In early 2003 I went to Jay Stein who owned and operated Vertex Mortgage Group, and Vertex Investments to refinance my home. At the time he seemed like any other typical mortgage company.
Upon growing discussions about the status of my loan we talked about my investment monies in my 401K plan and how much I had in it at the time.
I explained to him that I had a rental home once before, sold it, and thought about getting another. He quickly persuaded me to form a partnership with him in owning several investment or rental homes.
After he made me feel safe to invest with him, I withdrew $135,000.00 from my 401K to invest.
I found out in late by accident, that with in 3 weeks of doing business with him, he had stolen my identification and forged my name to obtain a $50K loan through Bank of America.
Between when we first partnered, and 2005 I had growing concerns of his large unexplained "withdrawls" from our shared business account.
I was also left to run the entire business myself. Meaning all book keeping, all repairs needed, all advertising, collecting of rents, etc.in other words, everything that had to do with all of the rental homes. There where 11 homes all together.
This, of course, was 7 days a week and after I got off work from my regular job at Boeing.
We where each supposed to put in an initial investment of $65K. When my suspicion about Jay Stein began to grow, I had asked him several times to show me proof of his $65K intitial investment. It was never proven.
Jay Stein handled all loans to obtain each of the investment homes and I was billed full charges of all fees accociated with mortgage companies. Again, we were supposed to be equal partners at 50/50 in this whole thing.
I also learned that Jay E. Stein did what is called an "assignment of funds" on almost every loan to Vertex Mortgage. One assignment of funds alone was in the amount of $100K.
I only knew of one assignment of funds and asked Jay Stein about it. I was given the answer that I did not qualify for the full loan amount and the loan had to be done this way so the seller got his full asking price.
I found out later that it was Jay E. Stein that collected all assignment of funds.
Jay E. Stein had also persuaded the title company to have all the checks from any of the loans written to him since we were partners intead of being written to me. I was unaware of this action too.
Unfortunatly there is only a 3 year statute of limitations on these federal crimes. I had tried desparetly to get help in my case but failed due to the limitations of time.
I am now under chapter 13 bankruptcy and stuggling every day of my life to maintian ownership of my current home.
Jay E. Stein walks away a free man to continue doing harm to the public.
Please check out his criminal history as I neglected to do when I frist met him.
You will see he is currently under investigation for other forgeries and theft1,2 counts.
Jay E. Stein has done this several times to many people.
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