- Report: #1261320
Complaint Review: Highland Capital Group LLC - Atlanta Georgia
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Author Not Confirmed
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Highland Capital Group LLC
SUITE 1500 Atlanta, 30326 Georgia, USA
Phone:
(770) 730-1707
Web:
www.highlandfinancialgrp.com
Categories:
Business Rating:
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Highland Capital Group, LLC Alan OvdatSabi VaronTom Stacy Fake Loan / Theft of Loan Deposit Atlanta Georgia
After weeks of underwriting and due diligence, Highland Capital Group, LLC provided an executed Pre Approval Letter to LandAmerica Holdings & Investments Group, LLC for a real estate development loan. Per Pre approval Letter, the LandAmerica was to deposit a fee of $6,500.00 into the account of Tower Lending for due diligence.
According to the executed Pre Approval Letter provided by Highland Capital Group, LLC to LandAmerica, Deposit money was to be used for loan underwriting. Because Highland Capital Group, LLC did not perform the services contemplated, the funds placed on Deposit by LandAmerica should be returned immediately. The Pre Approval Letter provided by Highland Capital Group, LLC to LandAmerica was not backed by an actual legitimate loan. Highland Capital Group, LLC has never produced a lender or evidence or a legitimate loan, therefore the entire transaction, the Pre Approval Letter and everything that followed was fraudulent. The pre-approval letter is fraudulent and has no basis, therefore no underwriting was required because no legitimate loan or lender was ever identified and presented by Highland Capital Group, LLC.
Because Highland Capital Group, LLC failed to deliver a lender and a loan offer, any legitimate closing documents, there was no legitimate reason to use funds placed on Deposit.
On April 27, 2015, LandAmerica and its principals entered into agreement, evidenced by a Pre Approval Letter with Highland Capital Group, LLC and its principals Sabi Varon and Alan Ovdat. According to the Pre Approval Letter, Highland Capital Group, LLC would deliver a $1,320,000 loan, secured by the real property and improvements, including the construction of 24 townhomes, subject to normal due diligence and underwriting. Over a period of 120 days, neither Highland Capital Group, LLC nor any company affiliated with Mr. Varon, and Mr. Ovdat delivered a loan for closing. Instead on July 18, 2015, Mr. Ovdat requested that LandAmerica make an additional deposit for $1,000.00 to the account of their affiliate Mr. Tom Stacy based on a guarantee that our loan would close in 10 days. On of August 6, 2015, when I contacted Mr. Varon and Mr. Ovdat and requested the return of the $7,500.00 in deposits paid on April 27, 2015 and on July 18, 2015 based on no loan offer having been made, I was told in an e-mail by Mr. Ovdat that Mr. Stacey is a fraud.
We later closed a loan with a legitimate and lender and immediately requested the return of the $7,500 in deposits provided to Highland Capital Group, LLC and it's co-conspiritor Tom Stacy of Beech Grove Renaissance Group, LLC. Our request was followed by a Demand Letter in a final attempt to recover funds placed on Deposit with Highland Capital Group and Tom Stacy of Beech Grove.
Beacuse of Highland Capital Group and it's co-conspiritor Tom Stacy of Beech Grove Renaissance Group refusal to return our deposits, we are seeking justice with the filing of this report to inform the global community of the ocmapny's and it's agents unethical dealings and illegially activites of stealing client's escrow deposits.
4 Updates & Rebuttals
Florida Borrower
Orlando,Florida,
USA
Highland Capital
#2Consumer Comment
Fri, July 08, 2016
I have worked with Highland Capital in the past and they are a quality organization
Highland Capital Group
Atlanta,Georgia,
USA
Judge Rules in Favor of Highland Capital
#3UPDATE Employee
Mon, May 09, 2016
Vincent Prince and LandAmerica took Highland Capital to court regarding this matter.
The Judge decided in favor of Highland Capital after a simple review of our terms which the client had signed.
Highland Capital Group
Atlanta,Georgia,
USA
Response to Report from Highland
#4UPDATE Employee
Wed, December 02, 2015
The Client, Vincent Prince "LandAmerica" approached us with his project. Among the information he gave, he told Highland that he can bring $520K to the table as a down payment, as we were trying to get him approved for the loan we were told that he really only has $350K available for a down payment.
The client also failed to disclose to us that he was in a bankruptcy state.
Client also overstated his experience when it came to the subject of his building experience which during our due diligence turned out to be virtually nonexistent.
Once this information was disclosed to Highland we still worked diligently for four months trying to secure his loan via multiple sources.
In our agreement we also state that the deposit is "non refundable" an agreement which he signed. The deposit is used to cover the costs of getting the information needed to fund the loan as well as our own due diligence, the agreement does not state that the deposit guarantees the loan being funded.
Highland did everything in its power to get the loan funded, after many sources saw these weaknesses in the client and the constant flow of new and changing information they refused to fund the project.
Tom Stacy and Beech Grove Renaissance Group, LLC
#5Author of original report
Thu, October 22, 2015
The matter between LandAamerica Holdings & Investments Group, LLC and Mr. Tom Stacy of Beech Grove Renaissance Group, LLC have been completely and amicably resolved.
Mr. Stacy and his company, Beech Grove, has honored their commitment to LandAmerica and we sincerely apologize for including Mr. Stacy's name and his company in the sordid dealing of Highland Capital Group, LLC and its principals Alan Ovdat and Sabi Varon.
Ovdat and Varon, defrauded LandAmerica out of a $6,500 escrow deposit and matter between LandAmerica and Ovdat and Varon is being handled by the Fultoin County Courts.
amicably
