Receiver,
I have read the second interim report but I still have question. Can you give us an estimate on the number of investors that have filed a claim against the estate and for how much? I know that there were approx 2000 investors who invested close to $30 million but what I want to know is have all 2000 investors filed a claim yet or is that number considerably smaller?
Vincent
Txrunner, hate to bother but I also am interested in the company you speak of. Is it the Golden something Realty? Not that I have any $ left but it doesn't cost anything to look, just curious. Please PM me. By the way, I can't speak for others but I invested because I thought I saw a good deal. Greed had nothing to do with it. I don't believe I am a greedy person. One more thing, I thought Hays saying those who benefited will have to give back their interest was the best news I could ask for barring telling me my check's in the mail. moabite1
Myself and several other people I know received a letter today from G. O'Neal himself. Talk about balls! What a scumbag! Evidently he's involved with the same company that Robert Hendree is. It's called Brookwood Business Consultants. He's trying to convince us that although he was "affiliated" HELLO!!!! with Pinnacle before, we're going to want to use his consulting firm to invest in real estate now???? Is this guy on crack or what? Why is he allowed to start some other B.S. company when he should be in jail? Also, did everyone and their brother from Pinnacle take all of our personal files with them?? They all seem to have our addresses and phone numbers. That reminds me, Chris Schaefer called me last week again! WHATEVER!
Since I've been meeting with the FBI, I think I will forward this letter from Geno to them! They are trying to get him on interstate mail fraud, and this letter may fit the bill as well as the other stuff I've already given them.
Wow, that is pretty crazy. The sad thing is that I bet you ten bucks that someone will take him up on the offer.
I was in the process of adding some fraud-warning links to my site when I found this definition of the "Ponzi Scheme". It's no news that Pinncale has turned out to be such a scheme, but this definition gives some details how the orginal Mr. Ponzi worked his schemes. The "50% return after 45 days" made me smile--the comparison was so dead on.
http://www.crimes-of-persuasion.com/Crimes/InPerson/MajorPerson/ponzi.htm
Hey chemar.. my local FBI office has also contacted me about this case. I didnt get the geno letter though.. Maybe you should foward it to the receiver, if oneal has money put into that business hayes may be able to go after it.
Also, what is chris schaeffer calling you about? Tell him to call me, I'd love to talk to that $%#@!
Hope everyones having a good year so far. I'll be paying off this pinnacle mess til october, otherwise its good.
Check this out, gene oneals new company formed 12/15/2006 with the GA sect of state:
http://corp.sos.state.ga.us/corp/soskb/SearchResults.asp?FormName=CorpNameSearch&Words=Starting&SearchStr=brookwood+business+consulting&SearchType=Search
I think this is the scums number there: (678) 597-1337. We should all call & give him our thoughts! Why is this guy allowed to form a new corp?
I'll be notifying Greg Hayes personally, there may be some $$ there for us.
I think we should also notify the SEC and/or FBI.
This f%$#@$ guys not starting a new business/scam with my $$$.
Give the guy a break. He has lots of experience running a multimillion dollar company. He has a lot of experience in the Real Estate business. He may only be trying to make amends. Look at it as a way to redeem him self. Let's hear him out.
It may be a chance to make back so lost money...
It may be a chance to make back so lost money...
I'm sorry I can't keep quiet on this one.
[size=18][/size]ARE YOU NUTS?
Taxum,
I gave my copy along with the hand written envelope in Gene's handwriting to my attorney this morning. He will give it to the local FBI agents that I met up with a few weeks ago. They wanted proof of any cross-state bank wires, letters, etc. so they can file criminal charges against Gene. Why he can go forward with another company is beyond me! Funny that Robert Hendree is part of this new company too. Also what really bugs me is that they have all of our personal info.
Chris is working for REMAX. Several months ago he was promoting an oil company in Kentucky which he said was a sure thing! I asked him what happened with that, and he just said it wasn't working out for HIM.......yeah right! I would steer clear of all of those guys no matter what their selling!
New to posting on this site, but I've been reading all the posts since this mess started. Good info and a great way to keep up. I personally haven't received a letter from Gene, but I hope I do. That'd give me a way to contact him and get a little bit of this off my chest. Also, didn't I hear too that he was still being paid something like 12k a month until the Pinnacle thing gets cleared? I don't remember where I read that, but is that still the case? Wow, one month of his paycheck would almost break me even.
The 12 K a month was supposed to be for only 3 months. If all of Genes assets are frozen, even his personal assets, and the 3 months are over......hmmmm.....how does he have start up capital for this other business? I guess if the business is in Robert Hendrees name and he isn't being looked at for criminal charges then they might pull it off!
