Wow Bodhi,
Chill out! I think all of us would thank Cherise, Kelson, James, Tamika, Hope, and everyone including Gene O'Neal himself just knowing we were paid like they promised and this wasn't all a big scam! I know I'll get down on my knees and kiss the dirt once my son and I both get our checks. We all know there were risks involved when something seems to good to be true...but when it is true, we should be thanking those who made it happen!
I agree with Chemar22, we do need to show our appreciation to the people at Pinnacle that we have been in contact with and those that are responsible for paying us.
I doubt if I will kiss dirt, but I will definitely understand your excitement when you get your check, lol.
I would like to extend many thanks to Cherise as well. She has been my main contact person since late sept. And she did a fairly good job of keeping me calm during my extended delays.
Bodhi, I can honestly say that neither I, Remy, or any other leaders will stop our pursuit to ensure all investors are paid. We are in this for the long haul and now is not the time for us to bail out just because we have received 2-3 checks out of 2000.
I would like to encourage any and everyone to post when they receive their payment or when they hear of someone else receiving a payment.
Thanks in advance for your support.
Remy- Wasn't looking to "shoot the messenger" I just needed some clarity. The way it sounded in the post, it seemed like Cherise may have done you a special favor. (as she is the PR person and not anyones main contact). You are telling me I am wrong and I am sorry. Your efforts are definetely apprecaited. Surely you understand how concerned I am. Again, sorry
Still waiting for my check for a payment that was due on Sep. 29th.
For those who have received checks, please update when they are deposited as well.
I can mail out checks for millions of dollars, but it doesn't mean they are good... just a little cautious at this point...
Thanks for all the updates!
I have received 6 payments all on schedule (by wire) since March 2006 (one a month). My Sept 22 payment was paid on Sept 25. They called and said it would be 1 day late (the 22 was a Friday). On 10/6/06 I recieved by USPS Priority Mail a "Notification of Information" This is the first time I ever have seen this. It shows property information, wire information and the likes. I spoke with Stephanie and she said my next payout would be a few days late. Its due Nov 20, 2006. At that time my account will be close with taxes taken out. I also have another account to close Oct 19, 2006. She said that account would also be closed out minus taxes. She indicated that would also be a few days late in getting the check.
JK5018, The Notification of Information is a common letter sent out every so often updating you of all the properties you've been involved in. As well, they show your principal, returns by wire or check and if applicable, your rollover. I've been getting these for quite some time. I've been with Pinnacle since Dec. 2005. They have always been very professional, courteous, and prompt with all my contracts, and on time with return dates. I have 3 contracts coming due this month. Given the fact that the last one is due on Oct. 30 it probably won't arrive until early Nov. My son has 2 contracts. The first one was due Oct. 2. Hopefully he will get it this week. I'll report on our returns as they come in. I'm keeping my fingers crossed for everyone involved.
those who got paid---did you have to physically SIGN for your check?
and just something strange--no one had a return date before me (9-26) yet you were paid already? that shows they are going in no particular order--
i HOPE everyone is being forthright on here---there is alot going on behind the scenes and we need this thread to be completely honest to the second!
Livitup, you bring up a good point. I found it rather strange that I receieved check before a few others that were due on sept 26th. My payment was due on sept 27th. I did confirm with a friend of mine that he has received his tracking number for his payment that was due on the 26th. Have you contacted pinnacle about your tracking number? If you have a tracking number then it is in the mail and you can track it at www.usps.com or call the usps customer service number and speak to someone about your package.
I encourage everyone to send an email to [email protected] with your story and please include the project that you are involved in based upon your agreement with pinnacle. If you have any questions please pm me. Thanks 00kevin for posting!
- My friend was due on 27th Sept but he has yet to received the payment as of yet. It is strange that few have received their checks while others are still waiting.
- Another friend of mine wanted to pick up his check in person when his date due arrives around the middle of october - he was denied such appointment stating that others too would flock their office and make a scene. He was told that they are 2 week behind processing and should expect the check by end of November.
Nobody is able to explain the nature of processing at their end that would cause so much delays that keeps on extending. Contractually, there is no more partnership agreement after 60 days and any amount held over by pinnacle beyond 60 days amounts to violation of the agreement. It seems, every week, pinnacle is accumulating more and more backlog without processing anything - sounds like typical stalling tactics. 2 days backlog became 1 week backlog and now a week later, it has become 2 week backlog. I am afraid they would claim 3-week backlog next week and so on. If their intentions are clean, why create avoidable panic among investors by sleezy delaying tactics? Something is definitely cooking that we are not being told.
I wrote the former website manager to ask if he had any info about what was going on at Pinnacle, and here is his response:
"Unfortunately, I don't have any info for you. A while back, a new management-type called me, asking for all the website access codes so they could work on their site themselves, and I have had nothing more to do with the site. They've changed the access codes and I no longer have any access. Given that it's now "Under Construction" (I checked it out after getting your note) I'll be asking them to remove any reference to my company. Good luck in your recovery of your investment. I'd be happy to help if I could, but I'm afraid I can't even access the website any more, much less give you any reassurances about the company."
