I was contacted by Jesse R. Cano, a Broker in Riverside, regarding a construction loan of a 93,000 square foot storage facility in Tucson Arizona that myself and several other investors owned. Jesse claimed that he could get me a loan, but after talking with several of the companies that he brought to me, I was feeling that it wasn't going to happen. He then introduced me to someone that he had known for a while and that he was actually working on a non profit venture with him. His name was Stephen E Witt.
After some negotiating I was convinced by Jesse that the $15,000 Due Diligence monies that we would be paying would not be spent until the loan was secured. This was confirmed by contract with Stephen and the loan would be procured within 45 days. This contract was executed in December of '08.
Consequently, I had to file against Mr Witt, that claimed all the way until the end that nothing was wrong, but still hadn't returned my monies. I received a judgement against him on March 8th of this year. I also found out that he did this same thing in Baltimore (Frederick) MD from 1988 to 1990 to about 50 clients according to the Sun Newspaper. If you go to his website you will see an article dated in september of last year that he is supposedly involved with $300M deal with a power plant in Saudi Arabia, along with the $4.1B already under contract. Yet he can't pay back $15K! This clearly is a person that needs to be stopped.
By the way Jesse Cano won't return any calls. He operates out of Riverside, CA as Omega Funding Financials with a california Brokers License. I'm hoping to use the Real Estate Fund provided by the Department of Real Estate to recover my Due Diligence funds, as it seems that Mr Witt has many other judgements ahead of mine. Jesse is now trying to work in Ministry again at [email protected]
I've sent information to the Attorney General in North Carolina, but I've received no feedback. I'm hoping to turn up the heat on something that seems so easy for these folks to do.
Any help with collections or contact with the Attorney Generals from North Carolina and California would be appreciated
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