To Receiver
Its time for k-1's and tax returns for 2006. It is that time of the year. I now have good idea how to handle my pinnacle gains and losses in my tax return. But I have received no k-1's from receiver so far. Will receiver be sending them in time to meet the deadline for tax returns? I have a tax refund coming, so I prefer to submit my returns early. I hate to have my accountant prepare my tax returns and than have to prepare amended ones again and again in view of what receiver may send us later. Please let us know what and when we should expect from the receiver.
I am new to this site and just organizing my LLC to launch into investing so i am reading all of these blogs - very educational. I have not seen anything on Pinnacle but will do some research this week - but after reading all of these responses my initial impression is that this is a business designed on a PARAMID SCHEME. New money comes in and pays the old investors. The classic failure of the typical pyramid scheme is that there was no investment attached to the scheme - money came in and money went out and pretty soon all of the new investors or backers as they are often called get stuck because no new money was coming in. Seems like these guys have tied in the pyramid scheme to real estate investment. They are using the investors money as cash flow to their investment - the benefit to them is that they are using other people's money and as long as they could get new investors and quickly turn over the properties they are acquiring investors might get what they are promised. So i guess the classic operational formula for them is
NEW INVESTMENT MONEY + RETURN ON INVESTMENT has to be Greater than LIABILITY DUE INVESTORS so we can see the potential of failure.
But like any pyramid scheme the the skeptics always say too good to be true and sit by the sideline and see other people getting the returns promised (like MZH) -
but MZH are the lucky ones because they entered early and got the returns promised - i dont think MZH is promoting Pinnacle as he has been accused of but it here trying to convince himself whether to now go back and invest his retirement savings. That is another trait of the typical pyramid scheme - many of those who get stuck holding the bag when it crashes were winners in the early days and were sold on the idea so they invested a lot more.
Granted Pinacle has reduce theri risk of failure by doing a number of things the typical pyramid scheme doesn't usually do:
1. They have tied in an illegal scheme to a legitimate investing business
2. They have expanded the life of the scheme by prolonging the payout time to investors - most of the typical pyramid scheme return investors promised amount in a lump sum in a shorter period of time thereby giving out more cash and increasing the cash stream problem.
3. Pinnacle actually invests and make profits on the investors money and thus bring in new money through interests.
But ultimately, like all pyramid schemes, the source of failure will be too many investors jumping in for the promise of free money with perceived minimal risks and when those liabilities cannot be met by the quick turn over of investment by Pinnacle then we will get the negative press that some of you cant find now.
My advice to MZH is to take your money and enjoy it and go on to something else - the fact that since you entered the payout time has been increased from 45 days to now 60 days is a sign that there is already a cash flow strain at pinnacle.
For me and my wife we will stick to our self flipping enterprise.......... Good luck.
A pyramid scheme is not the same as a Ponzi scheme. Pinnacle was shut down for being a Ponzi scheme, not a pyramid scheme. The difference is quite important to those who invested money, because in pyramid schemes the investors themselves may be committing crimes (even if they do not realize it), while in a Ponzi scheme this would usually not be the case.
Mr. Receiver, please give us the amount owed to the investors. I didn't see it in the latest report which you emailed to all of us. I did see it in the first interim report which states it is approx. $42 million. Is this still accurate?
Thank you for all of your efforts!
What e-mail from the Receiver? Help I am lost receiver - what happened to updates? Today is D-Day. Now would be good to do a head count...
Also has anyone been successful in using fraud recovery group?
Need
The receiver emailed some people to let us know that the Hays website has been updated with the latest info. According to the email I received, Greg said we would probably see our first payout in late spring. As far as % or amounts, that has not been determined yet. Read the latest posts on Hays Consulting website.
Read it. Now my eyes are stinging. I hope late spring doesn't go into summer, late summer, etc. My 80 yr old is about to loose her house to these scumbags that ran with her money and our money. I hope these people, I can not even type their name, rot in jail. I can not believe they are able to start a business. Where is the justice? *&*@@#*!!!!
Please correct me if i'm wrong but I did not see anywhere on the 2 latest reports on a timeline as to when the first distribution would take place. I did not see anything like "Late Spring" or the like. Maybe I'm blind. If there is such wording can you tell me what page it's on?
Vince
Vince, your right, after reading again, that makes two of us that are blind. It is not there. I am assuming you did not get an e-mail personally from the Receiver either.
Maybe Chamar22 can tell us where it says late spring on the last two reports?
If an e-mail is sent out - then it needs to be sent out to everyone as an e-mail blast as I am sure all our e-mails are in his database
:beer: