Cook. Yes, that Wade Cook. He and his wife are also now both in prison. How wierd is all this??
I guess I'd have to tell everyone to be careful of deals with Utah folks. That is a sad thing for me to say.
And now, Rick Koerber looks like he is going away. I really think most of these had good intentions when they started. Then, they reduce their standards to stay afloat when things deteriorate, and change their business program.
I guess this thread is just to offer a warning. NO ONE will ever take as good of care of your money as you will!! If it sounds too good to be true,duh... There is a lot of incorrect info being passed around out there. GO Zone is another one that will really generate a lot of lawsuits. Chinese drywall is another. Be careful and happy investing!! Rich in Fl.