Three years ago my husband and I were lured into a ponzi scheme type situation. We invested $100,000 with Vincent Buonauro of West Islip, New York (November - February). We were issued promissory agreements in which we were supposed to receive $8,000 every other month for each $50,000 invested; at the end of the year, the option of getting your money back was available, or you could leave it in... Well, if it seems to good to be true it probably is!!! We have recently come to find out that the interest rate offered in those promissory notes were illegal and the contract was not worth the paper it was written on. After the received ONE check Vincent told us the Company was going public (April); he stated that we would receive $5.00 per share for each dollar invested. He then (illegally) offered us the opportunity (as well as many other investors) to contribute more money (hey isn't that securities fraud?) for the $5.00 a share deal. The problem was that it was a lie. The Comapny was not going public and there was no $5.00 a share. After chasing him around for many, many months, Vincent told us that he his partner was now in charge.
We were unaware that he even had a partner, let alone that he was imprisioned for three years on securities fraud. Vincent also stated that Eric was a master manipulator who plots years in advance; he wished us the best and that was the last we heard of Vincent (December). That was when had the pleasure of meeting Eric Aronson (January); Eric offered to pay us 1% on our money until our new Convertible Debenture Agreement was due (January). The Convertible Debenture Agreement was in leiu of the Promissory notes with Vincent Buonauro - because he was a nice guy of course. Then in June Eric informed investors that the Company was sold and that we should all come in to sign paperwork; the 1% checks were to stop and we were now going to receive 1.5 times our original investment (see where this is headed?) in approximately 60 days.in June (yes, you read that correctly), we finally received our paperwork; it stated that we were to receieve 1.5 times our original amount in common shares, NOT DOLLARS as indicated by Eric Aronson and his securities attorney, Fred Aaron.in September we were sent paperwork that our 400,000 common shares were improperly calculated and that they are instead giving us 42,000 (sounds fair right?); oh and the best part is, if you do not sign the gag order/freedom ticket (the release form), you don't even get your mealsey 42,000. The shares are trading at. 80 currently and from what I research it is a stock by appointment. Therefore, Mr. Aronson pay who he wants when he wants and he will even make commission off of the measley. 80! According to Erica Zalbert, Eric's CFO, if you do not sign that release form (gag order/freedom ticket) you get nothing as that company was old management. This situation is true - you decide if you think it is a scam or not...
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