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!
Seems like the folks who live in Atlanta knew about Pinnacle. Just talk to a fellow who was approached by Pinnacle to do business with them. He turned it down. He said he smelled of Ponzi
No, I doubt that you could file a class action againt an attorney's malpractice policy. You could, however, file a suit with multiple plaintiffs. In this case, there would be be upwards of 2,000 plaintiffs.
Bigman, I disagree with you. I don't really think people in Atlanta knew of PDP's wrong doings. I live in Atl, am a freind of an ex-consultant from Pinn. I lost money too. Before I invested, I spoke with several people that I know in the Atlanta Real Estate community, and those who had heard of them, had heard nothing wrong. Oneal was lying to his employees just like he was lying to us.
On another note, I also agree that we should be pursuing Kunkel. What can we do to get started?
I have looked into filing a claim against Kunkel. I spoke with the receiver about this as well. Kunkel's deposition is going to be taken. A claim against him would be part of the receivers claim against the company. It is against our interests at this time to incur more legal fees. So we need to re-evaluate after we see what happens with the SEC action. I am guessing but I believe the legal fees could be $100,000 to 200,000.
I had a great conversation with a person on the list who knows several trial lawyers. I think this will be a good resource in the future after the SEC action is complete.
I have been reading all the info but this is my 1st posting. I just have a quick question...I thought SEC has jurisdiction over public companies only, PDP is a private sector? Is this correct? So, how can they do this?
The definition of the SEC as is appears on www.investorwords.com:
Securities and Exchange Commission. The primary federal regulatory agency for the securities industry, whose responsibility is to promote full disclosure and to protect investors against fraudulent and manipulative practices in the securities markets. The securities and Exchange Commission enforces, among other acts, the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940 and the Investment Advisers Act. The supervision of dealers is delegated to the self-regulatory bodies of the exchanges. The securities and Exchange Commission is an independent, quasi-judiciary agency. It has five commissioners, each appointed for a five year term that is staggered so that one new commissioner is being replaced every year. No more than three members of the commission can be of a single political party. The securities and Exchange Commission is comprised of four basic divisions. The Division of Corporate Finance is in charge of making sure all publicly traded companies disclose the required financial information to investors. The Division of Market Regulation oversees all legislation involving brokers and brokerage firms. The Division of Investment Management regulates the mutual fund and investment advisor industries. And the Division of Enforcement enforces the securities legislation and investigates possible violations.
more information can be found at: http://en.wikipedia.org/wiki/SEC
Doesnt surpise me about Kunkel, I talked to him in Spring. He was very " nice"....JAGBAG
Didnt anyone else do research about foreclosures in Ga. The city of Atlanta and the State of Ga have been second and third in highest foreclosure rates.
we are compiling a list of investors on a spread sheet for future possible civil class action after the SEC is finished. REMY started and I'm continuing.
If you haven't done so already please email (Name, email address, tel # )to:
I'm receiving many emails...keep them coming. Please have patience with me as I'm inputing them slowly but surely and will send out periodic updates to all on the list....Thank you.
Pardon my ignorance, but what is the difference between a class action lawsuit and a lawsuit with multiple plantiffs? I thought they were one in the same
For the one compiling a list, did you get my name/email few days ago?
Thanks. I've got more questions but no sure I put them in the right part of the forums
This is the best post I've seen on BiggerPockets. You know why? It shows a few things.
1. There is no such thing as "risk free"
2. There is no such thing as "guaranteed money"
3. If it sounds too good to be true, it is. It's really that simple.
Even when you look at people who have made a ton of money in real estate, you will not find one, not a SINGLE person who did not assume a large amount of risk. A quarter-million dollar liability IS risk...that's what it is. Otherwise, people wouldn't charge interest on mortgages, there wouldn't be huge industries surrounding the purchase, rehab, sale, and marketing of property.
Instead of chasing rainbows, pick one, two or three good -- proven -- strategies and get in the trenches. Learn. Take risk. Learn. Take the good, dump the bad.
Last piece of advice nobody asked for: if you see everybody running one direction, turn around and go the other way. This post started out spinning up a whirlwind of excitement. If you've been in this business a while and you have a great deal on your hands, you're not going to be randomly posting it out to the free internet for kicks to deal with all the calls, emails, and pestering. I'd rather deal with my trusted network. If the deals were that good, I'd have NO problem getting the money to fund them.
Has anyone gotten a phone call from some "former Pinnacle employee" from Atlanta asking if you are interested in investing in oil in Kentucky? I just got off the phone with him 5 minutes ago. His number is 404-252-4380. If you see it on your call waiting, don't answer it. I told him that he was wasting his time talking to me. I felt like saying some other things too. Obviously, this person is using the speadsheet or some other database for contact numbers...be on the lookout.
isaih, yes I also rec'd call from him.. his name is Darius Lee & he was the very first person I spoke to when I invested my first $5k. Kinda funny that he thinks we have money to blow on whatever deal hes trying to push. He supposedly left Pinnacle around March.. how does he have our info to call us? What, did he just take our records or make up a list before he left? Either way, guys gotta lotta balls trying to ask us for money.
HEY DARIUS, IF YOUR READING THIS.. OBVIOUSLY YOU'VE HAD OUR CONTACT INFO (OR AT LEAST SOME OF US INCLUDING MINE) SINCE YOU LEFT. HOW COME YOU FEEL COMFORTABLE ENOUGH TO CALL ME TO INVEST IN SOMETHING NEW BUT NOT ENOUGH TO TELL ME THIS WAS A PONZI!! DONT GIVE ME BS ABOUT CONFIDENTIALITY BECAUSE YOU BROKE THAT WHEN YOU TOOK OUR CONTACT INFO FROM PINNACLE!!
My wife & I are investors in PDP. We are currently unpaid on our initial investments (recv'd some returns, but not close to what we put in)
I read with much interest the SEC definition.
When I recv'd info about Hays Consulting who is purported to be the reciever of PDP it struck me as odd that the address listed is in the same complex as PDP.
Having been burned once, I am attempting to figure out if we are being set up for bigger things, or if this is just some kind of delay tactic.
If SEC is not appropriate agency to investigate PDP, who would be?
We obviusly want to file a claim with any class action suit or what ever process is available.
I am having trouble confirming that a case is filed in US district court, by whom, and who is receiver.
What due diliegence is anyone else doing at this point? (obvioulsy I didn't do enough initally)
Tommr
Tommr,
Hays Consulting is across the street from the building Pinn. was in. They told me that themselves. They've been there for a long time as well as the SEC office. They were all in the same neighborhood.
Just FYI...call from Chris Schaefer today..now he is working with Remax?? Go figure...
Have some good news...a business associate has begun a 138 acre development with 9M equity in the property already(570 + Units)....Great returns if anyone is interested...investment secured with property...around 8.5% get this...monthly returns...they have all necessary paperwork and better yet, its right down the street from me to keep an eye on!!! This is a short term investment 2-6 months.
Just FYI...call from Chris Schaefer today..now he is working with Remax?? Go figure...
Have some good news...a business associate has begun a 138 acre development with 9M equity in the property already(570 + Units)....Great returns if anyone is interested...investment secured with property...around 8.5% get this...monthly returns...they have all necessary paperwork and better yet, its right down the street from me to keep an eye on!!! This is a short term investment 2-6 months.
Damn it the return is now 8.5% instead of 25% does that make it ok or are you going to throw more money at it? PD investments were secured by property and partnership agreements and right there in Atlanta where you could keep your eye on them.