Hi,
Does anybody know anything about Pinnacle Development Partners, LLC? I saw their ad in Newsweek and the return they promise investors for buying Atlanta foreclosures sounds too good to be true.
Thanks!
For all the members who agree that a guaranteed 25% return is better than what you could get elsewhere (and someone even admitted that it smelled like a Ponzi scheme when they first invested), do you realize that your 25% returns could be potentially made illegally and at the expense of some investors who will never get their principal back? If it does turn out to be a Ponzi scheme, then you realize that your returns are not legitimate and come at the expense of other investors who will never recieve any money back at all? I can't believe you feel comfortable with this.
Ponzi schemes are intentionally set up to defraud investors out of their money and personally enrich the schemer. When they get caught with their pants down these people let the phones ring, lock the doors and flee the country.
Pinnacle has done none of that. Three weeks after word broke of a possible investigation, all of them are still at work busy returning investors money and developing a new program first devised in July.
If the intent is to swindle people out of their money, it doesn't follow that they would be going to such efforts to keep their agreements and send it all back right now.
I received a letter today from Pinnacle. The letter stated That the WSJ printed an article referring to an investigation against Pinnacle. Pinnacle said they have not been contacted by any investigators. The letter continued to thank me for my support and that they feel their practices are legitimate. I am still expecting another return in a month.
I back up what Remy has to say all the way and that we will all stand together to follow this matter it its conclusion.
We all hope for the best and if Pinnacle follows through, as promised, they will have one large dedicated group of investors to follow them into their next venture!
If anything, this experience is going to educate a lot of people about how to spot a scam! I suggest some people read about 12DailyPro, another fraudulent business that went under recently. Pinnacle seems to be mimicking a lot of similar steps that 12DailyPro engaged with investors. I tried to find a chronological write-up on 12DailyPro so people can look at the sequence of events at a Ponzi Scheme, but couldn’t find anything more useful than this (read bottom-up): http://feeds.feedburner.com/MyPersonalVentureIntoMakingMoneyOnTheNet . Please realize that 12DailyPro claimed to act in good-faith to their investors throughout the charges and investigation.
I agree, this is not a fact that Pinnacle is the same or similar to 12DailyPro and it is not a *fact* that Pinnacle is a Ponzi scheme, but given the facts about Pinnacle (both guarantee a return, both are subjects of investigations, both appear to pay off early investors with new investor money), there are certain inferences you can make.
But then again, if people truly want to see nothing wrong with Pinnacle, they will do everything they can to hold on to that belief.
BTW, DLV’s assessment of Ponzi schemes isn’t correct.
I just got off the phone with pinnacle and I have a tracking number for my return that was due 9-27-06. It should go out today or tommorrow and I should have it either this weekend or first thing next week. I have confirmed my tracking number and all looks well.
rdc, how were you able to confirm your tracking number if Pinnacle has not mailed out your check payment yet? the only way you can confirm
a tracking number is when usps have received and scanned that particular item. other than this, then that tracking number is still not out of Pinnacle's office.
I was due to have a check mailed on the 28th of sept. and have obviously not received. yesterday when i spoke to them, they said it was "in process" downstairs. I could hear them telling others in the backround the same thing as they called in. They said each check had to be signed etc...How long does it take to sign checks? It sounds like a stall tactic to me.
We should not jump to conclusions about Pinnacle. It appears as though they are trying. I called pinnacle and they told me a tracking number for my package. They also indicated that my package had not been picked up by the USPS as of yet. That was at 11am EST today. I then went to the USPS site and lookup my tracking number and the site indicated that USPS was notified by the shipper to expect my package for shipping.
So in other words, my package has not been shipped as of today. I will check the usps site again tomorrow for any progress. Any one have any questions, please pm me.
I hope everything turns out well for those of you that have invested with Pinnacle. I did my due diligence and decided not to invest. The question that I have for those of you that did invest is this - do you have third party evidence ( ie DeKalb county tax collector records) of any property transactions that were purchased by Pinnacle and sold to an unrelated third party. Because supposedly for the last year that the ad was running, Pinnacle's business model was to purchase these REO's with 1/2 pinnacle's money and 1/2 investors. The only example in the marketing material that was sent to me had 8 Clifton St property that was flipped back to Pinnacle entities for higher prices and was also purchased with a mortgage held by Gene O'Neal. Look at Pinnacles business model, were properties ever purchased and then sold to unrelated third parties? If so, post this information. If not, then how did Pinnacle make money?
Since no one have reported receiving any payment , I think we should move forward now and go to Plan B. This time we will let Pinnacle know we are talking serious business. I am not insinuating of some drastic action here, but facing the stark reality of this situation. With the delay in payment and no official word from any Pinnacle officer, then it's our move now.
I'd love to hear the plan of attack. I am so angry right now (not to mention haven't slept in two weeks) If I can help, I'm in. These guys aren't going to take my money without a fight
For anyone who is thinking of going "Postal", they have video cameras everywhere in there office. Their phone lines are recorded and monitored.... They have security guards at the doors and the doors are on a buzzer system (Only who they want gets in :protest: ) LOL :shock:
You are right Remy about the USPS tracking system. I will be one of the first to call tomorrow to see if the USPS man has been to Pinnacle's office. And I will post my results.
I do a lot of shipping with USPS priority mail and most with delivery confirmations. Once the package is in the system and you type in the tracking number, it will say, "your item was received at such and such office this date. Please check back for additional update". Once it has been delivered it will state "your item was delivered Oct 6th, 2006" for example.
Now pinnacle sent me a news letter with their current projects along with info on the Detroit & Chicago location. They have lauched into Pinnacle Consulting. They have been answering phones like people say. Let's give them the benefit of the doubt.
Yes some investors haven't been paid on time but let's see how it pans out. It seems that we have all been reacting on fear. :crying:
I want to see if the folks who were due on the 29th get paid and then take it from there.