Lawrence & Associates, LLC, Stacy McBain, Rachel Lawrence, And Randy Woodman Bounced Checks, Commingled Funds (rents/deposits), Failure to Pay Rents/Deposits Boise Idaho
Lawrence & Associates, LLC is a property management and investment company located and registered to do business in Boise, Idaho. The LLC has three members: Stacy McBain, Rachel Lawrence, and Randy Woodman. On August 20, 2008, we received notification via email that Lawrence & Associates does not have enough money to pay the Property Owners the rents it collected for July and August 2008, nor does it have the ability to repay the deposits. For us personally, it is approximately $8,000 - they managed over 600 properties for multiple owners. The damage they have caused to Property Owners must exceed a couple hundred thousand dollars.
They state the reason were unable to pay was due to other vendors not paying them. However, in a Agent relationship - they are the agent to collect deposits/rents, and pass such on to the Property Owners; however, instead, they used the rents and deposits to pay other expenses. Additionally, they wrote checks that bounced, and stopped payment on the final check.
On August 28, 2008, the sent a follow up email stating they are going out of business and will no longer be responding. To date, they have failed to or refuse to return our property files and keys.
For your own protection, do not invest with or do business with any of the aforementioned members.
Anonymous
Boise, Idaho
U.S.A.
1 Updates & Rebuttals
Owner
Boise,Idaho,
U.S.A.
Response to Boise, ID
#2REBUTTAL Owner of company
Thu, December 11, 2008
I know you have questions and have legitimate concerns. I know this is not fair to you and I apologize for any problems this has caused you.
We simply did not get paid from 3 major clients of ours to the tune of over $130K. We just did not have the reserves to pay all creditors.
There has been no theft, no wrong doing.
Lawrence and Assoc. has filed for bankruptcy and all creditors have been notified. The bakruptcy trustee will need time, in order to collect the monies owed
to Lawrence & Assoc., sell all assets and distribute those monies accordingly.