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I received this e-mail today:
RE: Credit Line Investors
The day I thought hoped would never come has arrived. It is with great sadness I must announce that the credit investor fund has GONE BROKE.
3-4 weeks ago we made the decision to turn off all of our phones and shut down the office as we could no longer sustain the bills required to maintain it. Contrary to what some may say, no one here at the company ran away with money. The fund has gone broke as a direct result of investments on your behalf that went sour due to severe market conditions, and circumstances out of our control. We were waiting for word back on a property to see if we could announce some good news but we cannot.
To outline some of the expenditures to put it simply:
2110 Rohne Drive
Cedar Hill TX, $500k (Sold by Devels Construction, Cedar Hill, TX)
(builder being indicted for fraud and now that property we paid cash for is worthless)
Creative Home Loans, LLC $50k (Active lawsuit in progress against other party)
CSC Financial, $50k (Active lawsuit in progress against other party)
ASD Cash Generator, $195k (ASD Shut down by FEDS)
Cash Out Entertainment, $250k (Facilities burglarized, police report on record)
Home in St Petersburg, FL $55k
Minimum payments on credit cards for investors $300k
Overhead $200k
Income $ 0000
In the middle of closing on 2110 Rohne Drive, the lender backed out and suddenly had blacklisted that neighborhood from any future business then shortly after that we were alerted that the our builders construction loan lender had put a lien on his portfolio which included the home we paid $500k cash for. Frankly, one series of disasters after another all involving close business contacts we had done business with for years all happened in a short period of time and we were left holding the bag.
We cannot even begin to tell you how sorry we are or how difficult your life has become because of my bad investment decisions, but I assure you it is not because we squandered your money. We have been investing your money into business ventures with a track record of producing profits. With the economy the way it is those track records have been tarnshished this year. A lot.
Please understand, Yolanda, Shelia, and Dave Witt all worked for me. They are not responsible for my investment decisions with those funds, so please DO NOT hold them responsible in any way, shape or form. I personally am almost broke. I had invested my time, energy, and life and better part of my savings into this project for last year and I am exhausted. The bottom line here is there is no money there to pay off this debt.
You can sue, press charges, or do whatever you think is necessary but I assure you we have always operated from day one with highest level of integrity which I think most of you can attest you, and short of an act of god that integrity has no doubt been compromised by bad decisions, then a lack of communication, but really now just a lack of just me not knowing what the h*ll to do about it.
Again it is with deepest regret I sign off, and I wish you all the best despite the circumstances.
Sincerest Regards,
Steve DeJesus
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