The longer this drags on, the less comfortable I feel. Too many "coincidences" by Pinnacle that serve as their explanations. If they are legit, then honor the contract and send us our $$!!!
Please review Fabricator's comments on page 5 pertaining to cashing our checks. According to Wachovia bank, and most peoples personal banks (this conversation was yesterday) They hold all checks over 10K (Terrorist Act) for up to 10 days. The option of going to Wachovia and getting a cashier's check in exchange for the Pinnacle check is a no-go according to Wachovia. They don't do it. The check is held even though Pinnacle is an account of Wachovia's. It doesn't matter. Of course you can go ahead and deposit it in your own bank and wait a little less than 10 days and hope it clears.......but if you spend it and it doesn't clear, you're held responsible for the amt. you've taken out. I think I'll call Wachovia today and ask if the procedure would be any different if I opened an acct. with them and then had them deposit Pinns. check right into my acct. I don't know, maybe if the check and the person depositing it are drawn from the same bank it goes through right away....????
I just got off the line with Pinn and they are "processing" accounts from Sept 26th thru today...what does this mean, I am not sure.
By now, I would have expected them to know how long the process would take and be able to predict the time frame - I dont really care what the process is. I am worried the returns dept seems to be unaware of it as well. It is of concern that they are unable to give this to us.
I was told told that they have mailed some checks due on Sept 27 and have not gone beyond that. Mine is on 28th and I am waiting. If anyone who is due after 27th gets the check, please post. Thx.
MTH.
I just spoke with Richard Morales who is a financial advisor at Pinn. He tried to explain the backlog like this: The returns have to go through bookkeeping, then on to accounting, and finally to the tax director before going to G. O'Neal for the final signature whether it be a real signature or a stamped signature. He told me he saw alot of red on his computer indicating those are the accts. whose checks have been mailed. He also said they are still working on the accts. being closed for the end of Sept. and have not started on Oct. returns yet.....ugh! He estimates a 2 week delay in returns going through. He assured me that the time delay in cashing checks would pose no problems as to the fact that they know how much money needs to go out of their budget and it was covered. Also that they would never burn anyone given the fact that they want current investors to feel secure if they invest in the new program. He mentioned too that their well aware of legal ramifications if they didn't uphold their promises to investors.
When I finished talking to him, I had him connect me with James Phillips in bookkeeping. James told me that acct. isn't taking phone calls because it ties up too much of their time and that bookkeeping is trying to help out acct. by having the calls forwarded to them. Other than that he had no info about return dates.
remy.. that person told you some wrong info.. I am in the check cashing business & am very aware of the handling of large cash transactions & gov't reporting.. here are some points;
1. any transaction that exceeds $10k in cash (cashing of a Pinn check) requires a CTR (currency transaction report) to be filed with the IRS. This is not to be confused with a SAR (susupicious activity report).
2. the cashing of a large check is NOT in & of itself a SAR transaction. There needs to be other indicators to cause it to be suspicious. Also, it is illegal for the reporting financial institution to tell you that they are filing a SAR on you. I think the bank may have gotten a SAR & CTR mixed up when explaining all this to you.
3. even if you were to instantly cash that check it doesnt mean your outta the woods. If that check were to bounce you will still be liable to whatever financial institution holds the bounced check.
So my advice, just sign it & deposit it into your bank account. At this point we're all just gonna have to wait it out.
Their track record has been good so far. They respond to phone calls. The checks may be slow but they are coming. Pinnacle actually has done nothing wrong except being a week or so late. I am just trying to look at this objectively.
Thus far they have done nothing to warrant any legal action. We are all just getting cold feet because we all have money out there. However, this is not to imply that it is or isn't a can. If it is, it hasn't surfaced yet. No shots fired, we can't call 911. :beer:
Hold the phone a little – there are a few things the Pinnacle has actually done that are illegal:
1. You cannot advertise a guaranteed 25% on an investment in the manner that Pinnacle has (namely, without disclosures mandated by the NASD that the security has the potential to decrease in value, etc). That is illegal (albeit, a relatively minor infraction by itself that will result in a monetary fine, most likely). Maybe part of the reason why their website is down is because they advertised this illegally there, including other places.
2. Pinnacle does not have the proper licenses or registrations to offer securities to the public in the manner they have been conducting. Nor are the securities themselves registered that are being offered to the public. This is pretty big - it's very illegal and the NASD and SEC take this very seriously.
3. They are not blue-skied (allowed to offer securities) in either California or Georgia. Related to #2 above, but state-specific. This is also illegal.
There are other allegations, but federal and state agencies are checking into the legality of those allegations in addition to the infractions above.
Please read this report: http://www.frauddiscovery.net/FDI_Pinnacle-Master.pdf
And hence, this is why Pinnacle is under investigation…