Complaint Review: Dominioin Capital/Comprehensive Benefit Trust

Fraudulent Mortgage Loan Closing AND Fee Scammer

Edward Pete Engelman operates as a Commercial Lender with direct funding under three entities; Dominion Capital; Comprehensive Benefits Trust; and a new company called Oballah.  

 In November 2014 Pete Engelman issued a term sheet to fund a Real Estate closing. $5,000 was immediately demanded to be wired stating the funds were immediately available and the company commited to close before the end of 2014. The proccess drug from the beginning.  The loan finally did close February 26, 2015 on all of the documents approved by Pete Engelman with fees for appraisal, attorney fees, and clear title provided by myself.  At 2:30 P.M. the day of closing Pete Engelman was on the phone with the closing attorney stating that the closing funds were being wired and to check the accounts.  Accounts were checked; that day, Monday, all of next week...BUT no wire ever arrived.  Week after week Pete had excuses, promises, and explanations as to the funding delay.  Voice mails are kept, emails recorded, attorney's can testify and were  told the funds were wired and to "check their account".  No funds have ever arrived even after a complete closing.  After multiple requests for the "good faith deposit" to be refunded there are now no other excuses or contact from Pete.  Now, after further investigation there are 4 other victims of the advanced fee scam that I have found; not counting others.  None have recevied there deposit back, and one has actually gone through what I have been through with a complete closing of documents and forms. 

Damages are extensive: 

-the buyer had another loan in place but declined for Pete's offer

-$7,500 has been paid to the appraiser

-aproximately $6,000 was paid to closing attorney's for their work and title policy

-$21,000 in Mortgage payments to the current lender have been paid by me that should never have been paid had he funded and the buyer able to close on the property.

-Two other Real Estate deals had to be cancelled since the procceeds from this closing were to be applied to two other property purchases

 The greatest frustration is that Pete was asked multiple times to just be honest if he couldn't fund but each and every time he promised he would "get this done". While $5,000 may not seem like a lot of money to most people, when this is multiplied by several victims a month a Fraudulent, Con artist is allowed to make a very easy living.