- Report: #351906
Complaint Review: Orange Crest Realty - Riverside California
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Author Confirmed
Why?
Orange Crest Realty
6346 Brocton Ave. Riverside, 92506 California, U.S.A.
Phone:
800-620-3606
Web:
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Tell us has your experience with this business or person been good?
Orange Crest Realty won't return funds owed us on 5 matured Trust Deed notes totalling $50,000 plus missed monthly interest payments totalling $4,000. Riverside California
This company owes my family and I a total of $50,000 on 5 matured Trust Deed notes. In March of this year, they also suspended interest payments on all of their outstamding notes supposedly due to present real estate market conditions. This company, which has been around since 1993, uses investor funds to buy properties and develop them for resale. Minimum investment is $10,000 and the investor can choose receiving either 12, 15, or 18% return on their funds based on a time frame, anywhere from 1 to 2 years. After that, you can either roll it over into another note or get your original funds back. As of March 2008, that is not being done anymore. On that date, they ceased interest payments on any of their notes and have probably halted all their construction projects. In our case, they have also not returned our original investments after our notes matured.
Attempts to contact the company's CEO, Ron Shade, has proved futile. Every associate of the company known to us has either resigned or been laid off. Phone calls to their office results in a message saying the "number has been either disconnected or is no longer in service". When I reached a former employee on her cell phone, she told us their office in Riverside is now closed. What they intend to do in the future in unclear to us right now. Since they started in 1993, you would think they could weather the current situation like others since then and resume operation when things get better. In fact, according to a company letter dated 3-28-08, they say they have a moral obligation to their investors and that all accounts will be brought current in 30-60 days as soon as they can liquidate some properties and restructure. A follow-up letter dated 4-22-08 reiterates their efforts to do so. Those 60 days have long past and since then, no correspondence from them has been received. Events since then indicates to us that their situation is worse than they expected and it appears they will not be able to live up to their promises.
In summary, we just want our funds back so we can use them for other purposes and get on with our lives. The income received from them in the past was used to pay our daily living expenses, so the loss of that income has had a major impact in our lives. I would like to hear from past or current investors as to their experiences with the company and how they were able to resolve their situations, as well as former employees who can give us additional info about the company and/or some imput on how to collect our funds. In the meantime, I would urge future investors to make make no financial commitment to OCR until they reorganize and live up to their obligations and promises to current investors.
Stephen
Los Angeles, California
U.S.A.
Attempts to contact the company's CEO, Ron Shade, has proved futile. Every associate of the company known to us has either resigned or been laid off. Phone calls to their office results in a message saying the "number has been either disconnected or is no longer in service". When I reached a former employee on her cell phone, she told us their office in Riverside is now closed. What they intend to do in the future in unclear to us right now. Since they started in 1993, you would think they could weather the current situation like others since then and resume operation when things get better. In fact, according to a company letter dated 3-28-08, they say they have a moral obligation to their investors and that all accounts will be brought current in 30-60 days as soon as they can liquidate some properties and restructure. A follow-up letter dated 4-22-08 reiterates their efforts to do so. Those 60 days have long past and since then, no correspondence from them has been received. Events since then indicates to us that their situation is worse than they expected and it appears they will not be able to live up to their promises.
In summary, we just want our funds back so we can use them for other purposes and get on with our lives. The income received from them in the past was used to pay our daily living expenses, so the loss of that income has had a major impact in our lives. I would like to hear from past or current investors as to their experiences with the company and how they were able to resolve their situations, as well as former employees who can give us additional info about the company and/or some imput on how to collect our funds. In the meantime, I would urge future investors to make make no financial commitment to OCR until they reorganize and live up to their obligations and promises to current investors.
Stephen
Los Angeles, California
U.S.A.
1 Updates & Rebuttals
Rpotter
Riverside,California,
U.S.A.
Legal Action
#2Consumer Suggestion
Thu, July 24, 2008
My law firm is representing numerous victims of the scheme undertaken by Orange Crest Realty and/or Ronald Paul Shade. If you believe you may have been a victim of a fraudulent investment scheme involving Mr. Shade or Orange Crest Realty, I invite you to please visit my firm's website at the following url: http://www.chandlerpotter-law.com/orangecrestfraud Ronn S. Potter, Esq Chandler, Potter & Associates
