- Report: #551550
Complaint Review: Cedarbrook Financial - Cleveland Ohio
Reported By:
JL123 -
Shaker Heights, Ohio, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Cedarbrook Financial
5885 Landerbrook Driver Cleveland, 44124 Ohio, United States of America
Phone:
440-683-9101
Web:
Categories:
Business Rating:
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Cedarbrook Financial Securities America, Inc., Randy Schneider put investors in ponzi schemes and illiquid real estate investments Cleveland, Ohio
Cedarbrook Financial, Securities America, Randy Schneider and other partners at Cedarbrook recommended Shale Properties as a reasonable and safe investment to their clients. They promised significant returns on their principal. They claimed that "we have met the owners several times; we have seen the property they intend to drill on; they perform". Several months after investing based on the representations and expertise of Securities America, Cedarbrook and Randy, the investment was shown to really be a ponzi scheme and investors in Cleveland lost over $9M. When asked about this, the partners at Cedarbrook said, "it's ok, you are rich, you can absorb the loss". Very nice way to treat a client. It was later shown that there was no due diligence done, etc. Also, Cedarbrook and Securities America put investors in illiquid real estate investments that they represented to be liquid. "Our clients use this investment to pay quarterly taxes. Of course, it's liquid." But, it was a lie by Randy, et al. and IMH who represented that their investment was liquid within 3 months of putting your money in. This investor has yet to see a dime back.
So, do not touch anything related to Cedarbrook, Randy and Secruties America. They have denied all responsibility for these massive losses.
1 Updates & Rebuttals
JL123
Shaker Heights,Ohio,
United States of America
Update
#2Author of original report
Tue, February 02, 2010
To be fair relative to Randy Schneider, SAI and Cedarbrook have repeatedly claimed no responsibility for what has happened to their many clients. Randy sold the products that were approved by Securities America as suitable investments for their clients. Randy couldn't have resolved the issues even if he wanted to.
