I BELIEVE PINNACLE HAS, PROFESSIONAL ETHICS TO CARRY OUT THERE BUS. THE MINUTE U TAKE YOUR $$ AND PUT IT IN ANYONE ELSES HAND, U ARE ALREADY AT RISK.
I am not questioning Pinnacle, as much as you. I think there are many ways people would do things differently if they were owners. There is a reason that the company has generated an investigation.
That said, I think you've got the quote of the month here. "THE MINUTE U TAKE YOUR $$ AND PUT IT IN ANYONE ELSES HAND, U ARE ALREADY AT RISK"
So you're saying that Pinnacle is providing risk-free investing, and everything else is a risk?
That is the most nonsense I've ever heard. If you're going to post, please post something useful. Saying things like that is just ignorant.
Last thing - its rude to type in all CAPS in forums, or emails. It is not that hard to hit the caps lock button and type normally.
I DID NOT SAY THAT PINNACLE IS RISK FREE. HOWEVER, MOST BUS. & INVESTMENTS HAVE A RISK. ALOT OF PEOPLE HERE ARE POSTING NEG. COMMENTS WITHOUT KNOWING ANYTHING ABOUT PINN. I WAS JUST INFORMED ABOUT THIS WEBSITE LAST NIGHT. I KNOW MANY PEOPLE WHO CAN SHARE THERE POSITIVE EXPIERIENCE AND HAVE INVESTED MORE THEN ONCE. I WILL FORWARD WEBSITE.....
& YES.. I CONTINUE WRITING IN CAPS
As Sam told you, posting in all caps is rude. If you haven't read our forum rules, I advise you to do so.
Thank you,
If you have evidence to back up your claims then email them to me. If you have hard FACTS to back up these claims then show me.
Quite frankly I don't believe you are credible at all. You have just joined the site, your grammar is very poor, you do not refute that Pinnacle has done anything illegal, and (so far) you provide no evidence to support your claims. Until you can show PROOF of what you are saying then I will not believe a word you write and I would advise all of our forum members to do the same.
I have just received a call from a Pinn. invester. He says, they are no longer taking new applications, they will pay everyone w/in there 60 day period. He was told that they are no longer going to continue w/this operation.
The evidence I have is in my checking account. Thank god I made a great return, regardless of what you think about my grammar.
I just learned of this today.. I have been w/ Pinn since Dec 2005, even flew to Atlanta. I have about $75k with them now thru 3 different accts. My next return is due Oct. 3rd. I will see what happens. Has anyone else spoken to someone at Pinn today? I did not get a call back yet after leaving a message this morn.
Also, the consultant, Nick, I was dealing with is no longer there. This all makes me nervous!! Does anyone think we wont get our $$ back??
PRk raises a very good point. For you all Real Estate gurus, assuming there is TIF money in these developments and a benevolent promoter, do the numbers add up to get a 300+% return in a year for property from barren land to developed real estate?
Has anyone done business with golden pacific realty(GPH)? This is the company that was also mentioned with Pinnacle and they pay a return of 30% every 90 days. Now that pinnacle is closing this part of the business, has anyone done research on this company? Please advise.
From the responses I've read here, it sounds like people are getting their 25%, but not the original principal. It will be interesting to see what happens, that's for sure.
New member...I've been with Pinnacle for about a year now...needless to say I'm extremely nervous after reading this entire blurb...and reading the news articles..I can say this for fact!! A investor just like myself, called me for a recommendation on Pinnacle about 7-8 months ago..he invested and took the trip to Atlanta and had great things to say. I found out today he was one of the people that was mentioned in the article about Pinnacle...from that guy who wrote the 32 page article. He said, most everything mentioned in the article didn't come out of his mouth!
Words like "paranoid", body guards, etc...
With this being said, I will still be waiting for my investment the end of October(hopefully)...Pinnacle did say today they hired a new lawyer who worked with the SEC formerly...maybe there was some wrong doing..maybe on the lawyers part(hopefully)...but my buddy says once his investment is returned he still has faith in starting one of the new offices they say they beginning....
I just have a question, because I am confused about how this investment works in the first place. Are these general partnership agreements that the investors are signing? If so, does that have any liability implications for the investors? I had always been told that general partners are jointly and fully liable for the other partners' activities, but I don't understand how it would apply to a situation like this. (I'm not trying to be negative, I'm just asking a question).
I haven't seen the partnership agreements because I am not an investor. However, I will be happy to speak to the details if anyone wants me to do so. Just email or fax a copy of the contract to me and I will post with my thoughts and opinions in this thread.
I'm a pinnacle investor since dec. 2005. Earlier today I spoke with an attorney for the SEC in Atlanta. He says as of now its an informal investigation & no subpeonas have been issued nor has Pinnacle been formally accused of wrong-doing. He says because its still an ongoing business its currently a high priority for them. When he started to ask me questions I was very brief & told him I have only positive things to say about Pinn.
