I learned of Orange Crest Realty in the business pages of the LA Times and on July 9, I loaned the company $50,000 for a 24-month term at 18% interest that was supposedly secured by a Deed of Trust. The promissory note stipulated that the company would remit $750/month interest starting August. The interest was paid through February.
In October I wrote them, asking for my money back, something I was assured I could get by a company employee, Tina Anderson, with a 30-day written notice. Since that time there were many letters and phone calls asking for the money and all kinds of promises were made.
On April 22 I received a letter from a Ms. Stewart assuring me obligations to investors would be fulfilled within the next 30 days and then a letter I received on May 16 indicated that funds were in place to repay investors who wanted to be released from their obligations.
On May 27 I wrote Orange Crest, again requesting the return of my $50,000 in addition to interest then due of $2,250.
Since then, nothing.
I plan to write to the Consumer Fraud Division of the offices of the District Attorneys of LA and Riverside Counties, the Department of Real Estate, and the Better Business Bureau.
Ronald Shade belongs in jail.
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