Dwight and Marcel Bosworth are the owners of MarineQuest which own/manage multiple marinas in Texas.in they solicited investors to expand and build the Hidden Cove Marina on Lake Lewisville, TX. They issued me (and others according to Marcel) a Promissory Note in the amount of one hundred thousand dollars ($100,000) for which I was to receive 12% interest payments for three years and then they would repay the $100,000 principle.
The Bosworths paid the $1000 per month interest payments as stipulated; however, when the note was due in they failed to perform on the principle payment as stated in the Promissory Note. I began to wonder if they were trying to run a Ponzi scheme. We met in June to discuss repayment. Dwight Bosworth stated that they were "short of cash, " but three of the marinas on Eagle Mountain Lake for sale were in escrow and the note would be paid from those proceeds. He advised that they had some weather related insurance problems and had to liquidate many assets including his helicopter. I agreed to extend the payoff until the sale of the marinas was completed in a month. When the sale was continuously delayed, Dwight and Marcel would not return calls/emails to make alternate arrangements for the repayment.
On Oct 23, I ran into Dwight Bosworth at Lake Country Marina where he was picking up his helicopter, a 2005 R44 (Estimated value $350K). When asked about the repayment of the note, Dwight stated that the marina sale was "almost complete and should just be a few days." When asked about the helicopter, Dwight said it was "just leased for $800/month." I knew that was false and that lie was confirmed by the FAA records that showed MarineQuest had purchased the helicopter on Oct 12.
My attorney had already filed a "demand for payment" letter with a response due no later than Nov 7. The marinas changed over to the new owners on Nov 1. Dwight and Marcel Bosworth failed to pay as promised numerous times and a lawsuit has been filed. With our legal system, I believe the Bosworths hope they can drag this out for years.
WARNING: Dwight and Marcel Bosworths still have a solicitation on the MarineQuest website looking for investors to expand. Although they try to portray the image of "millionaires" with vast assets, thats misleading. I do not recommend you do business with these untrustworthy and disingenuous individuals.
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