Its good to hear people are receiving checks still. Everyone should try to post when they get checks. Keeps the rest of us still waiting hopeful.
I posted a few pages ago three points about the partnership that raised serious red flags in my mind. From those points I made the conclusion that Pinnacle has some very big problems ahead of it. I would hardly call that speculation and I’m not about to pretty-up the conclusion for the benefit of peoples’ minds.
I have to be honest – to the people who are concerned about their investment in Pinnacle, I believe you have a right to worry; I believe it’s going to be a tough time for the company and I’d be surprised if they get through unscathed. I’ve seen this sort of thing before and the outcome is typically not very favorable to the investors. And (continuing with my brutal honesty), I don’t have much sympathy for people who are attracted to investments that *guarantee* a return of 25%. It shows a certain amount of unsophistication of the individual as an investor in such a partnership.
Which brings me to a question: aren’t all the investors in Pinnacle Accredited? And if not, why not? This structure typically requires the investors to be sophisticated and Accredited (although, admittedly, the two don’t necessarily go hand-in-hand). I would love to see their offering memorandum to see what they’re selling.
And then again, I’ve been wrong before and I’m sure most people here are hoping that I’m wrong now.
After waiting four days for a return call I was contacted today by the head of the bookkeeping department as well as Pinnacle's spokesperson.
They appeared professional, well-intentioned and eager to resolve a mix-up with my account. I'm trying to keep the faith that they will do right by me. Ill keep you posted.
I have been an investor for 6 months and I spoke to Pinnacle today. My advisor is Carey. He stated yes they have heard the news and that they re copnducting business as usual. He assured me I would be paid and they would soon be starting a consulting company and closing the current business as each contract term expired. I felt better about what I read until he told me that when my next payment was due that they would pay me by check and that they would not be FEd Ex'ing or wiring money. HE said that Fed Ex would cost too much. If Pinnacle cannot pay Fed Ex costs then I am worried all over gain and not feeling much better than I did before I called.
I greatly appreciate all investors posting their recent experiences with Pinnacle and relevant third party regulators. There are a few things that I would like to address in this post.
First of all, I am proud to announce that I did receive a referral bonus via bank wire this past monday the 25th.
I do not consider myself a real estate gurus, but I can honestly say that a developer can make in excess of a 300% return on one large subdivision. I have a real estate background and work closely with multiple developers. I mention developers because Pinnacle stated they were developing raw land and building single family residential homes.
I have emailed Pinnacle's former attorney and he has no comment on the current situation. Plus he did not comment on why he resigned. I also contacted Barry Minkow and he stated that his article was only identifying concerns about Pinnacle and was not indicating any type of investigation. But I did hear that the GA SEC has a FOI (Formal Order of Investigation) pending and they are building their case. Also, once the SEC presses charges, Pinnacle will have 15 days to respond before they can proceed with the case. With this being said, I would caution every investor to be very careful about what they tell the SEC officials. Because the SEC officials are trying to get the inside scoop about what is really going on with Pinnacle and their operation. Taxum if you could be so kind and share with the rest of the group the questions that the SEC official asked you, that would be greatly appreciated. Or you can pm them to me because I am very interested in hearing them.
Juzamjedi, please pm me your fax number and I will fax you a copy of the partnership agreement, if you have not already gotten a copy.
I spoke to pinnacle today and my payment was supposed to be wired today the 27th. The only reason I was able to get the wire was because I had told the guy in their accounting department to send my next payment via wire before pinnacle changed their operation. My advice to everyone is to request Pinnacle to send their check via fed ex and check the box that indicates the receiver will pay for the package upon delivery.
I had the privilege of visiting their office in ATL in July and took extensive notes and had a rather detail discussion with Mr. Hendree himself. Please pm me your email address and I will be more than happy to share details of this conversation and my findings. While I was there, I have kept in contact with one of their ex employees outside the company's corporate influence. So if anyone would like for me to ask my associate any questions, please pm me your request and leave your email address.
Thanks for listening and I will post again if and when I get my next payment, hopefully tomorrow.
I've been an investor with Pinnacle since June and like everyone else have had nothing but good experiences with them. Even after the article came out in the WSJ they are still answering their phones, sending out returns and assuring their investors that each and every dime will be paid out when each partnership agreement ends. My investor friend and myself have contacted Pinnacle several times this past week and have had no problem getting through and talking to their people regarding our concerns. Today we had a conference call with Stephanie Merell and she assures us that all investors will be paid. She didn't mention anything about not using Fed Ex any longer to save money. Although that concerns me some (I have to admit)....I don't see anything wrong with saving money as long as their goal is to pay off their investors. Also, their credibility is on the line regarding them changing over to their new model. Feel free to email me at [email protected] if anyone wants to communicate regarding their past, present and future dealings with Pinnacle.