Two years ago weinvested $50,00 with a company named Permapave, LLC. It operates underthe umbrella name of VeriGreen.
Vincent Buonero broughtus into the Permapave investment in February. He was a friend of a friend and at the time that we invested, friends were also invested and were getting paid back their interest on theirinvestment. It seemed like a safeinvestment.
We were shown thisamazing product and were immediately impressed with its environmentalimpact. We were offered a PromissoryNote in exchange for our investment money.
Our monies were to be used strictly to purchase product containers fromAustralia. If there were no purchase orders, our money was to be returned tous; otherwise, the interest for the investment was $8,000 every other month foreach $50,000 investment. At the end ofthe contract, which was one years time, the investment money would be returned tous. At that time, we put in$25,000. When we asked why Permapavewould pay such a generous amount on our money, Vincent stated that the bankswould not lend money to a company with no collateral.
In March we were all informed that the Company was goingpublic and we were verbally told that the interest payments would stop, however, we would receive five dollars for every dollar invested and that wewould be eligible, as loyal investors who got in on the ground floor, to put inone last investment.
We were told that the deal would be done no later than August. We put in an additional$25,000 at that time.
After a short time, we were informed that not only wasthe company not going public, but Vincent and Eric Aronson, whom we had neverheard of, were having a bad breakup and we were to deal with Eric proceedingforward.
As soon as we learned we were to deal with Eric Aronson, we looked himup and found out he has a conviction of securities fraud for which he spenttime in jail.
In January Mr. Aronsontold us that although he knew nothing about the Promissory Notes that Vincentoffered us, and had nothing to do with the creation of them, he, out of thegoodness of his heart and trying to do the upstanding thing, offered us noother option but to sign a document which would convert our Promissory Notes toa Debenture Agreement (under Permeable Solutions).
In this contract, 1%interest was paid monthly on the investment each month for two years; afterthat time period (January 15), our investment was supposed to be returned.
At this point, Iwould like you to know, a couple with whom we know of had signed a PromissoryNote with Eric Aronoson back in I believe October or November of eventhough he said he cannot work with monies because of his conviction as well ashe had no prior knowledge of the Promissory Notes at all.
In June the investors were offered aConversion Agreement because the Company was supposedly being sold. Allof the investors that we know signed the agreement, with the exception ofus. We took it to a lawyer and headvised us not to sign it.
It has been over a year now and investors have just been informed that due to a calculation error, they will be receiving a significantly less amount of stocks than previously promised.
We have been requesting financial statements, purchase orders and other documents from the company. To date, we have received none.
We have awealth of information, ranging from documents, taped conversations and amultitude of investors with similar stories to back up our concerns.
0 comments